Not only it is a useful tool for us, but also for the industries. Technology will keep developing the operation process of industries. Moreover, we could say that retail industry is one of the industries which faces the highest growth of supply chain challenges. The biggest supply chain challenges in retail industry can be stock shortage, employee attrition, data integration, and having multiple suppliers. However, managing these challenges to lowest percentage is not simple, but technology has great advantages to counter them. Since retail industries sell goods such as clothing, cars, groceries, or other specific products to consumers with various quantities, they still need to figure out earning a profit in several ways. They operate their sales in a building like malls, shops or even online. In 2020, the Covid-19 pandemic have a huge negative impact on retail industries. Quarantine period made people to stay at home and not be able to go outside for shopping what they needed. Hence, technology became the great solution to solve these problems. The technology known as IoT (Internet of Things) stands out as the bridge between retailers and consumers to communicate.
IoT has a lot of benefits because of its advantage to connect to GPS and RFID technologies which allow retail industries to track with their products’ quantity, quality, location, and estimated delivery time to consumers. Moreover, the industries which implement RFID technology into its operation has improvement in efficiency of the products, able to access all real time data, control the production rate, and avoid critical errors. This great innovation led workers to avoid time consuming and increase the productivity of labor in effective ways. Hence, the industries can provide their best services and finest products to consumers.
The key industry standard for retail industries mainly focuses on managing their supply and demand chain with high technology infrastructure and advanced manufacturing processes. Besides, the installation of RFID technology in the retail industries helps to reduce the costs related to product loss and waste issues. Moreover, it can create an enjoyable work environment for employees with sustainable and organized system.
Overall, interactive technologies have the greatest impact on our lives over time. The use of IoT in retail industries created logistical system and easy access to their manufacturing processes. Additionally, it also allows consumers to have easier access to updates on their products, positive purchasing experience and reliable data sources.
