AID18693: The advancements in information technology is rapidly transforming the retail industry. Especially, the emergence of internet of things (IoT) is providing strategic opportunities for retailers to engage customers and transform their shopping experience. IoT is a novel technology that involves delivery of retail services to users through smart or intelligent objects or devices. IoT is considered as a distinct step in the evolution of the retail industry as it combines the physical and virtual dimensions of retail environment to create a seamless and personalized shopping experience tailored to the customer’s need. It is argued that the implementation of IoT in the retail industry is expected to bring out substantial increase in efficiencies for retailers and customers in terms of cost reduction, time savings and increased accessibilities. Moreover, IoT enhances value through interconnectedness and networking, augmented intelligence, and augmented behavior. IoT is identified as one of the top strategic technology trends that is expected to reshape retail opportunities through 2020. Some of the notable applications of IoT in retail industry are Radio Frequency Identification (RFID) tagged products, smart shopping carts, near field communication systems, smart shopping carts, and virtual mirrors etc. Given the rapid growth of IoT in the retail industry, it is critical for academicians and retailers to understand the adoption process.
(Source: Balaji, M. S., Roy, S. K., Sengupta, A., & Chong, A. (2018). User acceptance of IoT applications in retail industry. In Technology Adoption and Social Issues: Concepts, Methodologies, Tools, and Applications (pp. 1331-1352). IGI Global)
- What are the potential cyber-security challenges in using IoT in retail?
- Enlist a few areas in which IoT can be used in retail. Identify the benefits of using IoT in retail in a developing country like India.