IoT: Revolutionising the retail industry

Retailers are experimenting with the Internet of Things (IoT) to offer new services, reshape the customer experience and enter new markets by creating digital ecosystems, a report said. The proliferation of connected devices coupled with improved, less-expensive technology platforms… and adoption of common standards will only increase the rapid growth of IoT-enabled capabilities across industries, added the report entitled “The Internet of Things: Revolutionizing the Retail Industry” released by Accenture, a multinational management consulting, technology services, and outsourcing company.

And the IoT will be particularly disruptive to the retail industry, it highlighted. The IoT movement offers retailers opportunities in three critical areas: customer experience, the supply chain, and new channels and revenue streams.

Improving the customer experience
Many companies can already mimic customer intimacy—as seen in online ads that quickly reflect your latest purchases—but the IoT promises something much more authentic and meaningful to the individual. What’s happening now is that every experience is becoming a digital experience as ordinary “things” become intelligent devices. These experiences are coalescing into what some are calling the “Internet of Me,” which describes an interconnected environment in which businesses are building products and services to be designed for, created for, and specifically centred on the individual. … (read more)