- What you need to know...
- IoT also presents FMCG brands with significant opportunities
- The real-time data collected through IoT offers FMCG companies the ability to create more accurate alerts for stock replenishment and allows firms to be more responsive to changes in consumer demand
- IoT technology can also allow for automatic reordering, improved supply chain traceability, and more personalized offerings, which is advantageous for retailers, FMCG companies, as well as the consumers themselves
- In order to achieve this, various ”things” are needed that capture data and communicate with each other, customers, staff members, IT systems, and databases
- Devices that create an IoT infrastructure include various sensors, cameras, and other tracking technologies such as radio-frequency identification (RFID) that can collect information about their environment including traffic flows, product quality, asset whereabouts, and customer behavior
Collaboration between suppliers, manufacturers, and retailers will be essential in order to synchronize inventories and truly reap the benefits of this technology. GlobalData’s Internet of Things in Retail & FMCG – Thematic Research report explores this further.