How can retailers get ready for industry 4.0
As we enter Fourth Industrial Revolution being able to maximize the benefits of the latest technology is crucial.
The initial industrial revolution started when steam engines. The second one was ignited through harnessing electricity and mass-market production. The third came after the Second World War with the introduction of computers.
Today, many believe that we are at the beginning of Industry 4.0 or”the 4th industrial revolution.
Industry 4.0 is a collection of major technological breakthroughs that are reaching their full potential simultaneously in integrating physical and virtual worlds.
“The innovations of Industry 4.0 have the power to disrupt the retail landscape as we know it, driving digital change from the factory to the shop floor”
As this technology is integrated into our lives retailers must be quick to stay ahead of the technology.
The four most important areas of invention are
Internet of Things (IoT):The interconnectivity of devices over the internet, which allows real-time communication to trigger physical systems, and ultimately making smart retail platforms.
Analytics and big data Utilizing IoT devices, all devices will be able to collect an enormous quantity of data that retailers can use to help inform and improve the efficiency of every process.
Automation and robotics: Robots play a role in manufacturing, the concept of Industry 4.0 could require a complete revamp of retailers, while replacing the need for human administrative tasks and freeing employees to focus on customer service.
Simulations 3D printing, and Augmented Reality (AR): Simulations and AR means that employees and products can be tested virtual as well as trained in a quicker, efficient, and affordable cost, and 3D printing permits the simple creation of complicated and custom designs.
The advancements in Industry 4.0 have the power to change the retail landscape in the way we see it today and drive digital transformation from the factory floor to the floor of the shop.
PwC states that companies who take advantage of these technologies will, in the average, lower costs by 3.6 percent per year and boost revenue by 2.9 percent annually in 2021.
To reap the benefits the benefits, retailers should create a plan of action by identifying the most important technologies and invest in these technologies.
This will require the introduction of new hardware and software. Although software acts like a controller for the integrated systems, the hardware have to be upgraded to support the new tasks.
Refusing to shop
Industry 4.0’s greatest impact will be felt by individuals – employees and customers.
For employees, the elimination of administrative work that is manual will lead to a higher standard for customer support.
The inter contectedness of devices via IoT will mean that staff is more informed about everything from stock levels to customer profiles.
“Industry 4.0’s biggest impact will be on people – both staff and customers”
Retailers also have to invest in retraining or hiring workers with skilled in data or digitally-focused skills.
Big data is”the “new electricity” acting as the catalyst for innovations, analytical and interpretive abilities are essential to map a retailer’s plan to the future.
Customers can expect personalisation of their shopping experiences will be enhanced by customers’ IoT connects their devices to stores and triggers individual content.
Retailers’ top tips for success
Get started today. It won’t be long before these technologies are a fundamental part of the retail industr.y Retailers should begin making investments in industry 4.0 as soon as they can to establish themselves as a leader than being a follower.
Find the most important opportunities. Retailers need to identify and prioritize the most effective technology to enhance their distinctive retail experience that will improve their service to customers.
It’s a step by step procedure. A complete transformation of the company will not take place overnight. Begin with a simple change for example, introducing RFID tags that monitor inventory before the introduction of robots to help stack shelves.
Get everyone involved. Work with the appropriate technology firms and make sure that all employees are educated with the new technology.
Innovation, innovation, innovation. If it’s actively incorporating new technology into your processes or trying out your own ideas, or even upgrading your teams, continuous improvement – regardless of how small – is essential for keeping your business at the top of its game.