Thank you for Subscribing to Retail Business Review Weekly Brief
Retail Business Review | Saturday, January 01, 2022
Adopting AI, IoT, RFID, blockchain, and autonomous robots enhances the functioning of the retail supply chain.
FREMONT, CA: The retail sector is leveraging technological advancements to expand various sectors of their business. The retail sector is applying new technologies to business operations, back-office, production center, and sales floor. Retailers can deliver products faster. Technology like blockchain is creating a more transparent supply chain and can account for a product's movement down the supply chain.
Artificial Intelligence (AI): Brands use AI in their businesses. They receive and record customer data which is shared with manufacturers. AI analyzes trends and preferences, which manufacturers can use to produce the right type of products. AI ensures that brands invest in the right product reducing wastage.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
The Internet of Things (IoT): The IoT includes any device or object connected to the internet. IoT technology can assist companies to track every product or item through the supply chain so businesses can make fast and informed decisions. IoT technologies help officials keep track of the progress of a product along the supply chain enabling retail companies to better allocate resources and reduce time spent.
Radio-Frequency Identification Devices (RFID): RFID tags monitor individual products as they move through the supply chain. In retail stores, employees can swiftly replace inventory by counting the number of tags left for a product. Tags help the production center track a product's shelf life and improve order accuracy.
Blockchain: Blockchain allows retailers by providing a secure, time-stamped, and undisputable record of a product or transaction. This technology offers businesses an overview of a product’s lifecycle, which contributes in decision-making and process improvements. Through blockchain, retailers can track how a breakdown or accident occurred and learn from it.
Autonomous Robots: Autonomous robots like restocking robots and drones used for delivery, assists retailers. The benefits of using autonomous drones and robots includes speeding up operations and generating tracking data. Large retail chains utilize robots in their warehouses to speed-up inventory management and delivery of the product.
In the future, more retailers will use AI to automate product creation and distribution. Currently, retailers are looking for ways to adopt these technologies for their ongoing operations.
More in News