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Food and Beverages | Monday, September 14, 2020
Grocers are always running against time to sell their goods. They can benefit from the internet of things (IoT) to reach a broader audience base.
FREMONT, CA: Unlike other businesses where unsold products are not restricted by time, grocers are always running against time to sell their goods. Thus they often employ several methods to enhance their business, such as sales and discounts, to move goods out of their doors. However, the offers may not have much effect if the people are unaware of their existence.
Several stores are working toward technology-driven methods for the promotion of their discounted products. According to a survey by PYMNTS, nearly half of the customers who had used a grocery store’s app, occasionally or regularly, reported that they did so to avail better discounts, deals, and price comparisons. Amidst the vast sea of technological possibilities, grocers can especially benefit from the internet of things (IoT).
In-Store IoT Solutions
Every week hundreds of customers walk through grocery store’s door. Each customer has a unique purchasing plan and buying habits. Thus it’s not possible to keep track of individual customers without the help of technology. IoT can fill in that gap and aid retailers with time-critical inventory and help them to reach consumers who are most likely to avail the discounts or promotions. Thus, IoT has a vital role to play for retailers who can not only save their time-sensitive goods but also get profits and customers.
Retailers and grocers assimilate and analyze a great deal of information set to create their customer base. The data includes customer's purchasing habits, neighborhoods, household income ranges, birthdays, and other such factors. IoT technology can assist retailers with such data and help them to gain considerable insights for business developments. The devices can also indicate future steps for better sales and a broader customer base.
Challenges for Grocery Tech
Grocery business operates on small margins, and thus, their business is not particularly suited for innovations as investing in technology can put the grocers into further risks. Therefore the grocers are looking to invest in flexible solutions are required that can tap into the technology and provide them with desired results. With further innovations in IoT which are expected to be more customer-centric, such investments will increasingly pour into the food industry.
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