The Contribution of IoT in the Retail Industry

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The retail industry has been riding a wave recently. Amazon alone has around 200 million monthly visitors bringing in over USD 350 million in revenue. The potential of retail in the digital age is staggering and on the other hand, the industry is aware of its own issues and drawbacks. Unawareness of the audience, delivery issues, and lack of trust in online purchases are all factors that hold sellers back in an ecosystem they could otherwise be thriving in. However, in the COVID-19 scenario, this situation has improved. Thanks to the internet of things (IoT).

Today’s technology can break the wall between brand, product, and customer. The COVID-19 pandemic has pushed brands to turn to IoT in retail trends. According to reports, the global IoT in retail market size is estimated to reach USD 94.44 billion by 2025 at a 21.5% CAGR. McKinsey predicts that the potential economic impact of IoT in retail environments will range from USD410 billion to USD1.2 trillion per year by 2025.

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