Retailers are expected to spend $2.5bn in hardware and installation costs to capitalise on the growing Internet of Things (IoT) technologies.
Juniper Research, in its ‘The Internet of Things: Consumer, Industrial & Public Services 2015-2020’ report, highlighted that the spending will be substantially higher than last year’s estimate of $670m.
Retailers are expected to tap both Bluetooth Beacons, which provides push relevant information to consumers’ smartphones, and RFID (radio frequency ID) tags that provides real-time asset tracking, reduced labour costs and even dynamic pricing.
The research highlighted that leading retailers using the IoT are likely to gain marketing advantage.
"Meanwhile the beacon industry is expanding rapidly; used as a method to provide consumers with contextually relevant information in conjunction with their smartphone or wearable will enormously enhance the in-store experience."
This article is from the CBROnline archive: some formatting and images may not be present.
Join Our Newsletter
Want more on technology leadership?
Sign up for Tech Monitor's weekly newsletter, Changelog, for the latest insight and analysis delivered straight to your inbox.