IoT is no doubt inducing retail investments but at the same time making in-roads for the retailer to connect with the customer at every possible opportunity and accentuate their shopping experience. This clearly indicates that IoT will shake up demand and supply in the retail value chain. Retailers equipped with IoT are reaping operational benefits and on the other hand adding personalised attention to customers. Whereas, retailers doubting IoT are going to lose their business to others, given the technology leap IoT brings and customers demanding it.
We are at the beginning of the IoT era. Right now, the challenges are many such as:
- How to make smart use of the data collected?
- How to provide a seamless and captivating User Experience (UX) across devices?
- How to guarantee privacy to customers? Where to draw the line on what is intrusive and what is not intrusive when IoT such as passive infrared sensors are used to collate and understand customer conversation inside a retail store?
- How technology and solution vendors will drive retailers and consumers to adopt IoT?
- How will IoT secure its elements from viruses, cyberattacks and fraudsters?
- How to blend digital attributes and non-digital attributes of objects using IoT?
Finding solutions to these challenges is a critical process. Nevertheless, cannot be ignored and then tackled in a haphazard manner, when time is due. We have tried to understand the need for IoT in the retail sector and its possible implementations. Also, methods and frameworks best suited to retailers to implement IoT strategies into their business which will bring them rapid turnaround.
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