Why are Retailers Adopting IoT in their Business?

By: Retail CIO Outlook | Monday, June 01, 2020

The Internet of Things (IoT) has stimulated a fascinating progression concerning connected devices, and the benefits they bring to retail is significant.

Fremont, CA: The retail industry has witnessed a rapid transformation in the last 20 years, and like other industries, retail is also embracing the Internet of Things (IoT) for the innovative opportunities it offers. For retailers, IoT is a technology that has taken time to figure out exactly how it can be used properly. Still, it looks like it is starting to find some semblance of a home within the industry, according to the new research. In a study on IoT retailers’ attitude about the business value of this futuristic technology is benchmarked. The central proposition of IoT technologies has always been about generating better information. The retailers investing in IoT technologies are expecting to be rewarded in a big way.

A substantial shift in among the retailer's perception of IoT's most prominent value was seen. While rating the importance of IoT to support various capabilities in the store, the retailers are now prioritizing customer experience, and they are focusing on features like tracking shoppers' in-store and improving wait time rather than inventory management-focused capabilities, as the reports found on previous year's state.

• The retailers are missing out on many opportunities when it comes to IoT. Data shows that many retailers are ignoring the perks in search of a greater chance. The money that can be saved from preventive maintenance, smart HVAC and lighting systems and general machine status can be utilized to fun more exotic projects which will drive top-line sales.

• According to the study, 20 percent of IT professionals have stated that they have numerous, mature sensor-related projects and leverage them to drive capabilities that differentiate them from their peers, in comparison to 29 percent of line of business executives.

• Even though a considerable number of retailers revel that they do not know what impression will IoT have on their operations, the retail winners instantly recognize that the technology can help them with operational excellence.

To conclude, it is evident that IoT offers substantial benefit opportunities for the retail industry. Therefore, it is high time to be serious about this technology and identify how the retailers can benefit from it the most.

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