What is the Impact of Smart Connected Coolers in Retail?

The Indian market has been growing exponentially, with more acceptance of technological advancements with each passing day. In 2022, India logged the highest growth of 264% in the IoT (Internet of Things) market module in the second quarter itself. These advancements have rapidly made their way into the retail world in the form of predictive solutions and management.

An IoT device impacting the retail industry with affordable asset management is smart connected coolers. Here is a deep dive to learn more about its utility and impact.?

The innovation of connected coolers

Industries are heavily relying on efficient refrigeration to keep perishable foods fresh, beverages chilled, and customers happy. With connected smart coolers, businesses can begin to re-imagine their operations and investigate the possibilities of the Internet of Things. Enterprises now have the capacity to remotely manage, monitor, and operate a large number of connected devices, such as coolers, freezers, vending machines, or coffee makers, by leveraging business data via sensor-enabled devices.

By using smart coolers, companies are now able to improve customer experience, increase the value of store equipment, and lower the total cost of ownership by utilizing technologies like analytics and artificial intelligence.

How do smart coolers impact the retail world?

The IoT connectivity technology of smart connected coolers is a game changer for retailers in various aspects. Here are some benefits that make them a solution that every retailer needs -

1. Efficient asset management: IoT technology revolutionized tracking coolers in transit, making it simpler for a merchant to know where coolers are and how they are operating. This will make locating missing, misplaced, malfunctioning, and shifted coolers easier and give sales personnel a track route for more efficiency.
2. Timely technical diagnosis: One of the most significant advantages of IoT is real-time data. The connected cooler enables viewing of data such as product temperature, compressor cycles, and power usage, as well as the ability to identify defects such as door switch, lighting, or evaporator fan failure. Retailers, for instance, can spot a high-duty compressor that is constantly running and discover the cause, such as a blocked condenser or a broken door gasket.
3. Improved sales performance: Cooler door openings and movement can be tracked using cameras and sensors to maximize sales. Retailers might find, for instance, that two large single-door coolers had less total activity than one compact single-door cooler.?Alternately, businesses can spot low usage and pure coolers and changes in customer behavior that can be compared to daily sales data and then connect it to variations in cooler position, temperature, sales, and promotions.
4. Reduction in costs: Smart connected coolers by providers like Jio monitor critical parameters 24X7. This means retailers can access crucial information about the refrigerator in advance, ensuring predictive and preventive maintenance.?In addition, for low-value assets like beverages, retailers have to consider operating costs (like maintenance, asset loss, servicing, etc.), which are often much higher in the long term compared to the cooler’s entire lifespan. With a smart connected cooler, the hard cost of purchasing is covered with a reduction in operating costs over the cooler’s lifespan.
5. Higher consumer engagement and personalization: Retailers have a unique chance to connect with consumers through connected coolers. Insights by these devices are already being used to create a distinguishing experience for consumers. For example, Coca-Cola in Japan offers an extra drink for every 15 drinks purchased through a vending machine. It also spends out Spotify playlists based on a drink purchased.

A chance for retailers to finally chill out??

A malfunctioning cooler or freezer might cause damaged food or lukewarm drinks, which can disastrously affect a company's revenue and customer satisfaction. Extreme temperature variations can be caused by even a simple human error, like accidentally leaving a cooler door open, which could compromise the integrity or quality of a product.

Smart connected coolers are enabling retailers to stay ahead of the problem with notifications about tampering, anomalies, real-time temperature and even open-door alerts. Retailers can stay rest assured about their products by investing in the right devices for their stores. The best thing is NB-IoT powered smart coolers by Jio also come with edge algorithms and are easily integrated with existing coolers. Want to give it a try? Make a quick call here.