What IoT Means for Retailers?
FREMONT, CA: In the last few years, the Internet of Things (IoT) has transformed the retail industry. It has revolutionized the shopping approaches of customers as well as the marketing strategies employed by retailers. Despite the potential benefits, the adoption of IoT requires careful consideration, planning, and strategy.
The implementation of IoT can significantly improve the customer experience as well as supply chain management. Also, it will enable them to streamline the productivity of staff and resources. However, it also requires the retailers to take the right steps to adopt robust security measures to secure the IoT infrastructure.
Check out: Top Retail Management Companies
IoT applications in retail can be adopted to complement the existing systems in the stores, adding enhanced layers to customer interactions. For instance, the utilization of in-store sensors to trigger personalized discounts for shoppers as they navigate the sales floor can improve customer experience. Also, the digitalization of supply chain and inventory management will benefit both traditional and e-commerce retailers.
The IoT tools can be used to observe the condition of products through the supply chain, eliminating excessive loss due to damage, spoiling, and contamination. It can also prevent overstocks and shortfalls by allowing retailers to track the products. The benefits of IoT include personalization, user preference knowledge, and integration of devices.
However, greater connectivity is synonymous with higher security risks. The vast amount of data, such as personal identification, financial data, biometric identification, medical information, and so on shared between the connected devices, will likely attract the attention of cybercriminals. Based on the cyber war activity of the last few years, it does not seem impossible for skilled fraudsters to come up with innovative methods of hacking into the IoT devices and manipulating the consumer data.
The IoT network will have multiple connected devices, and each of these devices serves as a potential point of attack by cybercriminals. Also, the decentralized nature of the system makes it difficult to monitor and pinpoint the sources of attack.
Retail Management Solution Companies - Bamboo Rose, Insignia Systems, Silverado Business Systems, Inc
Hence, it is inevitable for organizations to come with efficient IoT strategies to mitigate potential risks. With the implementation of new digital tools, retailers should also implement adequate cybersecurity measures to protect consumer data. Retailers can leverage advanced fraud scoring to examine the fraud indicators to evaluate the identities of the customers and secure the IoT network.
CIO Review Client: Profitect
Read Also
"Chatbots: Transforming Retail Sector"
AOPEN launches cTILE 22 Touch Solution to Serve Commercial Environments
The Rise of M-Commerce in the Modern Era
Featured Vendors
Infotech Global Services IT Staffing and Consulting Solutions to Advance Retail Performance and Prod
Tango Analytics: The first fully integrated Cloud based Customer & Location Predictive Analytics and
Sky IT Group: Extensive Data Gathering with Robust Reporting Functionality Yields Measurable Busines
Quantum Retail Technology: Leveraging Consumer Demand to help Retailers get the Maximum value from t
Kyrus Solutions: Celebrating 40 Years Of Service From Initial Consultation To Development, Implement
Direct Source: Hardware, Software, Integration And Installation Services That Fit Unique Retail Need
ConStrata Technology Consulting: Complements Strategic and Tactical Decisions with Information Techn
EDITOR'S PICK
The IT World: An Ever Changing Place With Constant...
By Pete V. Sattler, VP-IT & CIO, International Flavors &...
Deploying In-Memory Capabilities To Meet Tomorrow's...
By Benjamin Beberness, CIO, Snohomish County PUD
Tech Provider, Delivery Partner or Both?
By Gary Watkins, CIO of IT Shared Services, KAR Auction...
Technology Helps Supply Chain Embrace Uncertainty
By Tonya Jackson, VP Global Supply Chain, Lexmark
From Bean Counter to Propeller Head: Lessons Learned by a...
By Chad Lindbloom, CIO, C.H. Robinson
Efficient Ways to Manage Data and Make Effective Decisions
By Ryan Fay, CIO, ACI Specialty Benefits
Democratizing IT Technologies to Improve Sales...
By Kris Holla, VP& CSO, Nortek, Inc.
The Cloud (still)Doesn't Support VoIP
By Shawn Wiora, CIO & CISO, Creative Solutions In Healthcare
AI and the Future of Field Service: Moving from...
By Michael Alcock, Director-CIO Executive Programs &...
Revolutionizing Industrial Mining through Smart Tools
By Jeff Bauserman, VP-Information Systems & Technology,...
Virtualize, Cloud, Mobile First
By Wes Wright, CTO, Sutter Health
Performing as a Turnaround CIO Artist, It's Not Magic...
By Peter Ambs, CIO, City of Albuquerque
By Mark Ziemianski, VP of Business Analytics, Children's...
The Highway's Jammed With Broken Heroes on A Last Chance...
By Jonathan Alboum, CIO, The United States Department of...
AI Can Improve Patient Outcomes, but will Pharma Get...
By Ryan Billings, MS, MBA, Executive Director, Digital...
Creating a New Productive Work Environment
By Christina Clark, Managing Principal, Cresa
Blockchain and The Law: How a Simple Project can get...
By Evan Abrams, Associate, Steptoe & Johnson LLP
Scope of IT Services in Today's Business Landscape
By Holly Baumgart, Vice President-Information Technology,...
Digital Transformation in an Ever Changing World
By Melissa Douros, Director of Digital Product Management,...
The Digital Transformation of the Insurance Industry
By Andrew Palmer, SVP & Chief Information Officer, U.S....