Lenders are backing off financing an already ailing retail industry. Bloomberg is even predicting the Retail Apocolypse may quickly be upon us. The retail industry is starving for innovation, and the Internet of Things just may provide the boost needed.
In fact, 72% of retailers are currently engaged in Enterprise Internet of Things (EIoT) projects. Half of all retailers are already incorporating proximity technology in their marketing.
What is EIoT?
In today’s enterprises, an increasing number of systems and things are already becoming connected or are naturally graitatingtowards being connected. Each of these things will typically be specialized in a particular function, eg. mobile devices, motion sensors, digital displays. If these things are connected so they can extange information in standard ways, it allows businesses to create some compelling applications.
How Does EIoT Help Retail Sales?
- Mobile alerts and digital signage displays are the most mentioned technologies for the delivery of in-store tailored efforts Tweet This!
- 63% of shoppers would download a loyalty app, and 57% share their personal information with the brand they trust Tweet This!
- 66% of shoppers will use in-store Wi-Fi to receive product information or take advantage of special offers Tweet This!
- Over 50% of shoppers are willing to receive tailored offers based on their preferences and purchase industry while near or in a retailer Tweet This!
- 78% of shoppers rate the importance of integrating e-commerce and in-store experiences as business critical Tweet This!
- 80% of millennials and high-income shoppers said they’d purchase more from retail stores that offer great mobile in-store shopping tools Tweet This!
- 68% of shoppers made a purchase of a product because of the appealing nature of digital signage Tweet This!
This infographic from CUBE provides examples of EIoT connected things and applications in a retail environment. CUBE has developed a device that enables coordination and collaboration between in-store music and messaging, video signage, and on-hold music.
The infographic also details some of the challenges with EIoT as well, including security, privacy, addressing, and computing challenges. Retailers must pay attention to these challenges as they choose the right partners to work with in the future.
We're entering a new industrial era, fueled by the Internet of Everything, cloud and social media. It's also an unprecedented opportunity for CIOs to lead the change, creating business value and capturing new opportunities.