Now in today’s world, retailers are now adopting IOT solutions across the numerous applications that are now improving store operations, increasing security service, reducing theft, increasing purchase through cross selling, enabling the price inventory management and most important, it enhance the customer’s shopping experience. The estimated global growth of IOT in retail market is expected to grow at a CAGR of 25% during the forecast period i.e. 2018-2023.
What is Internet Of Things(IoT) in Retail Market?
Internet of things in Retail is a combination of connecting the device to internet and other connected devices and analyzing the big data and provide the required amount of data to the device respectively. Using IOT in retail market is said to be as most advanced step taken towards clothes, groceries and other markets, it makes the customer more reliable to find their products easily, and due to this, time consumption will be reduced. Customer will experience these new technologies when they are purchasing these day to day life products.
Market Research and Market Trends of IoT in Retail Market:
- Interactive mirrors is one of the famous trend in retailer’s shop, it reach the customer to the technology they need, Marie Claire recently teamed up with master card to debut a new pop-up tech innovation called smart mirrors which is also likely a new ways to pay. They are bringing the e-commerce experience into the retailer shop with the ability of the customer to purchase their product just by waving their smartphones in front of that mirror using applications like Apple pay and Android pay.
- Shelves with embedded sensors is another kind of trend, Amazon’s new digital retail store allow customers to buy their products without standing in their checkout line. To do this process, sensors which are placed within the store’s shelves track that product as the customer place that product in their baskets and their amazon accounts are charged automatically.
- Augmented reality apps is a kind of virtual reality apps that helps the customer to visualize life with individual products, like when we are inside of that store, we just have to open this app. This app use camera that detects which corner is having which type of clothes, or if we enter any groceries store, it detects and visualize which product is kept on which shelf.
Who are the Major Players in Internet Of Things(IoT) in Retail Market?
The companies referred in the market research report are Intel Corporation Inc., Microsoft Corporation, Apple, IBM Corporation, PTC Corporation, Cisco systems Inc. and 10 other companies.
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