The Future of Retail & E-Commerce: How IOT shapes shopping, today and tomorrow.
The Future of Retail & E-Commerce: How IOT shapes shopping, today and tomorrow”You’ve likely heard of the Internet of Things (IoT), but may not be sure what it means for retailers. For many in the industry, it’s disruptive technology that is already impacting the customer experience, and the bottom line for retailers. Discover what IoT is, and what it may mean to you in this special IRF report.
THE IMPACT OF IOT ON E-COMMERCE IS UNDENIABLE
E-commerce is growing every year and shows no signs of slowing down. E-commerce growth has regularly outpaced the total retail market over the past six years, and currently, e-commerce makes up 6 to 8 percent of the total retail market.
Today, digitally-connected shoppers expect a true omni-channel experience at every touch point. They want to find the right information at the right time at the right location. Location-based technology in a retail environment identifies the path that customers take to reach specific areas of a retail floor and helps enhance the shopping experience. This is why the Internet of Things (IoT) is starting to take e-commerce to the next level, and will likely disrupt the traditional retail process in the coming years in a major way. Consider the following facts from IDC.
From these and other statistics, it’s clear that IoT is rapidly advancing into the retail industry, although it’s adoption is progressing unevenly across the subsectors. In India, retailers have been slow to adopt IoT. Part of the reason for this is likely some apprehension, or perhaps a lack of knowledge, and a general distrust of new technologies, especially those with the potential to change things so radically.
To help retailers in India better understand the significant advantages, and more readily embrace a future with IoT, we’ve prepared this report.
The goal is to answer these four overarching questions: