The Internet of Things is exploding. Interconnected digital devices are everywhere ― from smartwatches to refrigerators ― and they are changing the way people interact with their physical surroundings, each other and businesses.
It is predicted that the IoT market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion in 2020 and 75.4 billion in 2025, according to IHS Inc.’s “IoT Platforms: Enabling the Internet of Things.” While those numbers are staggering, what is even more impressive is that IoT spending is expected to reach $1.29 trillion over the next three years, according to IDC.
While not on pace for the same type of meteoric rise as the IoT market in general, retailers are investing heavily in the technology as the industry continues to undergo its digital transformation. In fact, retailers report that they plan to increase their year-over-year IoT spend by 5.6% in 2017, according to RIS’ “14th Annual Store Systems Study.”
As retailers continue to work to blur the distinction between digital and physical retailing, IoT will play a major role, in-store and out. Use cases continue to pop up by the day, but retailers are still just scratching the surface of IoT’s potential.
Below are seven retailers that are pioneering IoT and leveraging the technology to drive the customer experience, streamline operations and grow the bottom line.
Editor's Note: To learn more about how the industry’s leaders are leveraging cutting-edge tech to power their digital transformation be sure to check out the “Delivering the Modern Retail Experience” keynote session at NRF 2018. The presentation will take place on the NRF main stage Monday, January 15 3:30 – 4:15.