internet of things

With the Internet of Things (IoT) innovating the marketplace at breakneck speeds, retailers need to innovate as well if they want to hold onto consumers

The Internet of Things (IoT) is going to drastically change very industry, but retail looks to be the industry with the most change headed its way. Leading retailers are aware of the changes ahead, and are developing strategies to capitalize on IoT trends.  According to IDC, digital signage use in retail outlets will grow from $6 billion in 2013 to $27.5 billion in 2018, as retailers continue to digitize the consumer experience. Retailers need to embrace the digital transformation of the marketplace and the consumers that operate within it, if they want to keep these consumers around.

For retailers that want to take advantage of the Internet of Things, Forbes has nailed down four areas to innovate:

  1. Customers increasingly expect personalized shopping experiences based on their past online shopping habits. Gathering data about shopper history, and using that data to suggest similar items the consumer will enjoy, is an effective way to capitalize on this trend.
  2. Using consumer data collected from IoT sensors can help companies streamline in-store marketing efforts.
  3. Retailers want to know which products are selling, but also why certain products do better than others. IoT data can assist in understanding what’s underperforming and what’s succeeding in your store, along with countless other variables.
  4. Using IoT to track consumer and product movement in-store will help retailers ensure that customers are never neglected, and that product is always replenished and available.

You can read Forbes’ full article on how to take advantage of the Internet of Things here.