Retailers Set To Spend $US2.5 Billion On “The Internet Of Things” By 2020

Retailers Set To Spend $US2.5 Billion On “The Internet Of Things” By 2020
SHARE
THIS



Spending by retailers on internet of things technology (that’s all your internet-abled devices) will increase by nearly 400 per cent to $US2.5 billion by the end of the decade according to new research by Juniper.

The hardware spend includes Bluetooth Beacons and RFID (radio frequency ID) tags. In the first instance, Bluetooth beacons enable visibility over the number of customers as well as the ability to push relevant information to their smartphones. Meanwhile, RFID aids in real-time asset tracking, reduced labour costs and even dynamic pricing according to stock levels and online pricing.

The new research, The Internet of Things: Consumer, Industrial & Public Services 2015-2020, found that early adopter retailers using the internet of things to generate an ‘ecosystem’ are poised to gain market advantage and truly capitalise on the opportunity. Linking the hardware elements of RFID tags, beacons and connected consumer electronics, such as wearables, with software analytics promises in-depth business insight and an enhanced customer experience.

The study says that for retail, the internet of things brings with it the concept of near real-time information (and the ability to leverage that), whereby strategy and connections to the supply chain have previously been built upon historical data.

Aplication of internet of things devices and systems will enable:

  • Improved customer experience, resulting in higher loyalty
  • Greater insight into and control over products in the supply chain

“Combined, the resultant benefits will equate to less waste, and therefore lower costs,” says the study.

Some description

Author Steffen Sorrel says “Retailers such as Zara and Target are already taking advantage of the benefits offered by RFID asset tracking. Meanwhile the beacon industry is expanding rapidly; used as a method to provide consumers with contextually relevant information in conjunction with their smartphone or wearable will enormously enhance the in-store experience.”

Additionally, Juniper Research found, with the number of connected units within the internet of things forecast to reach 38.5 billion in 2020, attitudes and methods with regards to cybersecurity will have to undergo fundamental change. Where today’s security is principally focussed on access prevention, the internet of things security model will require robust means of identifying inevitable network breaches. Should suspicious activity be detected, parts of the network can then be ‘shut off’ in similar fashion to marine vessel bulkheads to prevent attack spread.

Additional Findings

  • 70 per cent of internet of things units are expected to be composed of non-consumer devices by 2020.
  • With diverse business models and aims of IoT projects such as service revenue, spend and cost-savings taken into account, Juniper forecasts the IoT opportunity to approach $300 billion annually in 2020.

The whitepaper, IoT ~ Internet of Transformation, is available to download from the Juniper Research website together with further details of the new research and interactive dataset.

This article originally appeared on B&T’s sister tech business site www.which-50.com

Please login with linkedin to comment

Advertising Standards Bureau I Quit Sugar summer campaign

Latest News

HEADS UP: Entries For B&T’s Best Of The Best Awards Close This Week!
  • Advertising
  • Marketing
  • Media
  • Technology

HEADS UP: Entries For B&T’s Best Of The Best Awards Close This Week!

Okay, people. It’s time to take us seriously when we say that entries for B&T’s Best of the Best awards close this Friday! The day we’ve been warning you about for weeks is here, and it’s time to get your act together. Head on over HERE and start your submission. On-time entries for Best of the Best will be […]

by B&T Magazine

B&T Magazine
Witchery Partners With GlamCorner To Boost Subscription Shopping
  • Media

Witchery Partners With GlamCorner To Boost Subscription Shopping

Australian fashion brand Witchery has partnered with B Corp GlamCorner as part of GlamCorner’s subscription box offering as the demand for everyday essentials soars. This partnership marks another milestone for the Australian fashion industry towards becoming more circular and introducing more paths to reduce textile waste. Customers nationally will be able to rent more of […]

Curry Club For COVID-19 Relief, Powered By UnLtd, Challenges AdLand To Raise $100,000
  • Marketing
  • Media

Curry Club For COVID-19 Relief, Powered By UnLtd, Challenges AdLand To Raise $100,000

The media, marketing and creative industries are being encouraged to host their own ‘Curry Club for COVID’ before 30th June to help meet the ambitious $100k target set by its organisers. Curry Club for COVID, which was conceived by long-time adtech executive Peter Bray, sales director at Impact, and is powered by industry social purpose organisation […]

by B&T Magazine

B&T Magazine
UnLtd’s ‘Goals for Good’ Soccer Tournament Celebrates 10 Years
  • Media

UnLtd’s ‘Goals for Good’ Soccer Tournament Celebrates 10 Years

The UnLtd Cup is returning for its tenth consecutive year, marking a decade of soccer shenanigans that’s raised nearly $500,000 for children’s mental health charity, KidsXpress. On July 22-23rd, 28 teams from across the industry will battle it out on the soccer field in the two-day tournament at Sydney University Sports and Fitness Centre, Darlington. […]

Mobile Pnone Shopping Online With A Debit Card
  • Marketing
  • Technology

Ultra Commerce Acquires Vesta eCommerce

Australian-bred company Ultra Commerce has acquired New Zealand-based company Vesta eCommerce, a global software business providing leading product data management solutions. The recent acquisition is a significant move for the business, which is Australian born, owned, and headquartered, but has built out a global presence as it pursues rapid growth in the eCommerce market. Connecting […]

Crater Teams Up With Director Luna Laure For ‘Harry’s Story’, Canteen’s Newest Campaign
  • Campaigns

Crater Teams Up With Director Luna Laure For ‘Harry’s Story’, Canteen’s Newest Campaign

Canteen’s latest campaign features the combined talents of Director Luna Laure and creative agency Crater. The campaign strives to raise awareness for young people affected by cancer. The awareness campaign centres around Harry Barentson, who at 12 years of age found out his pregnant mum had cancer. The campaign aims to bring awareness to Canteen’s […]

AFL Legend Kevin Sheedy Narrates ‘A Love Letter To Victoria’ Via Enthral Partners
  • Campaigns

AFL Legend Kevin Sheedy Narrates ‘A Love Letter To Victoria’ Via Enthral Partners

In partnership with storytelling agency Enthral, AFL star Kevin Sheedy has voiced a video ‘Love Letter to Victoria’ using visuals to showcase the state’s natural beauty and culture. Victoria has been hit with the worst of the coronavirus pandemic compared with any other Aussie state experiencing four lockdowns. Sheedy has partnered with Ethral to share […]

Telstra’s Belong Appoints Howatson + White For Strategy & Creative, Retains OMD For Media
  • Advertising

Telstra’s Belong Appoints Howatson + White For Strategy & Creative, Retains OMD For Media

Telstra’s lower-cost telco, Belong, has awarded its strategy and creative account to Howatson + White, and has reappointed OMD to its media buying account, after a competitive pitch process. Howatson + White will handle strategy, planning, creative and CRM, while former agency Clemenger will continue to have a relationship with Belong, managing PR and retail activation. […]