The IoT offers the opportunity for retailers of all shapes and sizes to completely modernize their businesses. The reason for this? Consumers are becoming more engaged and enthusiastic about new types of digital and interactive shopping experiences each day. They are looking for deeper and more immersive retail experiences. The IoT, when leveraged correctly and strategically can offer this. The key benefit to retailers is the ability to analyze customer data and behaviors that the IoT can offer to retailers in real time. This insight into customers’ thinking is invaluable to retailers in building out their total strategy moving forward. This has retailers perched and ready to act. The following article cites two key real world examples of retailers who are putting the IoT to work in this manner.
Building out the future of retail Internet of Things (IoT) is complicated work, according to Mastercard SVP of Internet of Things Partnerships Stephane Wyper, because the options for IoT are evolving by the day with new devices and use cases springing up all over the horizon. It can be hard to know what path to pursue, Wyper told PYMNTS in a recent interview, when the paths ahead keep forking in novel ways.
It’s not a trend that seems likely to slow any time soon. In fact, according to the data PYMNTS IoT Tracker, it’s not only likely to continue, but likely to continue to pick up. There will be an estimated 18 billion IoT-connected devices on the market by 2018, with retail applications from groceries to yoga pants, to beer and beyond.
That presents a huge opportunity for retailers of all sizes and stripes, Wyper noted, because consumers are increasingly primed and enthusiastic about these kinds of experiences. In various expansions and trials, Mastercard ran with retail partners around the country. One of the pleasant surprises it encountered was how quickly and consistently consumers took to various connected-device offerings when they were offered.