Internet of Things ReportRetail Technology Report

Internet of Things in Retail - Thematic Research

Imagine a world where your fridge can detect you are running out of milk and order it while you are asleep.

It was only a few years ago that a fully connected store was seen as a futuristic vision of retail. However, a lot of progress is already happening in this space, albeit on a smaller but rapidly growing scale. Consumers’ increasingly connected lifestyles have also contributed to the rise of IoT in retail by demanding better interaction in stores by utilizing the latest technologies, and the desire to make shopping a more personal experience based on customers’ preferences.

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  • What you will discover
  • Retailers’ IoT environments usually span across locations including multiple stores and warehouses that need to be connected to a data center or cloud service provider in order to run applications and perform analytics.
  • While some innovative market leading retailers are likely to invest heavily into IoT, there are still many players (around one-third of large retailers globally) without an IoT strategy and have yet to budget for these technologies.
  • Small and medium-sized retailers tend to operate with smaller IoT budgets, with the majority currently not having an IoT strategy. However, this varies greatly by retail segment since those focusing on fashion-driven branded items including apparel, sports and also some electronics retailers are usually more experimental with IoT than grocers and hardware stores.
  • The latest IoT hardware can enhance customers’ experience in stores by making it easier to find products and gain information about them. Technologies such as VR/AR, interactive digital signage and communication via beacons and mobile apps can boost brand image and lead to higher customer loyalty.
  • The six big IoT market segments – each defined by its own characteristics: the automated home, the connected car, the industrial internet, wearable technology, smart metering, and connected stores.

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IoT’s impact on the retail industry will be particularly strong

We are still early in this technology cycle. As yet, there are no common standards, so it is difficult to predict any long-term winners and losers. However, executives need to understand IoT because it will soon morph into a mega theme.

Inside the ‘Internet of Things in Retail’ report, our analysis offers a framework in which to look at IoT, summarizes important trends and identifies the key players. The report highlights the significance of connected devices that help organizations stitch everything together. Also discussed are the key winners in each of the four layers of the IoT value chain – device layer, connectivity layer, data layer, and app layer.

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