IT in Retail and Logistics
To maintain a competitive edge, new-age business environments are adopting technology as a weapon. The maturing retail and logistics industry can also benefit from technological adoption that can completely change the rules of the game if done correctly.
Retail and logistics companies are realizing that investing heavily in newer technology would result in improved business and, ultimately, productivity. When it comes to maintaining an efficient supply chain in modern logistics, technology plays a significant role.
Potential of Augmented Reality (AR), Virtual Reality (VR)
Virtual dressing rooms are one of the most fascinating augmented reality developments in the retail industry. Since “try-before-you-buy” is more difficult to handle when adhering to public health mandates during the COVID-19 pandemic, augmented reality is in a unique position to assist consumers in making purchase decisions.
Machine Learning for Demand Forecasting
The demand forecasting process relies heavily on data. Forecasting consumer demand becomes even more effective when machine learning is used. These technologies help with automated demand forecasting, inventory planning, customer and supplier relationship management, logistics, production, and marketing.
Demand forecasting methods focused on machine learning are much more adaptable and flexible than conventional methods. Machine learning can help follow consumer demand patterns because it can be applied even more rapidly.
Impact of Data Science, Robotics, IoT
Bluetooth Low Energy (BLE) and Radio Frequency Identification (RFID) systems use little power to gather data from customers, which can be used to improve retail personalization experiences.
When it comes to data collection, retailers must be mindful of consumer privacy. Consumers will feel more comfortable trusting the company and be more likely to return if the company treads carefully to remain in compliance with privacy protection laws. Neuro-linguistic programming (NLP)-driven chatbots have proved to be a huge help to retail and logistics websites by giving visitors a more personalized experience.
Logistics companies are realizing that investing heavily in newer technology would result in increased revenue and, ultimately, productivity. LSPs (Logistic service providers) may use technologies such as bar-coding and RFID, data collection technologies such as optical scanning, electronic notepads, voice recognition, robotics, IoT devices, and facial recognition for information processing and control to achieve full benefits and minimize unwarranted operating and manual costs. Tracing goods or shipments with these available tools often saves a lot of time and resources.
Top notched organizations are now successfully integrated above mentioned technology into the retail & logistics sector here are few examples:
- Verizon and UPS Flight Forward have confirmed that they will collaborate to introduce contactless drone retail delivery to the Villages neighborhood of Florida. 5G access is one of the technology’s most important features, as it allows for improved air traffic control for drones to avoid collisions.
- Famous supermarket chain Safeway is testing a new driverless cart delivery service for residents.
- Serve Robotics, formerly known as Postmates X, is also working on an Uber delivery robot.
- This year, Walmart is also planning to deploy fully autonomous trucks for distribution orders. Walmart’s Voice Ordering service is also a great example of how this technology can be used. They can place orders entirely by voice by asking smart speakers to add items to a cart.
- Hyundai introduced DAL-e, a robot, to a showroom in Seoul in January. Customers are greeted by DAL-e, who assists them in finding the right vehicle for them. When customers do not have face coverings, DAL-e will automatically detect this and advise them to put on a mask.
- The Just Walk Out scheme, which is driven by Amazon’s “Amazon Go Grocery” model. The project made use of computer vision, sensor fusion, and deep learning. The Amazon IoT network in the store keeps track of what customers put in their shopping carts. When a customer exits a shop, the store can automatically charge the credit card on file with the customer.
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