With almost two-thirds of the U.S. economy being driven by consumer spending, the retail industry plays a vital role in the economy’s health and well being. With the coronavirus severely impacting the retail industry right now, there are steps that retailers can take to mitigate the impact. The first step should be to begin adopting IoT-based solutions that can help them innovate in different areas of their businesses. The article that follows provides a list of customer-side and management-side applications that can be employed readily and easily.
While essential businesses have been fortunate enough to continue operating, the coronavirus pandemic has put extra strain on top of an already struggling retail industry.
Even before the virus, the emergence of online shopping threatened the livelihood of business owners. Combined with the pandemic-level impact of the coronavirus, opportunities for business seem bleak.
According to a report by the US Census Bureau, clothing stores, furniture stores, and F&B providers suffered the biggest losses while the food and beverage stores are seeing the biggest rise in monthly sales.
For retailers to continue surviving, technology is no longer a luxury, it’s a need.