Seven in Ten Retailers to Invest in IoT Technologies By 2021: Study

by CXOtoday News Desk    Mar 07, 2017

IoTZebra

Nearly 70 percent of retail decision makers are ready to make changes to adopt the Internet of Things (IoT), and 65 percent plan to invest in automation technologies for inventory management and planogram compliance by 2021 states a study by Zebra.

The continued rise of online shopping will challenge retailers to provide unprecedented levels of convenience to help drive customer loyalty. By 2021, 65 percent of retailers plan to explore innovative delivery services, such as delivering to workplaces, homes and even parked cars. Nearly 80 percent of retailers will be able to customize the store visit for customers as a majority of them will know when a specific customer is in the store. This will be enabled through technology such as micro-locationing, allowing retailers to capture more data, accuracy and customer insights highlights the study.

The study further states that retailers are looking to create a seamless shopper experience with 78 percent saying that it is important or business-critical to integrate e-commerce and in-store experiences.

To speed check-out lines, retailers are planning to invest in mobile devices, kiosks and tablets to increase payment options. 87 percent of retailers will deploy mobile point-of-sale (MPOS) devices by 2021, enabling them to scan and accept credit or debit payments anywhere in the store. At least 75 percent of retailers anticipate investing in predictive and software analytics for loss prevention and price optimization along with cameras and video analytics for operational purposes and improving the overall customer experience.

According to the survey, the top sources of shopper dissatisfaction include inconsistent pricing between stores and the inability to find a desired item, whether it’s out of stock or misplaced within a store. 72 percent of retailers plan to fix these issues by reinventing their supply chains with real-time visibility enabled by automation, sensors and analytics.

The study points out that more than half of the retailers believe that automation will shape the industry by 2021, helping retailers pack and ship orders, track inventory, check in-store inventory levels and assist customers in finding items.