Retailers are more convinced than ever that IoT will drastically change the way they do business in the next three years
MIAMI (PRWEB) October 31, 2018
Retail Systems Research, LLC today released its findings from its 2018 Internet of Things Benchmark Report, Customers Use IoT: Why Can’t Retailers? The report, based on a survey of 116 retailers, found that while consumer adoption of “IoT” technologies in the home is accelerating, retailers are still asking themselves how IoT can be used to create competitive advantage across the enterprise. The research is available for free download (registration required).
"Retailers are more convinced than ever that IoT will drastically change the way they do business in the next three years," reports Steve Rowen, managing partner at RSR Research and co-author of the report. "As IoT devices become more common, the technology’s ability to generate a digital representation of things going in the physical world – particularly in the store’s selling environment - holds vast allure for retailers.”
Key Findings of the research:
- Retail Winners (those whose sales are outperforming the norm) see tremendous opportunity for IoT technologies to helm them grow their business. The majority have gotten over the panic that consumers will shop with aggressive low-price sellers based on low price alone. Instead, they now recognize that people shop for a lot more reasons than price. Convenience, selection, dependability, and other attributes of “value” are also important, and retailers’ ability to consistently deliver a more complex value proposition is the best defense against competition like Amazon.
- 90% of Retail Winners see IoT’s potential to improve store operations. In fact, over-performers express a strong belief in IoT’s ability to reshape the stores and virtually everything that supports them. Particularly, Winners are excited about using IoT to achieve “closer engagement with consumers through their internet-connected mobile devices” (89%).
- RFID is making a real comeback when it comes to item-level inventory tracking, with 74% of retailers assigning a “high value” to the technology. But “big data solutions for storing and analyzing IoT-generated data” is not far behind (69%). Once the data has been gathered and organized, retailers hope to use predictive and visual analytics to help them plan better and read the data in an easy-to-understand fashion.
Customers Use IoT: Why Can’t Retailers contains analysis of the business drivers, opportunities, and organizational constraints surrounding how retailers are approaching the Internet of Things. It also examines retailers’ budgets and plans for technologies, and ultimately offers baseline recommendations for navigating this brave new world for retailers. The report is part of RSR Research's ongoing efforts to provide market intelligence on retail technology trends, is sponsored by SAS, and can be downloaded here:
About RSR Research: Retail Systems Research (“RSR”) is the only research company run by retailers for the retail industry. RSR provides insight into business and technology challenges facing the extended retail industry, and thought leadership and advice on navigating these challenges for specific companies and the industry at large. To learn more about RSR, visit http://www.rsrresearch.com.
RSR Research, LLC
Linda Wolfe, 774-284-4679