![]() In fact, IoT is already being put to good use in many areas. IoT has massive potential for the retail industry, providing a way to create even more engaging and innovative shopping experiences – one of the reasons why Juniper Research predicted retail spending on IoT technologies would reach US$2.5 billion by 2020. The Internet of Things (IoT) is a network of literally billions of physical devices communicating with each other and sharing data. If you’re intrigued, here are seven technological advancements in the retail industry that will make you say wow. This march towards a phygital future is only possible thanks to unprecedented technological innovation. The net result is a more personalized and engaging experience. Physical channels are enriched by digital technology, while digital channels become more human. ![]() This new phenomenon is known as phygital: a shopping journey in which physical experiences and digital technologies intertwine to enhance one another. Now, technology has started to blur these boundaries, bringing the online and offline world ever closer together and augmenting our everyday reality. According to Aberdeen Group, companies that provide a consistent service quality across multiple channels retain 89 percent of their customers – companies that don’t are only able to retain 33 percent.īut, despite the largely unified experience an omnichannel approach provides, it has still been possible to clearly delineate between these channels and touchpoints (e.g. The holy grail for retailers in recent years has been omnichannel. Fast forward to today, however, and technological advancements in the retail industry have opened up a whole new world of possibilities. The only option then was to walk into a store, or if you were feeling particularly adventurous, perhaps buy from a mail order catalogue. Yet, the actual retail experience has changed radically from just a generation ago. ![]() Shopping has always been seriously big business – with total global retail sales reaching $26.29 trillion in 2019. ![]()
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