How to Implement IoT (Internet of Things) in a Retail Environment

IoT in retail is proving to be widely effective in transforming logistics, inventory management, supply chain management and other challenging elements of running a business.

By introducing seamless, automated functions into the retail environment, IoT is an opportunity for retailers to improve customer experience and increase profits via improved operational efficiency and store management. While implementing IoT in retail may require initial investments of time and money, the long-term benefits are undeniable. Retail businesses around the world are riding the wave of technology-based transformation and reaping the rewards.

According to global management consulting firm McKinsey & Company, retail IoT environments are expected to be valued at anywhere from $5.5 trillion to $12.6 trillion by 2030. The IoT retail revolution is happening now, and competitive brands need to learn how to implement IoT in ways that will keep them moving ahead as technology continues to transform the retail experience.

What is the Internet of Things (IoT)?

First coined in 1999 by Kevin Ashton, MIT’s Executive Director of Auto-ID Labs, IoT refers to a network of interconnected devices that can collect, analyze, and share data over the internet without human intervention. In the context of retail, IoT has proven to be a game-changer, enhancing customer experiences, improving operational efficiency, and optimizing inventory management.

IoT relies on sensors, actuators, and communication protocols that enable devices to communicate with each other and link to the Cloud. These devices can range from smart shelves and beacons to wearable devices, all designed to collect valuable data.

There are many ways to implement IoT in a retail environment, and the systems and technology you choose will differ depending on the size and scale of your inventory and operations. Let’s examine 5 elements of effective retail operations that are affected by IoT, so that you can choose the technology that will have the greatest impact on your retail business. 

1. Self-checkout

One successful application of IoT in retail is the implementation of smart checkout systems. Retailers like Amazon Go have introduced cashier-less stores, allowing customers to shop and leave without traditional checkout hassles.

Many other large retail stores such as liquor stores,  pharmacies and grocery stores currently implement a combination of human cashiers and self-checkout stations, allowing customers to choose the checkout experience they prefer. Retail store owners can leverage this IoT technology to minimize labour costs while still providing excellent service. 

2. Customer experience

Marketing personalization is a trend that continues to grow in popularity, especially as it affects the younger generation of consumers who are susceptible to the appeal of a customized shopper experience. Marketing personalization has a significant impact when it comes to inducing in-store purchases as opposed to online. 

IoT enables retailers to engage customers both inside and outside the store. For instance, retailers can use IoT data to send personalized offers to customers’ smartphones when they are near the store, enticing them to visit and make a purchase. Interactive digital displays powered by IoT technology can enhance the in-store experience by providing product information, recommendations, and reviews.

Additionally, IoT-enabled beacons can push personalized offers and recommendations to customers’ smartphones based on their location within the store.

Retailers have utilized IoT to track customer movements within a store and analyze customer behavior. This data-driven approach helps retailers optimize store layouts for better customer flow and product placement.

3. Inventory management and supply chain optimization

Perhaps the area where IoT can have the greatest impact in retail is inventory management. Traditional inventory management often leads to stockouts or overstocking, affecting customer satisfaction and store profitability. However, IoT-powered smart shelves fitted with Electronic Shelf Labels can track inventory levels in real time, making it easier for retailers to anticipate consumer needs and ensure products are always available on the shelves.

IoT-enabled inventory tracking has significantly improved inventory accuracy and reduced stockouts and excess inventory issues for many retailers. IoT can be implemented in warehouses also, increasing efficiency at every level of stock management.

Smart shelves that automatically detect inventory levels and send restocking alerts are an excellent example of IoT implementation.

4. Data gathering and analysis

With IoT, retailers can gather real-time data on customer behavior, foot traffic, and product preferences. By analyzing data collected through IoT devices, retailers can gain insights into individual shopping patterns and preferences. Information obtained through increased connectivity allows retailers to offer personalized product recommendations and tailored promotions and discounts, thereby creating a more engaging and effective shopping experience.

IoT’s real-time data tracking capabilities enable retailers to optimize inventory levels, enhance overall supply chain efficiency and reduce waste. The importance of sustainability in retail cannot be overestimated, as it not only affects consumer confidence and brand identity, but also the health of the planet. IoT contributes to operational efficiency and helps retailers make eco-responsible choices. 

