The Internet of Things – what does it really mean for retail?

Developing an IoT infrastructure to improve efficiency

The IoT could improve efficiencies, free up resources and reduce costs - increasing revenue through increased efficiencies gives retailers the opportunity to be more creative with customer and sales colleague experiences.

  • The IoT is set to be the ‘fourth industrial revolution’ with far-reaching effects
  • It’s predicted that growth in and adoption of the IoT could result in the loss of a third of all retail jobs by 2025 – something which needs to be planned for at the highest levels of industry and employment policy
  • IoT has the potential to give retailers the opportunity to employ more people in different roles. Automating some run-of-the-mill tasks could free up colleague time for the development of more sales value through creative and innovative customer experiences

Open up and manage data access to deliver true opportunity

Data is the most important thing to get right - who owns it, who looks after security, and who can extract meaning and use it intelligently.

  • Single customer view is more important than ever – the intelligent use of cross-channel data will allow for predictive analysis for stock/consumption as well as personalisation
  • Opening up access to data gives retailers all kinds of opportunities, from online ordering in-store and mPos to clienteling
  • It requires a commitment to co-operation across not only the businesses themselves but anyone involved in the purchase journey who touches on customer data – that includes manufacturing, logistics, outdoor advertising, shopping mall management and more

Engage the Board to prepare for an IoT future

Board members are listening and reacting to what they hear from the industry, but they don’t want to back the wrong horse. They need reassurance that while the IoT is about tech, it’s also about value.

The Internet of Things can be facilitated by the digital store platform

The digital store platform allows you to differentiate from your competitors and opens up a whole new range of opportunities to drive innovation, power business-as-usual, and deliver engaging store experiences.

Request a demo of the digital store platform

The IoT in retail - just another buzzword?