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Explore the latest trends and actionable insights on the Internet of Things market to inform business strategy and pinpoint opportunities and risks

Market Size of IoT (Internet of Things) in Retail (2019 - 2021, $ Billion)

Industry: Retail
Current: Thematic Indicators

The market size of IoT in retail grew at a CAGR of 9.2% between 2019 and 2021
Connected lifestyles of consumers drive the global market for IoT in retail
Retailers used IoT to capitalize on the shift to online shopping during the COVID-19 outbreak

As competition between traditional and online retailing becomes fierce, retailers create value for customers by employing new technologies. One of the technologies used to gain a competitive advantage in retail business is the Internet of Things or IoT.

Connected Lifestyles drive the IoT market

Many technological advancements, automation, and increasingly connected lifestyles of consumers drive the global market for IoT in retail. The IoT technology has also enabled retailers to provide customers with improved in-store interactions and more personal experiences based on their preferences. Smart Stores (stores connected with IoT devices) monitor real-time sales opportunities and capture missed in-store sales. Moreover, the COVID-19 outbreak helped retailers to use IoT to capitalize on the shift to online shopping. The pandemic accelerated the roll-out of interactive web pages, apps, and new creative product launches to maintain customer interest and improve retention. Between 2019 and 2021, the global market size of IoT in retail registered a growth of 9.1% CAGR.

Below are a few examples of retailers deploying IoT technology to gain a competitive advantage.

Macy’s Inc: The fashion retailer Macy’s Inc implemented an automated customer kiosk in the fitting rooms for customers to select items of various sizes; and two chutes – one for delivering the items to try on and another for returning unwanted items.
Kroger: Kroger, a grocery retailer, uses an IoT system to monitor and keep frozen foods at their optimum temperature. The IoT system has a provision to send alerts to store managers and engineers in case of notable deviations.
Casino: Casino, one of the largest supermarket chains in France, has kept NFC tags (a personal type of wireless radio communication) in front of every product on its store shelves. Customers can view product information and add the product to their mobile app’s basket by holding their phone to each tag. This virtual basket can then be read at the till for payment while the customer can get items when scanning them in the aisles.

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