5. General operational efficiency

IoT directly impacts the retail experience, but connected devices can also be used to keep a retail environment functioning optimally behind the scenes. 

For example, IoT can be implemented for predictive maintenance. IoT sensors can monitor the health of machinery and equipment in a retail store, predicting maintenance needs before any significant breakdown occurs. This proactive approach reduces downtime and enhances the overall store operation, in addition to helping store owners maintain expensive equipment to keep it working at its best for as long as possible.

Retailers can also leverage IoT to monitor energy consumption and implement energy-saving measures. Smart lighting and HVAC systems that adjust based on occupancy and external conditions can lead to significant cost savings and environmental benefits.

Security and privacy concerns

While IoT offers numerous benefits, it also brings potential security risks, such as data breaches and hacking attempts. Retailers must implement robust security measures to safeguard sensitive customer information and prevent unauthorized access.

It is always necessary to adhere to strict data protection and privacy regulations to ensure the responsible handling of customer data collected through IoT devices. Compliance with laws such as the GDPR is essential to maintaining customer trust.

Best practices include implementing encryption, regularly updating software, and performing security audits. Retailers should be transparent with customers about any data being collected and how it will be used.

Challenges to implementing IoT in a retail environment

One of the major obstacles to adopting IoT in retail is integrating new IoT technology with existing legacy systems. Many retailers have invested heavily in their current infrastructure, which may not be IoT-ready. Adopting scalable and flexible IoT solutions that can be seamlessly integrated will ensure a smoother transition and minimize disruption to day-to-day operations.

Introducing IoT into a retail environment also requires employees to adapt to new technologies and workflows. Retailers may need to invest in training programs to educate their workforce about the benefits and applications of IoT. By fostering a culture of continuous learning, employees will continue to use IoT tools effectively, leading to improved productivity and enhanced customer experiences.

Budget constraints could also hinder some retailers from fully implementing IoT, as it will involve an upfront investment in devices, sensors, infrastructure, and data analytics tools. To overcome this challenge, retailers should conduct a cost-benefit analysis to assess the potential return on investment (ROI) of entire systems as well as individual technologies. The cost of Electronic Shelf Labels, for example, may only be justified if a retailer is also able to purchase the software that will allow them to make the most of this technology. The long-term cost savings, improved operational efficiency, and enhanced customer engagement that IoT can bring will help justify the initial investment and motivate investors.

Make IoT in retail a reality with JRTech Solutions

As IoT continues to evolve, its impact on the retail sector will only grow. With widespread IoT adoption, retail environments will become increasingly efficient. Smart checkout systems will become the norm, eliminating long line-ups and checkout delays. Predictive analytics will allow retailers to anticipate customer needs, ensuring that the right products are available at the right time and location. Personalization will reach new heights, as IoT data will enable retailers to offer tailored promotions, discounts, and product recommendations.

Staying competitive in retail demands that businesses adapt to new technologies and norms. JRTech Solutions offers electronic shelf labels and digital signage that are used by some of the biggest retailers in North America. Contact us to learn how we can help you implement IoT and take your retail outlet to the next level.

Liquor Store Price Tags: 3 Benefits of Electronic Shelf Labels

The wine and spirits retail industry continues to evolve. Consumer behavior has changed and the need for accurate and up-to-date information about products during the ever more complex purchasing journey has become paramount.

Liquor store owners can cater to a clientele that wants access to information fast by installing digital price tags and other digital signage within stores. It’s a sure way to please environmentally conscious consumers, improve inventory management and make essential information accessible. 

Join us as we show you three ways that using electronic shelf labels (ESLs) for your liquor store price tags can refine your customers’ in-store experience and increase your company profits.

Go green: support sustainability and please your customers

From organic vineyards to an overall interest in sustainability, the wine industry has been showing a consistently greater commitment to going green over the past several years. 

Alongside grassroots efforts to help the planet, eco-friendly wine and spirits packaging has also been growing in popularity. Retail stores can participate and show their environmental commitment to customers by using paperless electronic shelf labels, and by digitizing messaging and signage within stores. 

 Save money: manage your inventory better and drive sales

The more efficiently you manage your inventory, the less money you lose on missing or misplaced products, lost sales and badly-managed ordering. The cost of electronic shelf labels is minimal when you consider that they make it possible to update price changes instantly, so that you can manage inventory without cumbersome and time-consuming manual labour. 

