Internet of Things Strategy a Cornerstone of Retail Business Growth

March 23, 2016 Adriane Holter

 

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The future of retail is here. Businesses now operate in a world where growth and competitive advantage are intricately intertwined with digital business strategy. As part of this evolution, the role of store associates and structure of labor models must also shift to support digital business strategies.   

Gartner recently published a report about the relationship between smart technology and labor entitled Reimagining Retail: Store Associates and Smart Machines Must Work Together. We find that the report argues that multichannel retailers can leverage smart, Internet of Things technologies to transform existing capital-to-labor ratios. These technologies, including “automation, deep learning, cognitive computing and other smart machine technologies,” can be implemented alongside employees in physical stores. 

In our opinion introducing Internet of Things technologies to a business fundamentallyshifts capital-to-labor ratios. This new labor model creates opportunities for retailers to identify and optimize operations and services that drive business results. Many companies know these opportunities exist, but aren’t sure how to specifically apply them to their business.

Impinj recently launched a portfolio of retail solutions that are designed to help retailers address pain points and implement a digital business strategy. The solutions range from inventory management to engaging in-store customer experiences and make it easy to harness analytics and Item Intelligence. Check out the Impinj solutions, or contact us to discuss your business challenges. We can help you find the right solution for your goals. 

Read "Reimagining Retail"   

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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