Globally, the retailers are striving hard to deliver great customer service, especially by enhancing better personalized in-store experiences. With tremendous growth in the retail sector in the past decade, it has become difficult to build individualized relationships and consistently provide remarkable experience. Advancements in the areas of IoT, cloud services, and cognitive computing have truly transformed the ways in which organizations deal with customers. The development of low-cost sensors, affordable connectivity, storage and processing of vast amounts of structured/unstructured data with the help of big data platform, and mobile applications have helped the retail giants to simplify their operations. Such technological development helped to provide more responsive customer experience, bring better visibility into supply chains operations, and improve customer management.
The vast data collected from the IoT devices is the key to improve customer insights and meet the dynamic customer demands. AoT assists retailers by providing solutions to efficiently manage the immense data generated from IoT devices, which include RFID tags, scanners, and bar code readers. Some more benefits provided by AoT to the retail industry include vendor management, conversion rates, dock and yard management, transaction management, and potential stock management. Due to these opportunities, the overall market share of the retail sector in AoT is growing at a fast pace.
IoT Analytics in Retail and Consumer Goods
Oracle provides an IoT platform to develop new IoT services quickly, using Oracle portfolio of products. This enables organizations to handle growing volumes of data, streamline application development and deployment, automate integration of data, and protect the data across the entire IoT value chain. Oracle provides a variety of IoT analytics solutions, including Oracle IoT Cloud Platform as a Service (PaaS) and Oracle IoT applications with built-in analytics for Key Performance Indicators (KPIs), anomaly detection, comparative analytics, and predictive analytics. Oracle also provides an IoT cloud service which is a secure and scalable platform to quickly build and deploy IoT applications, and capture and analyze IoT data.
The Cumulocity IoT from Software AG is an IoT platform which connects any device from any of the cloud platforms and can be integrated with any of the applications. The platform is very quick to start, in just ten minutes and in very simple steps. The platform offers the benefit of not requiring coding and analysis for business users and analysis can be carried out without coding or programming skills. Users require the same APIs, data and analytics models everywhere, in the cloud and on-premises.