Wireless display labels include monitoring and notification functions. You can identify products in real-time and set up stock alerts. The competitive advantage to the wine and spirits industry is undeniable. Electronic shelf labels lower costs and drive margins, while building customer trust.

Simplify choice and accessibility for your customers

Electronic shelf labels have a place in every sizable retail store, but they can be a special advantage in large-scale supermarkets and liquor stores, where customers face a wide variety of choice and want to find important information on price tags fast. 

In the wine and spirit industry, cost matters. As more and more individuals consume retail-purchased alcoholic beverages at home, it is important that these consumers can immediately and accurately assess pricing information in-store. While the brand continues to be the defining factor in consumer purchasing choice, the struggling economy means many consumers will want to know exactly what they are paying for.

Electronic shelf labels are available in various formats, allowing you to customize the shopping experience within your store and even adjust visual formats to suit your customers. Graphic shelf labels come in high-definition display and can accommodate various additional features, including SmartTAG Power+ which will increase the visibility of promotions, and a built-in NFC function which allows customers to access more information about a product by tapping their smartphone on the label.

JRTech is your partner in cutting-edge electronic shelf label technology

Electronic shelf labels are essential to modern large-scale retail stores. The wine and spirits industry is moving forward to embrace sustainable practices and inclusivity, making digital technology the logical next step in improving in-store experiences. Better inventory management and improved shelving and stock alerts can only help increase profits, and electronic shelf labels are an investment that is certain to bring significant returns.

Contact JRTech today to learn how you can implement digital price tags in your liquor store.

4 Strategies to Increase Hardware Store Sales

The hardware industry today is much more complex than it once was. It’s no longer safe to assume that simply offering quality, service and value will be enough to bring the local community in to shop. With big box stores and internet giants competing for customers’ attention and dollars, hardware stores have to work hard to stand out and present themselves as the best option.

Here are 4 strategies hardware stores can use to increase sales and hold their own against the competition.

Offer exceptional, well-informed customer service

One of the best ways for hardware stores to convince customers to shop with them rather than at big box stores or on the internet is to offer something the competition can’t—helpful, attentive customer service.

Many of the people who go to hardware stores may not have a lot of experience with the equipment on offer or the project they’re trying to accomplish. Having access to a knowledgeable, well-intentioned employee who can guide them through the process of acquiring what they need can be extremely helpful and very much appreciated.

Hire individuals who know how to provide great service and train them on all of your products to boost sales and create goodwill.

Online and in-store hardware marketing strategies

In the current competitive market, it’s vital to employ a variety of hardware marketing strategies to make customers aware of your store and entice them to buy.

Even small hardware stores can use online marketing to their advantage by having an online store, a website that is optimized for SEO and a social media presence. Content like a DIY YouTube channel can help you reach your target audience and create a positive association with your brand.

You can also capitalize on in-store marketing ideas to boost sales. Consider offering free samples or holding demonstrations to show customers the benefits of your products. Vibrant digital signage can also be used to grab customers’ attention and enhance their shopping experience.

Entice customers with loyalty programs and discounts

Customers are always looking for ways to save, particularly now with the inflation of retail prices. Offering discounts on certain items for a limited time only encourages customers to buy now to take advantage of the savings. Limited-time deals help increase sales and attract new customers. You can even create a loyalty program and offer discounts for members only to encourage repeat business.

Electronic shelf labels (ESLs), also known as digital price tags, are an incredibly useful tool when it comes to this type of hardware store sales strategy. With them, prices can be updated in mere moments as often as needed, and they can display several different colors to make promotions

Make shopping at your hardware store as convenient as possible

Making shopping as convenient as possible and giving customers multiple ways to shop is an important strategy for boosting sales. Having an online store with delivery and click and collect options will encourage customers to purchase from you when they might otherwise have gone elsewhere.

Equipping your hardware store with digital price tags can streamline the click and collect process by guiding your employees to the required items, significantly reducing the amount of time it takes to fulfill orders. The geolocation system can also be offered to customers via interactive kiosks or a QR code to streamline the shopping experience.

Boost your hardware store sales with JRTech Solutions!

JRTech Solutions offers digital pricing solutions and signage for retailers that are looking to modernize their stores. In addition to facilitating promotions, marketing and geolocation, our technology can expedite restocking, automate processes to reduce labor requirements and significantly lower the rate of errors, improving the shopping experience.

