An advanced framework to design a smart store system using IoT, AI, and data analytics that improves business processes for micro and small businesses

Abstract

Small and Microbusinesses struggle for their survival as they are always short of resources, clients and data to make informed decisions. Only if they knew what to sell, when to sell and whom to sell, they would not only survive but also thrive. This is where they need some help of technology like IoT and AI to take their business to the next level. IoT and AI can be used as a combination to improve various business processes for small and micro businesses. This led to the invention of a new Framework which uses IoT, AI and Data Analytics to improve business processes for various types of businesses. Let us take a service example like selling personal use stuff such as clothes, jewelry, shoes, etc. These types of businesses could use printable near field RFID tags that can be bought for as low as $0.01 each (price may go down for bulk purchases) to put on the products. This tag will carry various information like purchase history, price history, discounts, availability, etc. With the use of these tags, businesses would be able to personalize the buying experience for the customers and learning their shopping habits. This could open up greater revenue opportunities by improving the existing customer base [1][4]. In this paper, we will discuss this framework and an implementation of it in a retail world.