Internet of things as innovative technology in retailing

Abstract

The Internet of Things (IoT) or Internet of everything gives new opportunities to retailers by linking each consumer with the retail facility and the activities it performs in the purchasing process by connecting to Internet and combining physics and the virtual world. In the modern world, the amount of business data is growing steadily, raising the question of how to manage it main occupation of retailers. The key factor in introducing Internet of Things in retail is reducing costs. Internet of things in retailing is the connection between physical sales facilities and products and the virtual world of retailers and consumers. Implementation of Internet of Things involves application of technology in retail store, use of mobile devices by consumers, interaction with the consumer, the availability of data on the cloud or on social networks, as well as the backend system, the infrastructure for collecting, monitoring, storing and processing data.