The Internet of Things (IoT) is drastically changing long-standing retail industry practices and processes. Having enjoyed a rich history of direct contact with suppliers and customers, retailers will only continue to grow and strengthen those relationships with the implementation of new connected technology. Consumers, too, are embracing the innovative ways in which IoT can enrich their customer experiences, and suppliers understand they are at the heart of interactions between retailers and customers.
Retailers and suppliers alike recognize the role IoT can play in driving customer loyalty and increasing sales activity.
By moving from paper-based to electronic exchanges of business documents, companies enjoyed benefits of reduced cost and errors, increased processing speed, and improved relationships with business partners. Today, partners are once again gaining those benefits – in magnified proportions, thanks to processes powered by IoT technology like beacons, RFID, geo-location, etc.
Whether implemented in B2B, B2C, C2B, or C2C markets, the Internet of Things can positively influence the full lifecycle of any product sale.