How the Internet of Things will enhance retail ERP solutions
October 30, 2018 / David H. Deans
The retail sector has undergone dramatic changes within developed markets, which the Internet of Things (IoT) technology adoption is accelerating. The widespread digitisation of the market has given rise to an industry that's very much data- and demand-driven, as opposed to supply- and cash-driven. It's important to understand, when analysing the use of IoT in retail, that it requires more than a bunch of technologies in isolation. It's a transformation in retailer business processes, enabled by a tailored set of purpose-built systems. According to the latest market study by Juniper Research, revenues generated by IoT retail platforms will exceed $4.3 billion by 2023 - that's up from an estimated $890 million in 2018. According to the research findings, challenging retail conditions, exacerbated by strong competition in the retail sector, the rise of eCommerce and spiraling store rental costs are acting like a big motivation for retailers to adopt IoT platforms.