HOW TO TRANSFORM THE RETAIL INDUSTRY USING IOT?

Technologies including Artificial Intelligence, Big data, Machine Learning and IoT have evolved the retail industry over the past decade. IoT (Internet of Things) continues to transform the retail market and is anticipated to be deployed by over 80% of global retailers in 2021. Frontier Economics states that a 10% increment in M2M connections will generate a 2.26 trillion USD GDP increment in the US alone within 15 years.

IoT applications allow retailers to increase their productivity, improve customer experience, reduce costs and increase sales. With such enormous benefits, IoT is gaining immense popularity among retailers worldwide. Global IoT’s market size in the retail sector is forecasted to rise from 14.5 billion USD in 2020 and reach 35.5 billion USD by 2025 at a CAGR of 19.6%.

The retail industry can utilize IoT technology in many ways. It helps retailers to improve store operations, track energy utilization, manage in-store navigation, manage product shelves, prevent theft and monitor goods.

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