Thursday, January 31, 2019

Retailers Prep for IoT

According to a new study by BRP Consulting, 19 percent of surveyed retailers now some form of Internet of Things (IoT). Another 36 percent of respondents plan to do so within three years.

Some 23 percent of survey respondents say they already use artificial intelligence and an additional 30 percent plan to do so within three years.


Some 32 percent of surveyed consumers say they are likely to shop at a store offering an augmented reality experience. Some nine percent of retailers said they would offer augmented reality to their customers and another 29 percent planned to do so within three years.
Some 29 percent of consumer respondents said they are likely to shop at a retailer offering virtual reality, while seven percent of retailers said they already do so. Some 23 percent said they plan to add it within three years.

Enabling this shift to information-based value creation are the falling costs and increasing functionality of sensors.  Sensor prices have tumbled to about 40 cents from $2 in 2006, with bandwidth costs a small fraction of those even five years ago, according to Deloitte researchers.  

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