Retail

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.

The use of technology has significantly changed shopping habits, as consumers today no longer need to visit a store to make their purchase; now they can use tools such as, laptops, tablets and smart phones to order everything they desire, all with a click of a button. However, as digital interactions become more common, retailers must be creative when it comes to merging the gap between in-store and online purchases. Although change can be terrifying, with this new age brings new opportunities, which every smart retailer must take advantage of in order to remain competitive.

With summer quickly coming to a close, retailers are eyeing their warehouses expectantly in preparation for the back to school shopping rush, which is widely considered one of retail’s busiest seasons. And thanks to e-commerce, back-to-school shoppers can now do all of their shopping from the comfort of their own homes, avoiding the hassle of fighting department store crowds for this year’s coolest, must-have items. With a few slides and clicks on a smartphone, shoppers can now expect to receive an item at their doorstep the next day – or in some cases, in just a few hours. As evidence of the colossal growth of online shopping in recent years, retail giant Walmart recently acquired Jet.com, one of the fastest growing and most innovative e-commerce companies in the U.S, to expand its e-commerce operations.

The height of the holiday shopping season has arrived and, according to the National Retail Federation, an estimated 135.8 Million shoppers will be making purchases online and in stores. As shoppers are busy purchasing gifts, it’s the responsibility of the retailer to protect its shoppers from any security breaches. As a retailer, have you stopped to wonder how safe and secure your technology infrastructure is to prevent such attacks from occurring?