--- title: How The Internet Of Things Is Revolutionising Retail description: In this blog post, I will share three remarkable statistics that indicate that the Internet of Things is revolutionising retail. image: https://www.anderssorman-nilsson.com/hubfs/Internet_of_things.jpg --- [![ASN Logo New](https://www.anderssorman-nilsson.com/hs-fs/hubfs/Images_Compressed/ASN%20Logo%20New.png?width=203&height=95&name=ASN%20Logo%20New.png) ](https://www.anderssorman-nilsson.com) # Decoding Tomorrow: Futurism and Foresights Today Foresights and ideas that expand minds and inspire a change of heart. # How The Internet Of Things Is Revolutionising Retail Posted by [Anton Järild](https://www.anderssorman-nilsson.com/blog/author/anton-järild) on June 19, 2016 - [Tweet](https://twitter.com/share) [The Internet of Things](https://www.anderssorman-nilsson.com/future-trendspots-the-disruptive-potential-of-internet-of-things) has impacted and redefined both B2B and B2C industries such as media, financial services, automotive, shipping and agriculture. Another industry which is being impacted by connected devices and machine-to-machine communication is retail. In this blog post, I will share three remarkable statistics that indicate that** the Internet of Things is revolutionising retail**.    **93% of retailers have started implementing an IoT strategy or planned to do it by the end of last year according to [Centric Digital](https://centricdigital.com/blog/omnichannel-customer-experience/how-the-industrial-internet-of-things-may-change-the-retail-omni-channel-experience/).** Furthermore, they state that spending on IoT initiatives within the retail industry is predicted to exceed $2.5 billion in the next five years. It has become increasingly clear for bricks and mortar retailers that IoT could help them amplify the whole customer experience. A more efficient supply chain, better inventory management and richer data on the end customer are all benefits that this technology can bring. The most common application of IoT in a retail environment is perhaps RFID tags. [RFID](https://en.wikipedia.org/wiki/Radio-frequency_identification) stands for Radio Frequency Identification and is a tracking technology which involves small tags that emit signals. Using this technology can among other things help retailers improve inventory accuracy, reduce out-of-stocks and elevate customer service.  ![how the internet of things is revolutionising retail?](https://www.anderssorman-nilsson.com/hs-fs/hubfs/Internet_of_things.jpg?width=571&height=321&name=Internet_of_things.jpg) As an increasing number of businesses are investing in IoT technologies and market connected devices, we are seeing that the adoption of those devices is starting to pick up speed. A study from [Accenture Interactive](https://www.accenture.com/_acnmedia/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Dualpub_14/Accenture-The-Internet-Of-Things.pdf) reveals that nearly two-thirds of consumers intend to purchase a connected home device by 2019. [The Nest](https://sen.se/nest/), [Insteon Hub](http://www.insteon.com/insteon-hub/) and [Amazon Echo](https://www.amazon.com/Amazon-Echo-Bluetooth-Speaker-with-WiFi-Alexa/dp/B00X4WHP5E) are a few among a growing number of smart home devices.  ![amazon echo](https://www.anderssorman-nilsson.com/hs-fs/hubfs/Amazon-Echo-1-674977-edited.jpg?width=600&name=Amazon-Echo-1-674977-edited.jpg "internet-of-things-retail.jpg") Another interesting fact that underscores the growing consumer demand for connectivity and IoT-technologies was revealed in McKinsey's report *[Connected car, automotive value chain unbound](http://www.sas.com/images/landingpage/docs/3_McKinsey_John_Newman_Connected_Car_Report.pdf). *The report states that 28% of new car buyers prioritise car connectivity over aspects such as fuel efficiency and horsepower, and 13% would not even consider buying a car without internet connectivity today.  These three insights highlight the fact the Internet of Things is expected to have a significant impact on the retail industry. Now it's up to business owners and leaders within these industries to grasp the opportunities and make sure that they use these solutions as a means to create immersive and memorable customer experiences across both digital and analogue touch points. #### Sign up for our newsletter now!  #### Don't miss out on the latest future trends from Anders Sörman-Nilsson and Thinque. 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