The Internet of Things: Sizing up the opportunity
retailciooutlook

The Internet of Things: Sizing up the opportunity

By: Retail CIO Outlook | Friday, November 30, 2018

The pressing need to enhance the in-store customer experience is driving the adoption of IoT in the retail market. IoT helps in connecting a variety of smart devices to simplify the operation and sharing of data among peers. Sensors and wearables that collect data from smart devices can be used to improve customers’ experience. Additionally, the use of e-commerce platforms is increasing due to smartphone penetration in the market, which is likely to boost the market.

Advanced technologies such as sensors, RFID tags are also driving IoT in the retail market. RFID tags include fraud prevention, inventory management, and analyzing customer behavior. Due to the growing focus that the retailers have shown to offer innovation in delivering interactive shopping experience, there is anticipation for digital signage applications to witness high growth over the years in the IoT retail market.

This will eventually help the marketers to be more cost-effectively operationalize their traditional print media operations, which will, in turn, make it less time-consuming for advertisement and will be available to the masses in a seamless manner. Many applications will thus drive IoT in the retail market in the signage solution marketplace such as intuitive touchscreens that can provide personalized content to customers. Customer engagement can be made better where relevant and customized content and recommendations will be provided, with the help of interactive signage solutions,

Retailers need to understand the importance of IoT implementation and industry requirements to reap the benefits of IoT despite the challenges the technology poses. Hence, physical retailers have to utilize IoT to contend more robustly against online challengers, to recapture lost market and attract consumers into the store, thus making it easier for them to buy more while saving money.

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