Growth Opportunities for Sensors Enabling IoT in Retail

Hyper-personalized Customer Experience Drives Technology Adoption

Advancements in sensor technologies have facilitated the emergence of connected living. The development of sensors that detect multiple parameters enables the Internet of Things (IoT), which is communication between devices. However, sensors as a standalone device would not be able to play a vital role in the IoT space as only partial data would remain.

Hence, enabling technologies that assist data collection and analysis are necessary to generate meaningful information. Retail IoT includes technologies that collect data (sensors) and those that integrate sensors and facilitate a more immersive retail customer experience. The IoT in retail will primarily transform supply chain management (SCM) and customer engagement opportunities. With the need for the end-to-end traceability of goods and services in retail SCM increasing, and end users having high expectations of an immersive customer experience, it is imperative that retail industry participants across the value chain integrate IoT capabilities to compete.

The scope of this research study is limited to technologies that enable an interactive and immersive customer experience. The study assesses emerging technologies that facilitate a personalized customer experience in the retail industry, including sensors, RFID, Bluetooth, Wi-Fi, advanced display, smart lighting, robotics, VR/AR, data analytics, and IoT-based payment technologies, such as NFC.

Questions the Research Addresses:

• What are the main enabling technologies transforming IoT in retail?
• What are the key factors influencing adoption in the innovation ecosystem?
• What are the key industry initiatives? Who are the main participants impacting technology development?
• What are the patent and funding trends in the retail IoT space?
• What are the future growth opportunities for market participants?