Internet of Things (IoT) devices, which create a network between internet-connected physical devices, are increasingly becoming adopted in the retail setting as a way to digitize the consumer shopping experience and streamline back-end operations. The global expansion of IoT technology in retail is expected to grow from 14.5 billion in 2020 to 35.5 billion by 2025. Despite widespread worldwide economic uncertainty in the wake of the spread of COVID-19, shipments of IoT devices have grown to 10% more in 2020 and reached 718 million units.
Technology advances in retail are an important contributing factor to a successful busy season. Retailers will also likely have to pivot their strategies to strengthen customer relationships and build brand loyalty through an online presence. Technologies such as predictive analytics and AI are helping companies collect and store useful data while predicting consumer habits, allowing brands to better connect with their consumers.
As Valentine’s Day and the season of love quickly approaches, stores are eagerly stocking their post-holiday shelves with chocolate hearts and Hallmark cards, while consumers scout out the perfect forget-me-not gifts for their loved ones.