The Internet of Things has impacted and redefined both B2B and B2C industries such as media, financial services, automotive, shipping and agriculture. Another industry which is being impacted by connected devices and machine-to-machine communication is retail. In this blog post, I will share three remarkable statistics that indicate that the Internet of Things is revolutionising retail.
93% of retailers have started implementing an IoT strategy or planned to do it by the end of last year according to Centric Digital. Furthermore, they state that spending on IoT initiatives within the retail industry is predicted to exceed $2.5 billion in the next five years.
It has become increasingly clear for bricks and mortar retailers that IoT could help them amplify the whole customer experience. A more efficient supply chain, better inventory management and richer data on the end customer are all benefits that this technology can bring.
The most common application of IoT in a retail environment is perhaps RFID tags. RFID stands for Radio Frequency Identification and is a tracking technology which involves small tags that emit signals. Using this technology can among other things help retailers improve inventory accuracy, reduce out-of-stocks and elevate customer service.
As an increasing number of businesses are investing in IoT technologies and market connected devices, we are seeing that the adoption of those devices is starting to pick up speed. A study from Accenture Interactive reveals that nearly two-thirds of consumers intend to purchase a connected home device by 2019. The Nest, Insteon Hub and Amazon Echo are a few among a growing number of smart home devices.
Another interesting fact that underscores the growing consumer demand for connectivity and IoT-technologies was revealed in McKinsey's report Connected car, automotive value chain unbound. The report states that 28% of new car buyers prioritise car connectivity over aspects such as fuel efficiency and horsepower, and 13% would not even consider buying a car without internet connectivity today.
These three insights highlight the fact the Internet of Things is expected to have a significant impact on the retail industry. Now it's up to business owners and leaders within these industries to grasp the opportunities and make sure that they use these solutions as a means to create immersive and memorable customer experiences across both digital and analogue touch points.
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