The global retail market is $24 trillion, with local, small-scale retail still accounting for most of that. While it’s a great opportunity for technology companies to equip retailers with digital tools (that help them compete in a retail world increasingly dominated by internet giants), it’s essential for retailers to adopt an integration strategy across the retail value chain to meet rising customer expectations. This means implementing a strategy that enables agility, accelerated delivery and automated security.
Such a strategy could lead to the deployment of various Internet of Things (IoT) use cases that would improve both the customer experience and the retailer’s financial position. Examples include tracking customer journeys through the store, using smart shelving to detect stock levels, monitoring energy consumption on the store floor, using automated machinery for maintenance and stocking, monitoring freshness of perishable goods, etc.