IoT enhances the scope of in-store sales day by day. In other words, it blurs the line between physical and digital worlds. IoT merges both the physical and digital realms into one. The rapid adoption and application of IoT have the potential to drastically transform the way one does business. Not only will it increase user-experience, but also boost efficiency.
This whitepaper is intended to create a comprehensive understanding of Retail IoT. The paper discusses in detail the future of IoT in the retail space along with its prominent real-life applications.
The Internet of Things (IoT) is taking retail to a different age, where retailers have closer relationships with customers and more insight on their stock, their stores and ultimately how their business is performing. In a new report with Beecham Research, we look at what the future holds for the IoT in retail.
The Internet of Things may be a big and blanket term, the latest in a long line of technology buzzwords, but it is starting to have real meaning.
Ask any manufacturer implementing IoT solutions for predictive maintenance as part of their Industrie 4.0/Industrial Internet initiative, any farmer deploying IoT sensors to monitor their crop, or any utilities companies leveraging smart meters, thermostats and smart home devices. The IoT is starting to have a home, and add real business benefit, in all of those sectors, and many more too.
But the Internet of Things also has a future in retail; retailers like American Apparel are already using RFID tags and data analytics tools to monitor goods on shelves and inventory stockrooms, while Tesco, Waitrose and plenty of others are looking to use robotics solutions to improve customer service and speed-up inventory changes on the back-end.
As reported on IoB, Avery Denison completed what it claimed to be the world’s biggest IoT deployment, working with EVRYTHNG to track 10 billion items of connected clothing. London pop-up store, The Dandy Lab, deployed IoT devices and digital signage to offer a more much interactive experience for their customers – giving a glimpse into the bricks-and-mortar store of tomorrow.
The possibilities are almost endless as far as IoT in retail is concerned; retailers today see IoT as an opportunity to keep a closer eye on customer behaviour, buying habits and how ecommerce and bricks-and-mortar stores are performing, as well as put a tighter leash around inventory management. After all, wastage is one of the biggest costs that retailers face on a weekly basis.
Going forward, the future of IoT in retail could fundamentally change how, where, and when we buy products and how retailers serve us as customers. Indeed, we are already new ways to pay through the adoption of Amazons Dash and other ‘smart’ button devices, while there’s the suggestion that autonomous cars will also offer another avenue for brands to connect with customers.
In this whitepaper report, carried out with our partners Beecham Research and on behalf of Intel, we look at where IoT can help in the retail environment and how retailers can embrace the change in both technology and business models.
We interviewed senior business decision makers from the world’s biggest retailers, including American Apparel, Asos, Benetton, Coop Italia, Dixons Carphone, Ocado and Waitrose, to get their views on their own IoT projects, as well as how the Internet of Things is changing how retailers operate – and how consumers shop.