Monday, August 27, 2018
IoT is consistently opening up new avenues for technological advancement in the world of retail. Connectivity and consistent up-time are key to driving progress with POS devices and other IoT deployments.
Over the past two decades, opportunities for IoT implementation in retail have been expanding. RFID has been touted as the solution to real time inventory management, and POS devices as the key to streamlined transactions. However, IoT adoption goes hand-in-hand with a commitment to greater connectivity, as without a maintained connection, IoT devices and POS systems fail to function – leading to lost revenues and lowered consumer trust and satisfaction.
The two main challenges facing those who wish to bring their companies into the IoT-driven future are operational challenges and lack of infrastructure. Early adopters have faced and overcome these challenges, showing the way for the rest of the industry to follow. According to research by Boston Retail Partners, 9% of the retailers surveyed already offer a single commerce platform, with another 62% planning to implement a centralized POS system and unified ecommerce platforms within three years.
Advantages to IoT for retail include:
IoT allows for a bird's-eye view of an entire organization, and the ability to capture, share, sort, analyze and leverage data from multiple sources for multiple solutions. Inventory management, supply chain management and customer relationship management can all be driven by IoT networks, as long as high-speed connectivity is utilized to meet the increased demands of vast databases.
High data connectivity ensures reliable and secure real-time transactions, delivering a faster, customer-oriented experience that provides them with a reason to return and simultaneously gathers data to deliver extra incentives via personalized offers, which can in turn be generated by the POS device to encourage repeat business.
Todays' smart retail environment requires a comprehensive network strategy that mandates secure IoT connectivity as part of POS deployment. Without a consistent connection, the device becomes a single point of failure that can cause a cascade of issues. According to research from Stratus, the retail industry loses $18 billion in revenues each year due to downtime.
Having a solid partner for connectivity can help you maintain a high up-time and reduce the chances of POS failure. Perle Media Converters, Serial Terminal Servers and other device networking hardware can help meet the needs of retail customers and their system integrators, assisting in the adoption and deployment of Pos and other IoT devices.