3 Ways IoT is Impacting Retail
Retail Customer Experience provides a look at some of the ways IoT will be impacting retail.
In 1999, Kevin Ashton coined the term Internet of Things after witnessing inventory, logistics, and supply chain management challenges in retail. Since then, millions of global enterprises have adopted IoT and are uncovering its tremendous economic impact.
However, while most retailers see value in IoT solutions, these enterprises are largely unsure of how this technology specifically benefits business. When asked about industry adoption and the key issue being solved by IoT, greater inventory accuracy was the leading response — but only 24 percent of organizations agreed this was the case.
Despite the lack of large scale agreement, almost half of all retail organizations have already adopted IoT in some form and more than three-quarters believe it will have a transformative impact across the industry. That’s because more than 80 percent of companies currently using IoT report efficiency improvements, and more than 70 percent of executives say it delivers increased profitability.