The “Internet of Things” allows physical objects to communicate with each other by connecting them to the Internet. Today, more than 2 billion connected devices are in use, which is expected to accelerate 18 billion connected devices by 2022. With the promising advantages and dropping prices of IoT-enabled devices and sensors, people are adopting the Internet of Things rapidly. The availability of Big Data solutions helps to process millions of events per second in real time.
Following are the areas, retail industry is taking advantage of IoT
- Nowadays IoT based applications are used to manage energy, predict equipment failure and track other issues. Take an instance, grocery store holds lot of complex equipment – for say, refrigeration units. These units are instrumented with sensors, allowing to find maintenance issues, that can also affect power consumption for savings or helps to record and monitor temperature fluctuations to ensure food safety.
- IoT plays a vital role transport maintenance, tracking and route optimization. Many retailers use GPS to track and route trucks. With IoT, higher degree of accuracy is achieved.
- The next segment is demand-aware warehouse fulfillment, which refers to in-store shopping demand enabling warehouse automation and robotics process. IoT provide splendid opportunity to monitor sales in real time and track missed in-store sales. Hence, it is not wrong to say that the future of warehouse welcomes automated and self-organize process based on real-time demand.
Report on Retails stats by Forbes:
- 70% ofretail decision makers globally are ready to adopt theInternet of Things to improve customer experiences.
- 73% of retailers rate managing big data as important or business-critical to their operations.
- 78% of retailers say it is important or business-critical to integrate e-commerce and in-store experiences, so an omnichannel experience is delivered to every customer.
- 87% of retailers will deploy mobile point-of-sale (MPOS) devices by 2021, enabling them to scan and accept credit or debit payments anywhere in the store.
- 90% of retailers will implement buy online, pickup in store by 2021.
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