The retail world was not the same it used to be. Over the time it has changed a lot. People are buying stuff online more than they visit retail stores. IoT has a dynamic role in this transformation.
The seamless shopping experience is what customer wants whether it is an e-commerce site or a mobile app. Nayaki Nayyar, the general manager & Global head of Innovation Go To Market at SAP said, “Endless capacity for transforming the retail consumer experience is an offer by IoT. What a connected store would look like with electronics shelf labels and self-checkout with smartphones to interactive digital signs which can determine the person standing in front of the shelf. This is expected to grow at a rapid rate in coming years and will change the customer experience. RFID tags and sensors are a few products to look for when it comes to tracking products. These products can help reduce product loss and out-of-stock products as well while increasing the inventory tracking accuracy.
The rapid evolution of the scope and the verity of technologies to be used I connected ecosystem are the biggest challenges with IoT. To understand shopper behavior quickly and accurately high-performance analytics must be applied to the data. The important factor for the traders to recognize is that IoT is really about business outcomes not only about sensors and connectivity.