The Promise of IoT in Luxury Retail
It’s become commonplace to talk about how IoT has revolutionized the retail sector. IoT technology has been adopted by over 50% of retailers across the globe. It’s impacting everything from inventory management to theft prevention to automating cycle counting and even temperature monitoring. These little sensors enable retailers to automate endless processes and make smarter decisions with big data at their fingertips.
While some luxury brands like Nike have taken steps towards adopting IoT solutions, many leaders are hesitant to invest.
There are several common reasons for this reluctance, but they can all be summed up by the questions: What am I saving here? What am I gaining?
If implementing IoT, specifically in inventory tracking, is going to be a tough and sometimes time-consuming transition, it’s got to promise significant ROI, and the risks must be fully understood. For many, however, the risks and difficulties are worth it.
Determining the landscape of these benefits and difficulties is a key step before investing in an IoT inventory management solution. Consulting Apptricity and our experience will go a long way to identifying challenges and benefits.
Retail IoT Concerns
With threats from hackers growing more serious all the time, it’s no surprise that retail leaders would be worried about equipping their stores with IoT devices and sensors. But the threat isn’t insurmountable. Making sure your IoT technology is secure involves making sure of the following:
- It is encrypted
- It has non-broadcast visibility
- It is protected by secure protocols
Making sure your IT team is part of your planning and implementation process can make the difference between a secure inventory management system and customer data being hacked.
To make any smart store plans a reality, retailers require so much more technological infrastructure to integrate all their sensor tech. Barcode scanners, a strong network, tablets, etc. are all a part of the price of getting on board with IoT. Finding out if this is workable before going in on an IoT inventory management software solution will determine whether or not it’s the right option for you. Consider your previous losses and what new security might save you for overall profit.
The difficulties posed by tagging high-ticket items can sometimes discourage retail leaders from choosing an IoT-powered inventory management vendor. In addition, store dimensions and RFID tag accuracy levels sometimes present enough of an issue to make this option out of the question. If these needs can be addressed, a luxury smart store can be an opportunity for serious savings.
The Apptricity Difference
Apptricity brings your organization secure, universal platform solutions. Our software
- Optimizes tracking processes for your inventory, assets, and expenses.
- Easily integrates with existing systems.
- Provides real-time visibility that global corporations and governments have become to rely on.
With Apptricity’s real-time visibility of asset management and a focus on automating supply chain execution logistics and spend processes, your assets are protected and visible.
Apptricity’s mission is to continue to be the leading global provider of innovative industrial IoT, logistics automation, and industrial technology. We combine a state-of-the-art user experience with forward-thinking designs. Our innovative technologies can be quickly deployed across multiple platforms. Above all, we ensure our customers are at the forefront of all we do.
By making an informed decision, keeping IT team members involved in implementation, and choosing secure tech, it’s possible to find an inventory management solution that works for your business.
Investing in IoT technology may seem like a dubious choice if you’re unable to get a clear picture of the losses you could prevent (and other benefits you could gain). With that challenge in mind, Apptricity has a unique demo format that allows you to input your real data into the demo scenario, so you can see exactly what your IoT-powered savings will look like!