INTERNET OF THINGS (IOT) IN RETAIL MARKET RESEARCH
Overview – IoT in
Retail Market
Internet of things (IoT) technologies is helping traditional retail
stores in improving business process and operations. In retail efficient
operations, business processes, and improved customer experiences directly
impacts the revenue growth and hence profit. In today’s world of smart devices,
IoT adoption in retail is not an option but is necessary to remain competitive.
IoT applications for retail is still evolving with the presence of several
vendor with piecemeal solutions. These are a large number of vendors providing
IoT solutions by targeting specific segments of retail market. Hence, it is
often challenging to find right implementation of IoT solutions to get maximum
efficiency. However, the scope of benefits with early adoption of IoT outweighs
the cost and the early adopters are expected to enjoy significant competitive
advantage over traditional stores.
IoT Implication in Retail Market
Internet of Things is leading to complete transformation of retail
stores for improved operations, customer satisfaction, and revenue
optimization. The implications for IoT in retail can be categorised into
following segments:
·
Customer Experience
·
In-store Management
·
Supply Chain Integration
·
Creation of New Revenue Streams
·
Automated Operations and Merchandising
RFID is the most common already in use IoT device for In-Store
Retailing. It plays an important role in keeping account of stock, security,
and helps in reduction of shrinkage and improves sales. By keeping a record and
analysing customer movement in the store RFID system can help in designing a
better store layout which leads to better product placement. Using RFID along
with IoT sensors can give better efficiency to the transportation by giving
live updates to traffic and weather so to avoid stoppages and deliver in time.
IoT can be helpful in the dynamic re-routing in case there is any stoppage and
avoid delays.
Most retail stores use a high amount of energy and workers to run their
operations. IoT sensors combined with advanced analytics application helps
retailers in optimum utilisation of resources and cut down on expenses.
For automated operations and merchandising, large retailers are
deploying smart retail systems including smart shelves and doors, digital
signage, smart vending machines, smart mirrors, smart fulfilment centers,
intelligent containers, and such others.
According to Quadrant Knowledge Solutions latest research “IoT in Retail Market Outlook” the market is expected to grow at a
CAGR of 16.4% from 2016-2020. According to research findings, acquiring
advanced customer insights, improving customer experience, and increasing
competition are amongst the major factor driving the adoption of IoT in retail
industries.
IoT market in retail is still in
emerging stage with the presence of several vendors with piecemeal solutions.
However, several vendors are developing comprehensive and integrated solutions
covering wide range of IoT applications for retails. Increasing number of
Successful implementations and case studies is expected to boost confidence
amongst retailers during 2016-2020, finds Quadrant Knowledge Solutions.
Strategic Insights:
Internet of Things (IoT) in Retail
This research services address key strategic questions, such as
·
What are the short-term and long-term growth opportunities of IoT
technologies in various retail applications?
·
What are the major factors driving and inhibiting the market growth?
·
Which regions and countries offer the maximum growth opportunities?
·
What are the key strategic issues of the market with a technology users
and suppliers perspective?
·
What are the major trends that are influencing the market growth and
technology development?
Table of Contents –
IoT in Retail Market
Executive Overview
·
Key Findings
·
Market Characteristics and Analysis
Scope
·
Market Definition
·
Segmentation
·
Research Scope
·
Currency Exchange Rates
·
Market Size and Forecast Definition
Drivers &
Restraints
·
Key Factors Driving the Market Growth
·
Key Factors Restraining the Market Growth
Market Size and
Forecast Analysis
·
Market Forecast Analysis – Total Market
·
Market Forecast by Regions
o
North America
o
Europe, Middle East and Africa
o
Asia
o
Latin America
·
Market Forecast by IoT Solutions
o
Digital Signage
o
Energy Optimization
o
Location-based Services
o
RFID Solution
o
Smart Mirrors
o
Smart Payment
o
Smart Shelves and Doors
o
Smart Vending Machines
o
Smart Video Monitoring and Analytics
·
Market Forecast by RFID in Retail
o
RFID Tags
o
RFID Readers and Printers
o
Middle-ware
o
Services
·
Market Forecast by Smart Video Monitoring and Analytics
o
Smart IP Cameras
o
Video Management System (VMS)
o
Video Surveillance-as-a-Service (VSaaS)
o
Video Analytics for Retail
Strategic Technology and Market Trends
About Quadrant
Knowledge Solutions
Quadrant Knowledge Solutions is a global advisory and consulting firm
focused on helping clients in achieving business transformation goals with
Strategic Business, and Growth advisory services.
At Quadrant Knowledge Solutions, our vision is to become an integral
part of our client’s business as strategic knowledge partner. Our research and
consulting deliverable are designed to provide comprehensive information and
strategic insights for helping clients formulate growth strategies to survive
and thrive in ever-changing business environment.
Learn about our technology domain research subscription service:
·
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For more
information, visit http://quadrant-solutions.com/market-research/internet-of-things-retail-iot/
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