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Over 60% retailers already have IoT platforms: IDC
May '18
Over 60% retailers already have IoT platforms: IDC
Retail organisations are adopting IoT platforms and more than 60 per cent of retailers already have a platform in place. However, adoption rates are more common in the range of 15-30 per cent in the key use case areas, as per the new IDC TechBrief. The report says that more than 85 per cent retailers will have a platform in place within the next 18 months.

Close to 80 per cent of organisations have budget allocated for visibility, and almost half of the funding is business led with IT involvement, notes the IDC Retail Insights TechBrief called ‘Visibility Solutions for the Retail Enterprise’.

The highest-ranking reason to invest in visibility is internal business productivity, Efficiency enables enterprise and store operations to allow better experiences for customers. About 26.9 per cent of retailers cite savings to human and other asset usage requirements, including head count, inventory, energy/fuel, and systems maintenance, as one of the top 2 reasons to invest in visibility.

The future of retail is not a destination, it is in fact a journey and that means adaptability, scalability, and experimentation are core tenets of viable platforms for the future and a priority in 2018. Retail organisations must orchestrate ‘best’ engagement scenarios for consumers while optimising productivity of assets, inventory, and employees so that growth and profitability can be maintained, says the report.

A critical enabler of best consumer engagement scenarios and efficient and productive use of assets, inventory, and employees are the visibility platforms that will enable business processes to connect, instrument, and improve retail execution and resource utilisation. The TechBrief describes the technology, technology benefits, adoption patterns, metrics, risks, and key vendors offering this technology, including Check Point Software, Fujitsu (GLobeRanger), Impinj, PTC, RFID Global Systems Visi-Trac, Smartrac Smart Cosmos, SML RFID, and Tyco Retail Solutions.

Visibility is being enabled in experiential retail to connect the dots between people and things, infusing retail processes and assets with intelligence that ultimately improve consumer experience. Objectives of initiatives tend to target improved productivity of assets, inventory, and people, as well as directly engaging the consumer in convenient, fast, and trustworthy interactions and checkout processes. Examples include inventory management, returns management, task management, and loss prevention processes that will enable retail business to improve profitability, inventory availability and visibility, and ultimately, customer experience.

"The risk of not implementing visibility platforms in retail is high. Retailers consider visibility a strategic ingredient toward digitally transforming the consumer experience, making sure that inventory is in the right place at the right time, and that consumer and employee processes are as productive, efficient, and seamless as possible,” said Leslie Hand, vice president, IDC Retail Insights.

“Luckily, projects can be selected to maximise ROI in the short term, providing the groundwork for continuing cascading benefits with each use case applied. At a time when the ability to execute efficiently to manage basic operational processes and to assist consumers to find and buy products more efficiently literally makes or breaks consumer relationships, retailers cannot afford to wait any longer to deploy visibility solutions," added Hand.

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. (KD)

Fibre2Fashion News Desk – India

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