The internet of things (IoT) is completely reworking the world of retail.
“Whether it’s monitoring the supply chain, tracking and managing inventory, delivering personalized promotions, or enabling e-commerce from new environments, the retail IoT is ushering in an era in which “smart” things can seamlessly collect, share and analyze real-time data,” reports eMarketer.
In fact, a new eMarketer report — “The Internet of Retail Things: What Marketers Need to Know” — shows that IoT is delivering many new opportunities for retailers. And 54 percent of retailers worldwide with above-average sales growth said they believed IoT could substantially change the way companies do business in the next three years.
“Studies that have assessed the market size and growth potential for the retail IoT agree that retailers are already making substantial investments, especially in the areas of supply chain monitoring, inventory management, asset tracking, and payments processing,” reports eMarketer. “While adoption is still in its early stages, it will continue to increase as technology becomes less expensive and more reliable.”
The money is definitely flowing to the sector. Juniper Research forecast last year that by 2020 retailers worldwide would spend $2.5 billion in IoT-related hardware—including beacons, RFID tags, and other types of sensors — a fourfold increase from the $670 million expected in 2015.
Want to know more? Check out the complete eMarketer report here.