Contact us today to give your hardware store sales strategy a digital boost!

Digital Price Tags for Home Improvement and Hardware Stores: 5 Benefits

Home improvement and hardware stores often have vast sales areas and thousands or tens of thousands of products to manage. In such large retail environments, manually updating each shelf label every time a price changes is a massive undertaking that wastes valuable man hours and leads to significant pricing errors.

Fortunately, new technology is available to streamline the price changing process, optimize inventory management and much more! Discover the many benefits of digital price tags for hardware stores in this article.

 1. Central control and efficiency

With digital price tags, also known as electronic shelf labels, prices are updated automatically and simultaneously from a central hub. This completely eliminates the need for hardware store staff to go from shelf to shelf changing price tags. Particularly considering the current labour shortage, eliminating such a time-consuming task is a major advantage.

2. Price accuracy and error reduction

Stores that use paper labels tend to have an error rate of 5 to 10% at any given time. Conversely, the centralization and automation of price updates with digital price tags leaves very little room for human error. Prices are accurate and consistent both on the electronic labels and at the cash, improving customer satisfaction and reducing the need for price checks and compensation.

3. Improved customer experience

With online retailers encroaching on brick-and-mortar home improvement and hardware stores, it has never been more important to provide customers with a positive in-store experience. In addition to better price accuracy, digital price tags can improve the customer experience by providing additional information about products and making it easier to identify sales.

4. Optimized promotions

The flexibility that comes with digital price tags allows retailers to take advantage of dynamic pricing—the ability to adjust prices at will to account for performance, stock levels and competitors’ promotions. Furthermore, the electronic labels can display four different colours that can be used to draw attention to items that are on sale.

 5. Hardware store inventory management

Electronic shelf labels can also help home improvement and hardware stores with inventory management. The labels can display the number of items in stock and are equipped with geolocation capabilities and flashing lights, enabling employees to quickly identify shelves that need to be restocked.

Modernize your hardware store with digital price tags!

Digital price tags are an excellent way for hardware stores to improve efficiency, price accuracy and customer satisfaction. With so many benefits for retailers, they are sure to be a worthwhile investment!

JRTech Solutions is the leading provider of digital pricing solutions in North America. We supply first-rate electronic shelf labels and digital signage from industry pioneer Pricer. Contact us today to bring your hardware store shelves into the digital age!

Digital Price Tags for Grocery Stores: 4 Benefits for Supermarkets

The wave of digital transformation in retail and grocery stores has only accelerated over the course of the COVID-19 pandemic. As customer expectations and purchasing behaviours evolve, supermarkets must keep pace in order to stay competitive. This involves bringing new technology to store shelves, updating outdated and inefficient practices with innovative digital solutions like digital price tags.-

Electronic price tags can do so much more than just display prices—they can provide incredible benefits for the grocery stores that implement them. Find out more!

Better efficiency and reduced labour costs

Supermarkets often need to change thousands of price tags per week. When this is done manually, the labour costs add up fast. With digital price tags, also known as electronic shelf labels, prices can be changed across the store in minutes. This drastically improves efficiency and frees up employees for other pursuits.

Since the advent of the pandemic, ordering groceries online has become much more popular. Supermarkets are now having to hire flocks of pickers to fulfill delivery and click and collect orders. A single order can take up to 30 minutes for a picker to prepare. Digital price tag technology includes geolocation to guide pickers on an optimized route through the store and help them easily find the aisles they’re looking for. Once there, the price tags will flash to indicate the exact location of the desired product, saving up to 10 seconds per pick.

Accurate pricing for improved customer satisfaction

Manually updating grocery store price tags is a long, arduous and detailed process that results in frequent pricing errors—up to 10% of labels may be missing, misplaced or incorrect at any given time.

This can cause significant dissatisfaction among customers and slowdowns at grocery store checkouts. If a customer gets to the cash and a product they believed was $3.50 is scanned at $3.99, they will be upset at being expected to pay more. The cashier will need to call for an employee to do a price check, and the six customers standing in line will be frustrated at the slowdown in service.

This kind of undesirable situation can be avoided with electronic shelf labels’ automated price updates.

