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Re- inventing retail with Internet of Things: engaging with connected consumers to earn their loyalty

Subramanian Hariharan, Senior Director at Mindtree, on how retailers can make gains in efficiency and sales by investing and deploying the correct technologies to build a tailored IoT ecosystem.

Internet of Things (IoT) is breaking the boundaries across industries, disrupting the traditional ways of commerce and business and creating unprecedented opportunity globally. Does it sound too good to be true? Is it just marketing hype like so many other technologies in the past that could only make marginal impact? Like every other industry, it is quite natural that many retailers have the same question in their minds: how can IoT help them re-invent themselves, adapt to the changing marketplace and embrace the new technologies in their business and environment?

Connected Consumer: On the other hand, in today's world with ubiquitous connectivity, consumers have access to unlimited information when they want it and where they want it and through various channels be it online, offline and social channels. They are becoming infinitely smarter and in turn are changing their well-informed shopping behaviour as well as their demands in terms of speed, agility and personalise interactions.