The retail industry is transforming into IoT devices

#India #IoT #PiyushGoyal

Massive revenue growth with IoT devices

Internet of Things (IoT) - enabled retail market could be worth it by 2025 as more and more retail businesses adopt IoT technology to improve their products and services. It is estimated that there will be over 30 billion IoT connected devices around the world by 2021. McKinsey estimates that the potential economic impact of IoT in retail environments will range from $410 billion to $1.2 trillion per year by 2025. The increasing usage of smartphones is one of the major contributors that is likely to drive the market growth along with the increase in internet penetration in developing countries such as India, China and others. Developments in new-age technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Big data are also fuelling the demand for the Internet of Things (IoT) in the ever-evolving retail market growth.

With retailers increasingly investing in IoT, customers are bound to enjoy the ‘SMART’ shopping experience through a network of connections linking the physical and digital worlds into an ecosystem of devices. Technologies around smart shelves, 3D-printing, drones, delivery robots and AI-driven platforms are enabling retailers to further automate and optimize supply chain operations, business efficiency and enhanced shopping experience. There are numerous IoT-related benefits to the retail industry, but here are some of the most important ways we think IoT will change retail in the coming years. As more and more IoT devices penetrate across the industry there is scope for massive revenue growth through better product throughput, improved inventory management for retailers along with increasing the overall shopper experience for the customer in the ever competitive market.

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