The IoT (Internet of Things) is becoming increasingly important in the retail space because the technology can not only improve the customer experience by making inventory more available and accurate, it can also directly impact retail profitability by reducing shrinkage—inventory loss due to theft or mishandling.
Together with Intel, www.intel.com, WestRock, www.westrock.com, a provider of paper and packaging solutions in consumer and corrugated markets, and T+ink, www.t-ink.com, a provider of printed electronics that uses conductive ink to make ordinary objects intelligent and interactive by connecting them to the IoT, have launched a merchandising display solution that incorporates printed electronic sensors into shelves and pegs.
T+ink says its technology allows retailers to see which products are on shelves and pegs in realtime, essentially transforming these shelves and pegs into “intelligent end points” that can help retailers make informed inventory decisions. Further, T+ink’s cloud-based services make the data actionable by offering reporting and analytics. WestRock’s shelves and pegs are integral to the solution, as is Intel’s Quark processors for IoT applications.
In addition to realtime inventory management, the Smart Shelf and Smart Peg solution enables dynamic pricing through electronic shelf labels. With this ability, retailers can price products based on inventory levels and current promotions. The companies say trials of T+ink’s Smart Shelf and Smart Peg technology will be available in early summer, with general availability anticipated later this year.
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