Connected devices aren’t just changing the way consumers live, work and play—they’re dramatically reshaping entire industries. Adding more intelligence and more connectivity to the objects that surround us—everything from utility meters to home thermostats—will produce enormous amounts of data that companies can leverage to improve their operations, serve customers better, and create entirely new ways of doing business.
Retail industry and IIOT
The “Industrial Internet” has emerged as a term to describe how companies are leveraging cloud, mobile, big data and other technologies to improve operational efficiencies and foster innovation by tightly integrating the digital and physical worlds. The combination of the Industrial Internet and IoT devices could add more than $14 trillion to the global economy by 2030.
Retailers are increasingly coming in direct contact with consumers that fully embrace digital transformation in their lives, including IoT-related technology and innovation. Retailers that understand and take advantage of IIOT will be best positioned to deliver seamless retail.
Retailers need to tap into the rapidly shifting consumer expectations by embracing the next wave of disruptions. There are several disruptors on the horizon. Gazing into the future to understand—and begin planning for—the next wave of game-changing technology is important.
How IIOT can transform the In-store Experience of Tomorrow
- Radio Frequency Identification (RFID) solutions to track inventory as it moves across the supply chain
- Smart shelves in store that detect when inventory is low
- Smart thermostats/lighting that improve energy use
- Smart robots that work autonomously will aid in areas ranging from stock replenishment to product assembly to hazardous materials handling.
- Smart price tags that can be changed in real time based on demand or other trends
- Sensors monitor the quality or age of perishable items and notify suppliers about the need to replenish inventory or discounts on aging stock to improve turn
- Smart packaging that monitors freshness or age of perishable goods
- Beacons serve up information on frequent store visitors, such as purchase histories and personal preferences, to help a sales associate deliver high-touch service to their most valuable customers
- Personalized digital coupon delivered to a VIP customer upon entering the store
Retailers that take the lead in this space stand to gain an important advantage in an already competitive environment. Early adopters will be positioned to more quickly deliver IoT-enabled capabilities that can increase revenue, reduce costs and drive a differentiated brand experience.
The IoT will be a disruptive force in retail operations. As companies begin to form an IoT strategy, one question must be at the forefront: Do you want to be a disrupter or the disrupted?