Application of Internet of Things in Fast Moving Consumer Goods Sector to increase Business Efficiency

Abstract

Internet of Things (IoT) has its footsteps in almost each and every aspect of living, whether it being personal or professional. It aims to make living better by making physical devices smarter. With its immense applications in fields like agriculture, wearables, poultry, etc., it is also invading Fast Moving Consumer Goods (FMCG) sector. FMCG and IoT together can bring a revolution in the field of business marketing. IoT can help FMCG to increase productivity, improve product quality, generate revenues, maintain customer satisfaction and enhance visibility by measuring, analyzing and monitoring product quality with the help of sensors. IoT can be applied in each and every segment of FMCG sector like production, inventory management, sales and marketing, product management, customer relationship management (CRM), etc., this research paper aims to put forth the relationship between IoT and FMCG sector and also show how it can be used to gain business efficiency. The paper proposes a design on how IoT can be used in three primarily segments (production, distribution and marketing) of FMCG sector. Radio Frequency Identification (RFID) technology is the main methodology used for proposing the design of IoT based FMCG sector. The paper combines various innovation of IoT in different industries and concludes by proposing a theoretical and partially implemented model.