IoT at Work in Retail

Internet of Things (IoT) is among the big bet technologies that retailers are currently putting their stakes on. Though a late entrant to the IoT game compared to manufacturing and automotive, retail is fast catching up on the lost time.

According to a report by Accenture ‘The Internet of Things: Revolutionizing the Retail Industry’, IoT will be particularly disruptive to the retail industry. “Already, we’re seeing retailers experimenting with ways to use intelligent, connected devices to offer new services, reshape experiences and enter new markets by creating digital ecosystems,” the report states.

IoT offers opportunities to retailers in the following three areas - customer experience, supply chain, and new channels and revenue streams.

For a better understanding of the applications of IoT in retail, I would like to refer to a diagram that I came across in the Accenture report. The diagram (mentioned below) draws upon a very holistic and consolidated view of the different use cases that IoT can be brought to work for within a retail store.

(Source: The Internet of Things: Revolutionizing the Retail Industry by Accenture Strategy)

Ultimately it will all boil down to the use cases that emerge across the different areas. However, Constellation Research warns retailers to avoid chasing after the killer application that will drive IoT, and rather focus on the near-term use cases that can fund and bring ROI to IoT, lay down the ground work, and prepare for a future killer application.

Categories: Internet of Things

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