|By Yeshim Deniz||
|August 7, 2014 11:00 PM EDT||
IDC Retail Insights announced the availability of a new report, Business Strategy: Developing IoT Use Cases for Retail (Doc #RI250069), which evaluates the current and future state of Internet of Things (IoT) technology in retail.
According to the new report, some IoT technologies have matured and others are still being nurtured, but the use cases are well defined.
Cloud- and mobile-based solutions improve return on investment (ROI), reducing the barriers to implementation and speeding adoption. In fact, almost 10% of all IoT investment in 2013 was made by retailers, and by 2017, annual investments will surpass $466 million (see Worldwide Internet of Things Spending by Vertical Market 2014–2017 Forecast, IDC #246384).
According to Leslie Hand, Research Director, Supply Chain, Merchandising and Demand Management Strategies and author of the new report, "Consumer demand for convenience, product availability, and personalized and contextualized interactions will drive retailers to adopt multiple IoT technologies. This beckons a fresh evaluation of IoT opportunities in retail, as the challenges diminish and the consumer demand for interactive, engaging, and convenient retail experience trump any hesitance to invest in IoT."
Several common retail use cases and examples are described within the report. Other topics discussed in the report include:
- Current and future adoption trends in the five primary areas of IoT investment in retail: product tracking/traceability, interactive consumer engagement and operations, mobile payments, asset management, and fleet and yard management
- How to develop a strategy for deploying the foundational components of IoT
- How to understand how the use cases intersect and maximize the return on investments
Retailers need to establish the foundation by which to meet immediate omni-channel retail demands while planning for continual innovation. The IoT is already playing a role in consumer location-based interactions and in retail supply chain and asset management applications. IoT connects the digital and physical experience of products, companies, and our world to improve through data-driven analytics our ability to find, buy, and utilize things optimally.
A few of the major takeaways for retailers include the following:
- Investing in technologies that make a marked difference to the consumer makes sense. Consumers want to be connected and engaged if it saves them money or time. Privacy and security are potential adoption inhibitors but consumers will increasingly develop a need for instrumented and intelligent interactions.
- Enabling improved inventory management, sample management, loss prevention, on-shelf availability, and asset management with RFID suddenly makes sense, as doing this is consequential to consumers' ability to find and buy what they want at their convenience.
- Retailers are discovering the value in leveraging sensors associated with product, assets, and ID badges as a result.
IDC Retail Insights recommends that retailers interested in engaging the omni-channel consumer with consistent personalized and increasingly contextualized physical and digital interactions should consider how to build the architecture for IoT that will continue to adapt to consumer interaction patterns and needs. Meanwhile, technology vendors and service providers have an opportunity to help retail enterprises define and understand the IoT opportunities and the path forward. Systems integrators and professional services firms can play a pivotal role in shaping use cases and revealing the benefits from investing in an IoT solution. IDC Retail Insights sees deep industry vertical expertise brought by these ecosystem players as a critical success factor in many IoT cases.
For additional information about this report or to arrange a one-on-one briefing with Leslie Hand please contact Sarah Murray at 781-378-2674 or [email protected]. Reports are available to qualified members of the media. For information on purchasing reports, contact [email protected]; reporters should email [email protected].
About IDC Retail Insights
IDC Retail Insights assists retail businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the retail industry. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world's leading technology, media, research, and events company. For more information, please visit www.idc-ri.com, email [email protected], or call 508-935-4490. Visit the IDC Retail Insights Community at http://idc-community.com/retail.
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
Jan. 16, 2017 05:30 AM EST Reads: 1,047
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Jan. 16, 2017 04:30 AM EST Reads: 4,465
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Jan. 16, 2017 03:30 AM EST Reads: 2,825
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
Jan. 16, 2017 03:30 AM EST Reads: 5,203
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
Jan. 16, 2017 03:15 AM EST Reads: 5,708
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Jan. 16, 2017 02:30 AM EST Reads: 3,892
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Jan. 16, 2017 01:45 AM EST Reads: 2,647
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Jan. 16, 2017 01:15 AM EST Reads: 4,142
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Jan. 16, 2017 12:00 AM EST Reads: 4,749
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
Jan. 15, 2017 10:15 PM EST Reads: 3,483
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Jan. 15, 2017 08:45 PM EST Reads: 7,376
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Jan. 15, 2017 07:00 PM EST Reads: 6,125
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
Jan. 15, 2017 05:15 PM EST Reads: 4,775
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, discussed how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy applica...
Jan. 15, 2017 04:15 PM EST Reads: 1,920
SYS-CON Events announced today that Catchpoint, a leading digital experience intelligence company, has been named “Silver Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Catchpoint Systems is a leading Digital Performance Analytics company that provides unparalleled insight into your customer-critical services to help you consistently deliver an amazing customer experience. Designed for digital business, C...
Jan. 15, 2017 01:15 PM EST Reads: 1,691
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 15, 2017 12:30 PM EST Reads: 3,565
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jan. 15, 2017 12:15 PM EST Reads: 5,380
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Jan. 15, 2017 12:15 PM EST Reads: 4,962
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Jan. 15, 2017 11:15 AM EST Reads: 4,093
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
Jan. 15, 2017 11:15 AM EST Reads: 5,645