Retailers must operate stores with the same degree of transparency and flexibility as online merchants have exploited for years. IoT is the engine to propel retailers forward.
IoT empowers retailers to employ game-changing capabilities to eliminate out-of-stocks, leverage dynamic pricing to capitalize on promotional opportunities, update prices instantly and accurately, reduce labor costs, and prevent perishables spoilage.
Retailers fighting for survival against Amazon, pure play merchants and the ongoing wave innovative disruptive business models cannot sit still and also survive. IoT is the answer to identifying and realizing major gains in sales, margins, and net profits.
For a large chain, labor and other cost savings combined with higher sales and margins, typically exceed tens of millions or billions of dollars. And that is just one area of the business. No retailer today can afford to miss out on these and other IoT-driven real-time opportunities.