The Fourth Industry revolution also known as Industry 4.0 makes the factory smarter and empowers the manufacturing techniques by IoT, cloud computing and cybersecurity. This new phase of industrialization equips machines and devices to communicate with each other, learn the patterns and increase the overall efficiency of the manufacturing unit. The IIoT evangelizes the factory by providing advancements throughout the life cycle of the manufacturing from warehousing to retail and eventually leading to all-new smart retail. 

What is smart retail – powered by IIoT? 

Smart retail is a combination of traditional shopping procedures equipped with intelligent technologies which power on data and enables the devices to communicate with each other leading to a personalized shopping experience for consumers, understanding the demand, behavior of the users, and curating the inventory according to the geographic locations.  

The smart retail is powered by artificial intelligence which makes decision making smarter and opens various avenues for retailers. The integration allows deep learning and capabilities of constant self-correction and improvement by the system. The smart retail aims to revolutionize the sales industry by decentralization, sales channel transparency, optimization, financial reconciliation and a more intelligent SKU’s, which will enhance each module of the retail business at large. 

Advantages of amalgamating IIoT with Retail  

1. Smart and decentralized retail  

A smart retail ecosystem is optimized, transparent and decentralized for both supply and demand side which enhances the whole supply chain from manufacturer to consumer. The decentralized approach of amalgamating IIoT with detail helps to self-correct the inefficiencies which directly impact the sales.  The automation brings a vast scope of adaptability among the retailers. 

2. Transparency and Sustainability  

The smart retail can detect potential errors and bottlenecks in prior and keep the supply chain efficient. In our traditional retail, innovations are opposed due to various environmental and workforce issues.  Automating the retail eliminates human errors, and automation gives a ray of transparency and output sustainability.

3. Workforce Upgradation 

Though updating your workforce might be scary and owners will be reluctant towards this move, but the industry 4.0 will shift the focus from physical labor to tech support and technology-oriented skill sets. Whether you like it or not, this transformation is going to happen. It is best to embrace it and adapt accordingly. 

4. Supply Chain Advancements  

Smart retail will bring transformation to every module of the supply chain system.  From warehouse management, quality assurance, wholesale and retail, automation will make the entire chain efficient and transparent, providing everyone in the market at the same level ground to compete.

Amazon Go – World’s Smartest Retail  

The above predictions might sound futuristic, the world’s biggest retailer has already implemented smart retail and has launched Amazon Go – A convenience store in the United States. There is no requirement to check out in the World’s most advanced retail experience. Amazon Go eliminates the hassle of standing in queues and lets you check out directly from your mobile phone. The store is equipped with computer vision, sensor fusion and deep learning models which keeps track of a virtual cart and lets you check out directly from your credit card.

Xpetize Technology Solutions is an IoT solutions provider, have experience in working with one of the largest retailers in the world. We take a leap in the competition by providing a fantastic user experience. Please feel free to get in touch with us to know about our smart retail solutions.