The global internet of things in retail market size is expected to reach USD 182.04 billion by 2028, registering a CAGR of 26.0% over the forecast period, according to a new report by Grand View Research, Inc. The growth can be attributed to the adoption of connected technologies by retailers against e-commerce sites. The reducing cost of hardware and IoT sensors, demand for a seamless shopping experience, and growing acceptance of smart payment are the factors expected to further fuel the growth of the internet of things (IoT) in retail market.
The tectonic shift in optimizing retail operations is triggering IoT adoption. Retailers are experimenting with IoT, which allows them to determine the purchase history and customer’s profile by synchronizing with wearable devices. The adoption of common standards and the proliferation of connected devices are augmenting the growth of IoT-enabled capabilities across the retail industry. Moreover, the technology provides endless capabilities and improvements in the retail sector and enables retailers to explore customer behavior, optimize productivity, and create new business models.
IoT devices also help in the back-end operations of retailers, such as planning effective logistics operations. The IoT-connected sensors, GPS trackers, and RFID tags track the movement of goods in real-time, providing seamless supply chain management. This also prevents spoilage, damage, or loss of goods during transportation, mainly beneficial for perishable food items. The real-time information of weather, traffic conditions, and speed of vehicles enable intelligent logistics operation. Moreover, factors such as effective inventory management, reduced human errors, minimized overstocking and shortage of products, and control over storage conditions are driving the demand for IoT devices in retail warehousing.
IoT offers retailers an opportunity to develop an improved ecosystem that connects the digital and physical worlds. Retailers are utilizing the advantage of the wide range of connected products by adopting an integration platform. Moreover, smart devices reduce the buying time of customers and provide a seamless shopping experience. Retailers are slowly evolving to explore advanced ways to connect with smart devices such as smartphones and smartwatches for enhancing the in-store experience.
Europe is the third-largest adopter of IoT, followed by North America and the Asia Pacific. Germany, the U.K., France, and Italy are at the forefront of the adoption of advanced retail technologies. The presence of multinational retail brands such as H&M and ZARA has further fueled the demand for IoT solutions in retail stores. These companies are investing in digital technologies to meet the continuously changing customer demand. Recently, H&M announced that the RFID technology would be implemented in more stores in the coming years. The company has already implemented the Azure IoT platform in its flagship stores.
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