IoT Retail Infographic

This infographic takes a look at how the Internet of Things (IoT) is impacting the Supply Chain Retail Industry. According to the Merriam-Webster Dictionary, the Internet of things (IoT) is the interconnection via the internet of computing devices embedded in everyday objects, enabling them to send and receive data. For example, a refrigerator that can keep tabs on need supplies and automatically place an online order for replenishment. 80% of retailers agree that the Internet of Things (IoT) will drastically change the way companies do business in the next three years. By the year 2021, 70% of retailers and online retailers plan to invest in IoT technologies in one way or another. 96% of retailers are ready to bring IoT devices into their operations in the hope that it will strengthen their relationships with consumers. The Internet of Retailers consists of Multi-site retailers, specialist retailers, entertainment, interactive kiosks, virtual retailers and hospitality. There are many channels of customer engagement including physical stores, online shopping, mobile communications, social media, and public spaces. Physical stores are not necessarily the point of sale anymore but are becoming more of a place of entertainment, such as a pop-up store where brands operate in specific locations for a limited time. Online Store are the e-commerce platform for buying and ordering goods, a platform that is becoming increasingly customized with the use of data analytics. Mobile communications use smartphones and tablets to engage with brands as a source of information through mobile applications. These same mobile applications are also increasingly being used for consumers to buy directly from online stores. Social media remains a key source of engagement between brands and customers and for building brand awareness and customer loyalty. Social media sites are also becoming online selling platforms. Public spaces are being leveraged by brands to engage with their customers. For example, they do this via the introductions of kiosks ins hopping malls, and QR barcodes and NFC readers at bus and train stops. IoT is projected to grow from 15.4 billion devices in 2015 to 30.7 billion devices in 2020and 75.4 billion in 2025. 65% of US retailers say the overall experience they have in the store is the reason they decide to purchase a product. Some of the different IoT personalized shopping experiences include alerts tailored to the specific customer, personalized greeting when entering the store, specific product recommendation, and staff alert of VIP customers presence. 90% of males and 70% of females would make a purchase if they saw something personalized in an in-store display. 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.

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