{"id":15067,"date":"2020-12-17T16:30:48","date_gmt":"2020-12-17T11:00:48","guid":{"rendered":"https:\/\/coforge.site\/cigniti\/blog\/?p=15067"},"modified":"2020-12-17T16:30:48","modified_gmt":"2020-12-17T11:00:48","slug":"retail-iot-internet-of-things-testing","status":"publish","type":"post","link":"https:\/\/coforge.site\/cigniti\/blog\/retail-iot-internet-of-things-testing\/","title":{"rendered":"How is IoT changing retail as we know it"},"content":{"rendered":"

IoT<\/span>\u00a0adoption<\/span>\u00a0in retail has been growing at a whopping 20% CAGR post-2015 and is expected to surpass $30 billion by 2024.<\/span>\u00a0<\/span><\/p>\n

The Internet of Things is spawning innovation by enveloping every consumer, object, and activity into the digital landscape. The growth of IoT-enabled capabilities across the board is largely driven by proliferation of connected devices, adoption of operating standards and protocols, and advent of cost-effective technology platforms.\u00a0<\/span>\u00a0<\/span><\/p>\n

IoT is poised to be disruptive for the retail industry, especially in the post-COVID world with customers preferring minimal physical interaction. The\u00a0<\/span>customers are<\/span>\u00a0increasingly looking to have a distinctive shopping experience emanating out of a \u2018system\u2019 that blends physical and digital in a seamless and personalized manner. In fact, IoT has slowly made ingress into the retail ecosystem with retailers employing connected devices to reshape customer experiences, offer new products and services, and develop the right digital architecture to enter new markets.\u00a0<\/span>\u00a0<\/span><\/p>\n

IoT\u00a0<\/span><\/b>use cases\u00a0<\/span><\/b>in retail<\/span><\/b><\/p>\n

1.<\/strong>\u00a0<\/span>Enhancing customer experience:\u00a0<\/span><\/b>Today,\u00a0<\/span>customers\u00a0<\/span>expect<\/span>\u00a0an immersive, transformative, and interactive digital experience.\u00a0<\/span>With IoT<\/span>, the digital experience of customers is slowly but steadily coalescing into an \u201cInternet of Me.\u201d In this interconnected scenario, business enterprises are creating and delivering highly interactive<\/span>, customer-centric<\/span>\u00a0products\u00a0<\/span>and<\/span>\u00a0services. The rising ownership of wearable devices is a testimony to the phenomenon called the \u201cInternet of Me.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

With<\/span>\u00a0Internet of Things<\/span>,<\/span>\u00a0retailers can build an interconnected ecosystem\u00a0<\/span>to<\/span>\u00a0<\/span>facilitate r<\/span>eal-time and bidirectional interaction both inside and outside the retail stores<\/span>\u00a0for the customers<\/span>.\u00a0<\/span>\u00a0<\/span><\/p>\n

Location-based beacon technology is one of the examples of retailers employing IoT technology for augmenting their service capabilities. The beacons send a one-way Bluetooth signal directly to the customers\u2019 phones as soon as come within its range. Also known as<\/span>\u00a0proximate marketing, retail stores\u00a0<\/span>use beacons to communicate with\u00a0<\/span>the<\/span>\u00a0customers\u00a0<\/span>about their<\/span>\u00a0special deals, promotional offers, discounts, coupons, special events,\u00a0<\/span>and relevant notifications to lure them to the store.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

For example, if a customer enters the makeup section of a retail store, the app shall send beacon-based reminders about the makeup brands \u2018liked\u2019 by the customer when he or she was browsing online. This way, the brick and mortar stores operating \u2018offline\u2019 can get into<\/span>\u00a0the \u2018online\u2019 bandwagon and offer personalized<\/span>\u00a0customer<\/span>\u00a0experiences.<\/span>\u00a0<\/span><\/p>\n

Further, retail<\/span>ers<\/span>\u00a0can improve the store layout and placement of merchandise by tracking customers\u2019 movement inside the store using sensors. They can place premium products in areas with high customer footfall and possibly drive better sales of such products. The other benefits that can be offered\u00a0<\/span>by IoT in retail are:<\/span>\u00a0<\/span><\/p>\n