Headlines

Big Growth Forecast for Internet of Things (IoT) in Retail

Connected technologies boosting shopping and payment options, study finds.

Published

1 year ago

May 8, 2023

INSTORE Staff

PHOTO CREDIT: B4LLS/iStock

The use of Internet of Things (IoT) technology in the retail market is expected to reach $297.4 billion by 2030, an annual growth rate of 28.4 percent, a new report by Grand View Research Inc. concludes.

“This growth is attributed to the adoption and implementation of connected technologies, such as Bluetooth Low Energy (BLE) and Near-Field Communication (NFC), for enhanced shopping and payment experience,” the report notes. “Furthermore, with the reduced cost of IoT sensors and hardware and the demand for a seamless shopping experience is expected to fuel the adoption of IoT in the retail market.

The growing acceptance of so-called smart payments by web-enabled devices is also expected to drive the industry’s growth in the retail sector over the forecast period.

IoT devices also help in the back-end operations for retailers, the report notes, such as organizing effective logistics operations. GPS trackers, RFID tags and IoT-connected sensors help track the movement of goods in real-time, providing seamless supply chain management. This also prevents damage, spoilage or loss of goods during transportation, which is of significant value for perishable food items.

Overall, Grand View Research segmented the global use IoT in the retail market by component, technology, application, deployment and region.

Click here for more from the study.

INSTORE Staff

Since launching in 2002, INSTORE has won 89 international journalism awards for its publication and website. Contact INSTORE's editors at editor@instoremag.com.

click to Comment(Comment)

Up Next

Research Reveals Opportunities for Both Natural and Lab-Grown Diamonds

Don't Miss

Zvi Yehuda, Prolific Inventor, Dies at 86

Looking for a Seamless Sale? Call Wilkerson

After almost 60 years in business, Breakiron Jewelers in Erie, Pennsylvania, was closing its doors. And the store’s owner, Linda Breakiron, was ready for it. She had run the store as its sole owner since the beginning of the millennium and was looking forward to a change. Of course, she called Wilkerson. Breakiron talked to other jewelers who had used Wilkerson and was satisfied with their response. “They always had positive feedback,” she recalls. With the sales, marketing and even additional inventory that Wilkerson provided, Breakiron insists she could never have accomplished her going-out-of-business sale without Wilkerson’s help. She’s now ready for the journey ahead, but looking back, she’d be sure to recommend Wilkerson. “They just made the whole process very seamless.”