Phygitalization: the harmonization of the physical and digital worlds

In a context where technology and digitization are becoming ever more important, phygitalization is a concept that seeks to bring the benefits of digital innovation to the physical environments of brick and mortar stores. Technology such as electronic price tags and digital signage in grocery stores and retail outlets can provide customers with access to more information and an experience that equals or surpasses that of shopping online.

Dynamic pricing for waste reduction

With digital price tags, supermarkets can make the most of dynamic pricing, adjusting prices as necessary to account for changes in supply and demand. This strategy can also be used to reduce waste in grocery stores. Wasteless is a dynamic pricing algorithm that can be integrated with digital price tags to display different prices for perishable foods based on their expiration dates. This incentivizes customers to purchase products that are nearing their sell-by dates, minimizing food waste and maximizing revenue.

Optimize your grocery store pricing with JRTech Solutions

JRTech Solutions is North America’s leading supplier of digital pricing systems from industry pioneer Pricer. Our electronic shelf labels and digital signage for grocery stores are designed to provide supermarkets with every advantage modern technology has to offer. If you’d like to increase efficiency, improve price accuracy and customer satisfaction, and reduce waste, contact us to optimize your pricing processes today!

Smart Shelves: What is Smart Shelving?

Like most industries today, the retail sector is grappling with the rise of the digital era, which has brought profound changes to business operations and customer expectations. While it may seem daunting, retailers must dive into the process of digital transformation in order to remain competitive. Fortunately, with new technology come innovative solutions that can truly revolutionize every aspect of business and are well worth the effort put into the transition!

In this article, discover the concept of smart shelving and find out how these digital solutions can help retailers!

What are smart shelves?

Broadly speaking, smart shelving is the implementation of new technology in retail to optimize the shopping experience. There are a variety of devices that can be installed on and around shelves to keep track of inventory, manage prices, collect data and provide insights into customer preferences and shopping patterns.

Types of smart shelf technology and how they work

Shelf sensors

There are a few different types of sensors that can be used on store shelves. Weight sensors can track inventory as products are removed and detect when items are out of stock. This makes it much easier to manage inventory and determine when restocking is needed, improving customer satisfaction by avoiding situations where items are unexpectedly sold out. 

Bluetooth and NFC (near-field communication) can be used to detect shopper proximity and the amount of time they spend in front of the shelf, collecting valuable data about their habits and preferences. Furthermore, if desired, this technology can interact with an app on customers’ phones, showing them personalized promotions based on their previous purchases.

Shelf cameras

Shelf cameras have a variety of applications in retail. Cameras can be installed on opposite shelves to monitor the products in real-time, detecting any gaps and notifying staff accordingly. They can even verify planogram compliance, making sure that every product is in its proper place on the shelves. 

Our AI-enabled technology tool, Pricer’s Shelf Vision, is specifically designed and tailored for retail businesses. The Shelf Vision, which on the surface looks like an electronic shelf label (ESL), is actually composed of a sophisticated wide-angle camera that uses a wireless optical system and IoT capabilities.

Meanwhile, front-facing cameras on smart shelves can assess shoppers’ gender and age ranges, facial expressions and moods, providing retailers and manufacturers with important data about customer demographics and how they respond to products, advertising, etc.

Digital signage

Digital signage is the smart alternative to paper posters. Much easier to change and update than their traditional counterparts, digital signs can be used to showcase high-profit-margin products and limited-time deals. They can feature ads, product demonstrations and video testimonials, and even offer interactive options for customers!

Smart signs immediately grab customers’ attention and influence their behaviour and decision-making, all while providing them with a more enjoyable shopping experience.

Electronic shelf labels

Electronic shelf labels (ESLs) are smart replacements for the paper labels that traditionally display the prices of products. They are all connected to a central system and can be updated automatically, removing the need for manual price changes.

Many electronic shelf labels on the market are equipped with flashing lights, but only Pricer digital price tags from JRTech Solutions can guide staff to the correct location when restocking products or picking for click and collect orders. These features can significantly reduce the need for staff and the associated costs at a time when labour is at a premium.

Benefit from smart shelf technology with JRTech Solutions

JRTech is the leading supplier of electronic shelf labels and smart shelving solutions in North America. We are proud to provide retailers with proven technology from industry pioneer Pricer to help them digitalize and meet the needs of the modern world of phygitalization! Contact us today.