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Discover the internet of things (IoT) in retail market

Learn details of How It Is Going To Impact On Global Industry To Grow In Near Future And With the CAGR Value of XX.XX%

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Scope of the Report:

The Global Internet of Things (IoT) In Retail Market size was estimated at USD 13.51 billion in 2015. The Internet of Things offers an opportunity for retailers to develop an improved ecosystem that connects the digital and physical worlds.

Retailers are utilizing the advantage of the wide range of connected products by adopting an integration platform.

Traditional retailers are becoming more adept at using connected technology to compete against e-commerce platforms.

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Retailers are also experimenting with IoT, which allows them to determine the purchase history and customer’s profile by synchronizing with wearable devices.

The adoption of common standards and proliferation of connected devices are augmenting the growth of IoT-enabled capabilities across the retail industry.

Digital sensors are offering considerable benefits to retailers, which enables Machine to Machine (M2M) communication for the purpose of sending discount codes, coupons, and product information. Retailers are combining smart technology with in-store solutions, such as beacons, wearables, Bluetooth Low Energy (BLE), and video analytics, for connecting with customers to collect a vast amount of data.

Moreover, IoT enables users to tap into the cloud infrastructure and software to analyze the collected data in real time.

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The hardware segment captured a market share of over 60% in 2015. The surge in the number of interconnected devices in retail outlets and the increase in hardware installations spending are expected to propel the segment growth.

Moreover, the government support and an urge to embrace connected technology in a bid to enhance productivity, stock efficiencies, and automate supply chains are enabling retailers to install hardware components.

Retailers’ commitment to innovation in smart technologies is contributing to the growth of connected devices, including both RFID tags and beacons. Matching the merchandise availability with consumer preferences and the increasing demand for enhanced in-stock product positioning along with the need for correct product assortments is propelling the demand for interconnected devices.

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The market for RFID tags was valued at over USD 3 billion in 2015. RFID enables the real-time visibility of inventory for automating replenishment in order to ensure consistency and satisfying consumer demands.

The maturing RFID ecosystem along with its price reduction is enabling the item-level tracking of each merchandise, thereby optimizing the inventory operations. The adoption of RFID tags is increasing the inventory accounting accuracy and margin growth by reducing product loss.

The RFID sensing and communication technologies are speeding purchasing transactions and reducing walk-away by providing desired products to the customers. Further, initiatives such as open standards of chip manufacturing to eliminate the need for proprietary tags have led to the decline in the prices of these tags.

Falling technology and product cost are expected to boost the demand for RFID tags.

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Managed services captured a revenue share of over 40% in 2015. Retailers are outsourcing services to reduce risks so that they can focus on core competencies.

The Payment-as-a-Service (PaaS) solution offers retailers gateway solutions and terminal management services that enable a more efficient routing of transactions, multichannel acceptance and processing, and payment value-added services such as mobile banking, POS terminals, and payment gateway.

Moreover, retailers are seeking assistance in outsourcing their customer interaction services. The changing retail landscape towards connected technology has enabled retailers to realize the need for managed services.

The implementation and adoption of these services help retailers to reduce the IT costs, thereby, enhancing in-store operations and efficiency.

 

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