|[August 12, 2014]
IDC Retail Insights Arms Retailers with IoT Technology Strategy
FRAMINGHAM, Mass. --(Business Wire)--
Retail Insights today announced a new report, Business
Strategy: Developing an IoT Technology Strategy (Doc #RI250271),
which outlines how retailers must plan now for the Internet of Things
(IoT) even if IoT hasn't made it to the top of their priorities list.
According to the new report, applied IoT technology positively impacts
top- and bottom-line business performance by improving omni-channel
operations and enabling personalized and contextualized interaction with
consumers. Understanding the technology landscape and defining a roadmap
for IoT implementation requires uncommonly long-range planning, but is
rewarded with reduced long-term implementation costs and total cost of
#IDCRetailInsights arms #Retailers with #IoT #TechnologyStrategy -
outlines strategic plan to guide the #reducedcost of ownership of IoT
The convergence of cloud, mobile, big data/analytics, and sensors has
created an opportunity for retailers to engage consumers and employees
in radically new ways. Within five years consumers will expect that
retailers engage them with personalized and contextualized interactions.
In the same time frame, if the retailer hasn't figured out how to
improve real time inventory accuracy to 98% or better, they will
struggle to close the online or click and collect sale.
The report provides the following insights for retailers:
A definition of IoT technology
A thorough examination of the technology landscape for IoT (for
Specific steps to developing an IoT technology strategy
Guidance for driving retail IoT programs forward
Hand, Research Director at IDC (News - Alert) Retail Insights, reports that,
"Retailers can improve operations, reduce risk and loss, and wow the
consumer with IoT-enabled capabilities. Now is the time to establish a
strategy and develop a roadmap for IoT. A well thought out plan will
guide the reduced cost of ownership of IoT technologies and enable
continued agility and innovation."
In another new report announced today, Business
Strategy: Understanding the IoT Use Cases For Retail, discusses
many of the most common use cases currently being implemented, including
product tracking/traceability, interactive consumer engagement and
operations, mobile payments, asset management, and fleet and yard
The IoT journey, rich in opportunities, is also full of challenges - the
biggest of which is enabling tactical applications sometimes in
isolation of a plan for an architecture designed for IoT. IoT requires
an event-oriented paradigm, which includes listening, bi-directional
messaging, information distribution, and communications over a variety
of networks. The architecture for IoT stretches the limits of retail
legacy networks. When evaluating IoT technologies, IDC Retail Insights
recommends retailers gain an understanding of the technology landscape
for the variety of technologies and the related intersection points as
soon as possible.
The new report also outlines specific steps to developing an IoT
technology strategy and emphasizes that retailers interested in engaging
the omni-channel consumer with consistent personalized and increasingly
contextualized physical and digital interactions should consider how to
build an architecture for IoT that will continue to adapt to consumer
interaction patterns and needs. Meanwhile, technology vendors and
consultants should help retail enterprises define and understand the IoT
opportunities and the path forward.
To learn more about a related IoT report announced today, please visit Business
Strategy: IoT Use Cases for Retail (Doc #RI250069).
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 firstname.lastname@example.org.
Reports are available to qualified members of the media. For information
on purchasing reports, contact email@example.com;
reporters should email firstname.lastname@example.org.
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@example.com, or call
508-935-4490. Visit the IDC Retail Insights Community at http://idc-community.com/retail.
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