The Internet of things (IoT) has driven every object in the globe into the digital realm. The thing which in its past time was haze enough to confirm its proliferation as connected devices in every related field is not a surreal fantasy anymore.
According to a recent McKinsey Global Institute report, the IoT is forecast to have a total economic impact between $3.9 and $11 trillion a year by 2025, including $410 billion to $1.2 trillion per year in retail & fashion environments.
Indeed a mammoth figure.
Taking it, it can be safely deduced the retail and fashion industry will be one of the primal industries that the IoT will have a disruptive effect on.
All industries around the globe, including Fashion & Retail, are witnessing a quantifiable impact of the internet of things and there is no denying this innovation drive is translating into positive Return on Investment (ROI).
The Transformative Changes the IoT brings in Fashion and Retail:
The fashion industry is perpetual and as the time shifts forward it will increase its boundaries unprecedentedly. With this ballooning sector, there will a rapid increase in companies, vendors, investors and, in the course of this proliferation, there will be a rising need to deriving ROI that will uniquely position the fashion industry and give equal benefits to associated hierarchies. Here the IoT comes as a rescue or as a contributor for driving better ROI.
Benefits of the IoT for Consumers:
- Greater Choice Of Products
- Faster Time To Market
- Mass Customizations
- Product Personalization
- New Collection Notifications and much more to apprehend.
Benefits of the IoT for Retailers:
The smart virtual mirrors will give retailers enough data to comprehend what kind of purchases are made on a regular basis, what customers' are not liking, the fit problems, color or material aversion. This data through "Big Data Analytics" would be processed to further help all the marketers, designers and merchants in smart decision making.
Benefits of the IoT for Marketing Teams:
From a marketing and communication perspective, IoT-connected materials can share content based out of the data analytics with stores in real-time from the internal marketing teams, including original purpose and content for the product like:
- How To Use
- How To Measure
- The Inside View Of The Technical Make-Up Etc
If we go through the above-mentioned trends of connected devices, these benefits only constitute the beginning of much deeper retail opportunities.
In a nutshell, it's high time to embrace the tomorrow of technology i.e. Internet Of Things in your respective sector regardless of the industry you belong to.