Internet of Things will be changing retail everywhere. It is a usual stuff where we shop and checking our smartphone. In fact, it becomes our habit. People nowadays prefer shop online instead of offline. These habits are making retailers changing their concept into digital with Internet of Things.
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. While adoption is still in its early stages, it will continue to increase as technology becomes less expensive and more reliable.
In a July 2015 report, Juniper Research forecast that by 2020 retailers worldwide would spend $2.5 billion in IoT-related hardware—including beacons, RFID tags and other types of sensors—and installation costs. This represents a nearly fourfold increase from the $670 million expected in 2015.
The Internet of Things is ready to change our entire life. It is not impossible anymore to get the stuff you need by your phone while grocery shopping. This is why retailers making their store better at customer experience with IoT.
Under constant pressure to drive sales, increase margins and cultivate repeat business, retailers have been early movers with the IoT, at least by some accounts. An August 2015 International Data Corporation (IDC) survey found that global decision-makers in the retail industry, when compared with those in other sectors, were most familiar with the IoT.