Redefining Retail Supply Chain with IoT
Fundamentally, IoT is a network of digital devices, each with a unique ID and the potential to transfer data without human interaction. Embedded devices, sensors, wireless networks, machine learning, and real-time analytics are instrumental in manifesting systems where devices supporting an ‘ecosystem’ can be controlled using devices associated with that ‘ecosystem’. With a surge in eCommerce and online retail, retail supply chains need to automate their operations for higher connectivity and optimization. While a personalized shopping experience is driving returns, real-time access through IoT devices has become integral to tracking products in transit. The network of IoT devices, sensors, data hubs, and microprocessors communicate in real-time to ensure smooth movement of products along the supply chain and to aid quick operational decisions.
At Oodles ERP, we undertake supply chain software development in integration with IoT to ensure goods are stored, shipped, and delivered without any operational hiccups, and the inventory is aligned with demand. Let’s delve a little deeper into how the use of IoT redefines the functioning of a retail supply chain.
Needs of a Retail Supply Chain
In a time when eCommerce and online retail has become mainstream for most products and services, retailers need to build intelligent, efficient, demand-driven supply chains.
Not only do they have to meet product demand but also customer expectations like express delivery, tracking information, and easy returns.
In order to achieve this, the retail supply chain needs to have high connectivity and visibility.
They need to implement a centrally controlled system with a unified database that enables stakeholders to access product data at any inventory level in real-time.
The system must also have the ability to make and execute decisions in real-time.
At the same time, processes like restocking, managing reverse logistics, and out of stock products need to be done without incurring extra costs.
The above needs can only be met by automating the retail supply chain, using an ERP software integrated with IoT devices and sensors. By keeping track of location data integrated with the central database, managing and routing products along a supply chain become seamless. Also, it saves retail businesses labor and time, earning them efficiency and thus, customer loyalty.
Transforming retail supply chains with IoT
Let’s take a close look at the advantages of this revolutionary technology for the retail supply chain.
> Tracking
Implementing the IoT technology translates into closely working with a cloud-based platform for data and management. Goods can be tracked at any level of the supply chain owing to sensors and devices employed to determine their state. Scanners along the transit route identify RIFD tags, QR and bar codes, and store and update product data in the main database. This data can be accessed on a hierarchical, role-based manner through secure authorization channels. Supply chains for perishable goods even employ temperature sensors to determine the quality of products at each stage. This saves them spoilage and transportation costs for these goods. Also, as consumers also demand the ability to track their orders once it is shipped, real-time tracking with IoT has become popular with retailers.
> Multi-channel fulfillment
In a competitive market, the enterprise that delivers quality goods in a short span of time at reasonable prices gains customers. However, in order to achieve this, not only do the operations need to be efficient but also cost-effective. Establishing warehouses at key locations and shipping products through multiple channels is one way. Managing them through a common ERP integrated with IoT is what makes express delivery of products possible.
>Routing
Automating the retail supply chain comes with forecasting tools that analyze possible shipping routes to select the fastest and most cost-effective one. IoT enables tracking it en route delivery stations. Thus, in combination with predictive analytics, IoT helps quick and safe delivery of freight.
>Customer Loyalty
Getting positive feedback and retaining customers plays a significant role in the success of a retail supply chain in a socially connected world. In order to achieve that, enterprises need to optimize their supply chain with IoT and ML technologies. Not only will it ensure customer loyalty but also operational efficiency and ultimately, profitability.
Redefine your retail supply chain with IoT services
IoT has opened the door to an intelligent, intuitive supply chain with optimized functioning and proactive management. With its capacity to provide greater visibility and real-time decision-making, it is an indispensable tool for retail supply chain management.
We are an ERP Development company with expertise in developing customized software solutions for our clients. Our custom development solutions enable businesses to automate, plan, collaborate, and execute their operations methodically. Our Supply chain software development services include the integration of IoT and ML tools into your SCM software. Get in touch with our experts to redefine your retail supply chain.
With a surge in eCommerce and online retail, retail supply chains need to automate their operations for higher connectivity and optimization. Let’s explore how enterprises can build an intelligent, intuitive retail supply chain with IoT
