IOT in retail is mainly used in mobile payments, shopper intelligence, advertising and marketing catalogue.
The IOT is the platform of connecting devices to the internet and other connected devices. The IOT in retail is gaining costumer experience and increasing revenue. IOT in retail is mainly used in mobile payments, shopper intelligence, advertising and marketing catalogue. The demand of this market is driven by internet worldwide and declining cost of IOT components such as sensors and RFID. Cloud platform factor is considered as important driver of IOT market. IOT in retail market manifest many attractive applications that are attracting and connecting high volume of customers.
IOT has many attractive applications in retail industry. IOT gives lot of advantages to retail industry in the areas of decision making, inventory maintenance, asset management, increasing efficiency, reduction of costs, shaping the customer experience, conversion of leads into customers and so on. IOT also has the potential to provide opportunity to employ more number of people in retail industry.
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Although, IOT is beneficial it has its own set of challenges to face. Data brokerage is one of them. Customer data is sold by third parties and is used for advertising for their products. To overcome this challenge strict guide lines are framed to protect data by General Data Protection Regulation (GDPR). But in future, IOT will cover up the whole market of retail. Predictive equipment maintenance, demand aware warehouse, connected consumers and smart stores are some of the counted applications implemented by IOT in retail. Predictive equipment maintenance is used for managing equipment and predicting its failure. Demand aware warehouse consists of automation and robotics driven by either online or in-store and so on.
A growing need of consumer loyalty and in-store experience is driving the IOT technology in retail market. North America is the most profit-making region for the vendors in global connecting retail market, while Europe is the second lucrative region. The demand for IOT in retail from Asia Pacific region is rising. South America is getting highlighted as profitable region.
The first part of digital transformation project is designed to combine online, in-store shopping creating new ways to attract customers and make them understand about the brand. Retail industry is bringing out project to put more potential at the shopper’s fingerprint, offering them more options of payment and experiencing the conventional fitting rooms with digital mirrors. IoT in retail is going to preserve customer privacy while keeping the sales staff informed on customer traffic, demand, inventory and stocking.
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Internet of Things in retail market is segmented as indicated below:
1. Internet of things in Retail market – Components
2. Internet of things in Retail market – Technology
2.1. NFC(Near Field Communication)
2.2. Bluetooth Low Energy (BLE)
2.4. Wi fi
3. Internet of things in Retail Market – Applications
3.1. Remote Device Management
3.2. Professional services
3.3. Managed services
3.4. Interactive mirrors
3.5. Beacon alerts
3.6. Retail workshop management tools
3.7. Augmented reality apps
3.8. Robot guides
3.9. Shopper mapping
3.10. Customer relationship management
3.11. Smart Signage
3.12. Smart shelves embedded with sensors
4. Internet of things in Retail market – Functional area
4.1. Intelligent payment Solution
4.2. Energy optimization
4.3. Digital signage
4.4. Advertising and Marketing
4.5. Resource management
4.6. Safety and security
4.7. Smart shelf and smart doors
4.8. Smart chain management
5. Internet of things in Retail Market – By Market Entropy
6. Internet of Things in Retail Market – By Geography
Companies Cited / Interviewed / Referenced
Intel Corporation Inc.
Cisco system Inc.
A. Retail Analytics Market
B. Industry 4.0 Market
What can you expect from the report?
The IoT In Retail Market Report is Prepared with the Main Agenda to Cover the following 20 points:
1. Market Size by Product Categories
2. Market trends
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Demand Analysis ( By Revenue & Volume )
12. Country level Analysis (15+)
13. Competitor Analysis
14. Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Strategic Analysis
18. Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Revenue and Volume Analysis
Frequently Asked Questions:
Q. Does IndustryARC publish country, or application based reports in IoT In Retail Market?
Response: Yes, we do have separate reports and database as mentioned below:
1. North America IoT In Retail Market (2018-2023)
2. South America IoT In Retail Market (2018-2023)
3. Europe IoT In Retail Market (2018-2023)
4. Asia Pacific IoT In Retail Market (2018-2023)
5. Middle East and Africa IoT In Retail Market (2018-2023)
6. Software Components of IoT In Retail Market (2018-2023)
7. Zigbee Technology in IoT In Retail Market (2018-2023)
8. Professional services in IoT In Retail Market (2018-2023)
9. Digital signage Market in IoT In Retail Market (2018-2023)
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Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization
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Source: EIN Presswire