Retailers today are facing serious competitive pressures. The adoption of new sales channels, the abundance of product options and the emergence of mass personalization are driving consumer expectations and price sensitivity, which, erodes brand loyalty. Managing and synchronizing information across channels continues to be a pressing yet challenging priority for retailers, particularly those looking to implement an omnichannel strategy.
Today more than ever, savvy retailers are turning to technology in an effort to streamline processes and create a better customer experience. In order to fully leverage real-time intelligence, many retailers are applying a concept known as the Internet of Things (IoT). This is essentially a giant network of “things” that are connected to the Internet and/or to each other. More specifically, it is a network of physical objects containing embedded technology that allows it to communicate or detect the relationship between people-people, people-things, and things-things.