According to a survey by the global technology company Zebra, around 96% of retailers are ready to alter their store and office infrastructure to adopt Internet of Things. A recent news says, around 65 percent of respondents have already adopted IoT solutions and another around 26 percent of retailers are ought to adopt IoT within a year. So what’s driving them to embrace IoT?
Here are some key factors that are encouraging retailers to look towards IoT:
Connected Customers: Shoppers today are informatively well connected than ever. They are able to access product information, compare products, prices and look for review before purchasing. But traditional retail stores are still unable to offer all these options even to their loyal customers. By adopting IoT, retailers can have access to get real-time information which takes physical retailing very close to online retailing.
Connected Operations: Now for every task or operation, there is an app in retail industry. But by integrating all these apps, retailers can achieve enhanced employee productivity, connected customers, reduced cost, and improved sales. IoT is now emerging as the most promising technological solution for building a unified ecosystem, managed by smartphones & tablets. Unified ecosystem also allows access to operational and actionable data on the location and condition of tracked objects.
Strategic and Informed Business Decisions: With the IoT, retailers could be enabled with the intellect to make strategic, informed business decisions that enhance customer loyalty and bring effectiveness while providing memorable experiences for their shoppers.
Reduced Sensors and Processors Cost: Heavy cost of equipments was one of the major factors that hindered businesses being away from being adopted IoT. According to Goldman Sachs report, the cost of sensors has decreased to an average of 60 cents from $1.30 in the span of past ten years. Likewise, the cost of bandwidth and processing has decreased in the range of 40X to 60X. All these factors have made IoT handy for retailers.
IoT has a huge potential to take retail operations to a greater height that the web and mobile did in the last decade incredibly. Compared to online stores, physical stores can yield greater as well as much needed benefit from IoT to transform their operations.
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