How Retail is benefiting by IoT (Internet of Things)
Updated: May 4
McKinsey estimates the potential economic impact of IoT in retail to range from $410 billion to $1.2 trillion per year by 2025.
Today retailers can gain valuable information about their merchandise, products and customers from the data they collect by monitoring inventory movements and engagement.
All the data collected by the IoT platform, provides retailers with information about customer needs, preferences and highlights ways to increase customer interactions, improve services and increase sales.
Top 5 ways Retails are using IoT today
Store layout optimisation
Supply chain optimisation
Top 5 benefits from using IoT in retail
Personalised communications based on the IoT collected data
Optimised product usage
In store and shipment wait time enhancement
Improved customer service & engagement
According to IDC IoT spending will hit $1.4 trillion by 2021. All the data collected will have a tremendous effect on how we market products and services.
If you would like know more about how your business can benefit by implementing IoT service.
Get in touch now and let’s create something great together!
Founder/CEO Apiro Data