Read Kass Dawson list five questions that every retailer who intends to use Internet of Things connected devices in their stores should be ready for on Ad Age :
McKinsey estimates that by 2025, the potential economic impact of the Internet of Things (IoT) in retail could be anywhere from $410 billion to $1.2 trillion annually. This means, if you’re a retailer considering IoT adoption, it’s not a question of “if,” but “when.” But introducing IoT to the store requires a lot of time and resources. So before you begin investing in automated checkouts, smart customer-relationship management, robotics, in-store personalized promotions and more, here are five questions you need to ask yourself to ensure your business is ready.
The questions include:
1. What is your end goal?:
- IoT offers many potential benefits to retailers, but IoT for IoT sake won’t move margins, or drive customer loyalty.
2. How will your strategy improve the customer experience?:
- Speaking of IoT goals, make sure your goals will help—and not hinder—the customer experience.
3. What will you do with the data?:
- While IoT relies on devices, it’s still a data strategy. This means that to be effective it must be measurable, sharable, and actionable.
4. How will you capitalize on the network effect?:
- McKinsey reports that up to 40 percent of the potential value of an IoT strategy lies in the interoperability of the systems. This means that, if you’re looking at each piece of technology as an individual device, you’re missing a huge opportunity to leverage the whole ecosystem of technology.
5. How will you maintain security?:
- According to Forrester Research, 92% of global technology enterprise security decision makers have created security policies for their IoT devices, but only 47% can enforce them. With 60% of global consumers expressing concern about IoT security breaches, security is an important consideration of launching IoT-enabled systems and services.
Read the full article here.