Smart retailing is big business. This is just as true for airport shopping centres as it is for all brick-and-mortar retail, including multi tenant shopping malls, where the need for smart tracking and product location technology is fuelling investment in the Internet of Things (IoT), Artificial Intelligence (AI), CTTV, and Augmented Reality (AR).
In retail, the renewed emphasis on offering customers a superior in-store experience is driving the widespread adoption of Internet of Things (IoT) solutions.
According to Forbes Magazine, IoT in the retail industry is growing by more than 18 per cent every year and is predicted to reach $1.2 trillion by 2022. From inventory management to refrigeration control, IoT is driving down the costs of doing business and providing actionable insights that translate into increased profits.
What is smart building technology?
Smart building technology consists of sensors and software that automate processes to control building operations including lighting, air quality, HVAC, security, asset management, and many other critical functions.
How does smart building technology work?
In a smart building ecosystem, sensors, microchips, and controllers collect data and trigger specific actions based on that data.
Systems can detect changes within the building and adjust lighting and temperature accordingly, helping to conserve energy, save money, and optimize the time and attention typically spent on such activities.
How can buildings be transformed into smart buildings?
IoT is the key driver of smart building technology. As more targeted solutions enter the market, building owners and managers have many options that can be tailored to their specific needs.
Any building can be a smart building
While most new construction takes smart building technology into account, legacy properties can also take advantage of the benefits of IoT through the strategic installation of self-powered sensors and sensor networks. Once a platform has been established, new solutions are easily added and implemented according to business needs.
Smart Building Technology and its impact on the retail industry
In the ongoing effort to delight customers and bring them into physical stores, retail operations are major adopters of IoT. Smart beacons, RFID tags, shelf sensors, and cashless/cardless check-out are just a few of the technologies that are transforming retail.
Many of the largest retailers have already taken the plunge. US retailer Walmart, for example, utilises IoT sensors in 5,000 of their stores to regulate refrigeration and detect food spoilage.
According to IDC Retail Insights, more than 60 per cent of retailers have already installed an IoT infrastructure. A further 85 per cent plan to launch IoT platforms within the next year and a half, signalling a significant shift towards data-driven governance.
Smart Building Technology and IoT benefits in the retail sector
The list of IoT and smart building technology benefits for the retail sector relates to nearly every aspect of business operations, including building management.
For employees working in stores, it simplifies daily tasks such as maintaining a comfortable environment, securing entryways, and connecting with their customers.
For building managers and store managers, it supports more effective use of resources, improves building efficiency, and helps to control maintenance costs through predictive reporting and analysis.
IoT optimises and automates business processes, reducing errors, and delivering critical insights that can be used to make timely business decisions. However, like any viable endeavour, it all starts with a solid foundation.
WBS Technology’s emergency lighting network, EMIoT, is just such a platform. It is a scalable and cost-effective system that establishes a robust IoT foundation that can then be connected to any device via a Bluetooth connection. Devices such as smoke alarms, water meters, HVAC systems, security systems, personnel tracking systems, and more, can then be monitored and automated, improving operations from end-to-end.
EMIoT does so much more than simply meet the need for emergency lighting. It also provides a cost-effective and scalable platform from which to build an IoT network that can help your retail operation become more efficient, more profitable, and more attractive to your loyal customers.
Reach out today to learn more about EMIoT and what it can do for you.