Development of an IoT-based Inventory Management System for Retail Stores

Controlling inventory is the essential component of an effective retail management system. Maintaining accurate records of inventories enables the user to engage in preplanning and decision-making. These days, the neighborhood stores and giant industries keep their inventory on enormous shelves or in enormous areas devoted to storage. To ascertain the current inventory level, the proprietors of these shops or enterprises must count the packets by hand. This paper proposes developing an IoT-based stock administration framework for retail locations to improve stock accuracy, optimize production network cycles, and enhance customer experience. The system integrates cloud-based analytics with IoT-enabled sensors to monitor and manage real-time inventory levels. As a result, retailers obtain current data on inventory levels, product availability, and demand trends. The proposed system enables retailers to optimize inventory levels, reduce stockouts and overstock, and improve sales performance by ensuring that popular products are always available. In addition, the system provides retailers with insight into their customers’ purchasing patterns and preferences, enabling them to personalize products and increase consumer loyalty.