This article will cover the ways that modern technology is changing retail. From robots that scan products for tags to tablet-equipped workers at the checkout counter, we will learn about how these innovations are improving the retail industry. In addition, we will discuss 5G-IoT implementation and the potential of RFID tags to improve inventory accuracy.
Robotics Is Changing The Face Of Retail
Today, robots are helping businesses manage inventory, handle worker shortages, and extend operations. Most people have heard of robotic systems used in assembly lines and to package and handle items before reaching retail stores. These machines are transforming how human employees work and how consumers purchase goods. The advent of robots can help companies optimize inventory management and cut operating costs, while creating new ways to meet customer expectations.
Consumers are demanding more services from retailers, and a growing number of companies are leveraging robotic technology to meet their needs. Robots can help businesses with inventory management, order fulfillment, and scrubbing floors. These innovations could save retailers billions of dollars a year.
RFID Tags Improve Inventory Accuracy
With the introduction of RFID in retail, manufacturers can keep track of the location of their products, shipping details, quality information, batch size, fulfillment times, and other information that is vital to the supply chain. Combined with other security measures, RFID can help to reduce shrinkage and improve inventory accuracy.
The benefits of RFID technology can be seen in Macy’s and other large retail companies. Marshall Kay, Principal of RFID Sherpas, LLC, a retail consultant, shared some metrics related to the success of RFID implementation in Macy’s. His research indicates that without RFID, Macy’s inventory accuracy would deteriorate by 2% to 3% monthly, or 30% per year.
Mobile Checkout By Tablet-equipped Workers
As holiday shopping season approaches, many retailers are gearing up to welcome seasonal workers into the fold. This means hiring and training new staff, making sure they have the right tools to assist customers, and more. Having mobile devices at hand could alleviate a lot of these concerns. In-store mobile checkout allows workers to spend more 1-on-1 time with customers, enabling them to provide the best possible customer service.
Mobile devices in the store give shoppers access to a variety of in-store functions, including price checks, real-time inventory, and mobile checkout. These devices also allow customers to make purchases online and pick them up in-store, making the entire shopping experience seamless. Retailers that want to keep up with the times will have to adapt to changes in customer behavior.
With its low latency, 5G is ideally suited for the deployment of IoT devices, such as sensors, in the warehouse and on store shelves. This will enable retailers to get a real-time picture of inventory and improve operational efficiency. In addition, 5G will allow for the use of “smart shelves” with IoT sensors, which can automatically restock according to planograms and prevent product shortages. It will also help companies track shipments and reduce waste.
Retailers have long worked with RFID technologies. With the development of new devices, smart sensors, and communication solutions, the Internet of Things is transforming the way we do business. As it enables a seamless omnichannel experience for consumers, it also reduces operational costs.
HYPERVSN Develops 3D Holographic Display Systems
HYPERVSN is the first company to develop a fully integrated 3D holographic display system. The company is exhibiting at Integrated Systems Europe (ISE) in Amsterdam, where they will demonstrate the interactive capabilities of their product. As part of their exhibition, HYPERVSN has collaborated with world-renowned visual artist Tupac Martir to demonstrate the technology in a live demonstration. Martir has been a creative director for elaborate events and provided production design for many world-renowned artists.
HYPERVSN was founded by Kiryl Chykeyuk, who came up with the concept for HYPERVSN while studying for his Ph.D. He also co-founded a startup called Kino-mo with childhood friend Art Stavenka. Together, the company successfully pitched to the Dragon’s Den and won the Cambridge University Entrepreneurs Award and the Shell LiveWIRE Award.