The growing focus of global retail firms and stores to transform into experience-based retailers by implementing IoT (Internet of Things) technology is impelling the IoT in retail market development. With the adoption of AR (augmented reality), VR (virtual reality), and data analytics tools, retailers can enhance in-store & online shopping experience and attract a high customer base. The surged implementation of automation & digitization in different industries counting the retail segment to obtain the operational efficiency benefits is boosting the demand. The benefits coupled with these technologies as well as strategies for innovative product development, current product performance, and maximizing the store outline is convincing retailers globally to implement IoT solutions. In addition, continuous technical developments in network devices, platforms, and professional services that help in enhancing the store management competence will shore up the market growth.
The lack of awareness and knowledge amongst retailers in small & technically backward countries is a factor restraining the industry expansion. Store and supermarket owners in these countries are not aware of the benefits interrelated with internet-based technologies and have restricted investment capabilities. The rapid advancement of the global retail industry and the recognition of digitized products are expected to aid in overcoming these issues during the forecasted period. The retail industry has witnessed noteworthy impact from IoT, in regards to boosting profitability & presenting the enhanced and omnichannel experience to retailers. IoT has been facilitating retailers to connect with enterprises and people. This allows retailers to gain glimpses regarding product performance and novel ways of customer engagement with existing and new customers. Many companies, such as Zara, Kroger, Tesco, and Walmart have launched smart devices to enhance the customer experience.
Besides, the deployment of e-commerce platforms is increasing rapidly due to the ease of shopping and the penetration of smartphones in the market, which is projected to boost the market. The augmenting need for data analysis and incorporation of analytics is likely to impel the use of the IoT market during the forecasted period. For example, Amazon’s store in Seattle is integrated with self-checkout service & mobile payment methods, which are obtainable on iOS and Android systems. The store is well equipped with sensors, cameras, and/or RFID (radio frequency identification reader) readers, to spot products and shoppers, and utilize deep learning algorithms, computer vision, and the “sensor fusion.”
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The most important growth of internet shopping is owing to higher transaction values and augmented order frequency. IoT can reduce inventory error, maximize supply chain management, and lower labor costs. Finally, IoT can exponentially enhance customer experience and reduce unnecessary expenses. NFC-enabled (near field communication) technology generates noninvasive prospects for retailers to update and sway shoppers. For example, national supermarket chain Kroger Co. tested smart shelf tags to show product information. In January 2019, AWS (Amazon Web Services) announced AWS Backup, which is a centralized backup service that helps customers to back up their data faster and simpler on AWS services and on-premises.