The Internet of Things: What Does It Mean for Retail?

Some of the projections for the “Internet of Things” (IoT) sound straight out of a wild science fiction movie, from self-replenishing refrigerators to cars that drive themselves. According to a recent Gartner study, the world will see 25 billion Internet-connected “things” by 2020. It further estimates that IoT will produce close to $2 trillion of economic benefit globally by transforming many enterprises into digital businesses and improving efficiency, as well as producing new sources of revenue. Retail, in particular, is a sector that can expect significant IoT-based upgrades.

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