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Benefits of IoT to the fashion and retail industry [Internet of things]
The Internet of Things has facilitated and promoted every object in the globe into the digital realm. It is not a new thing that devices in every related field can be easily connected together. Research shows that IoT will have an economic impact that ranges from $3.9 to $11 trillion in the year 2025. This will include an average of $410 billion to $1.2 trillion per year as regarding the fashion and retail industry. This is a huge figure and it shows that the fashion and retail industry will become an industry that experiences a gigantic IoT effect.
The effect of IoT can be felt in almost all industries across the globe especially fashion and retail as the impact of IoT leads to positive innovation and higher return on investment (ROI). Here are some innovative changes that IoT has introduced to the fashion and retail industry.
The fashion industry is a perpetual industry that advances with time. It improves boundaries unprecedentedly as time advances and this sector attracts a rapid boom from vendors, companies and investors especially in the course of proliferation. The need for Higher Returns on Investment (ROI) cannot be overemphasized as this strategically positions the fashion industry and delivers equal benefits to attached hierarchies. The IoT comes as a rescue technology and a tool to enhance and ensure a better ROI.
Advantages of IoT to Consumers
- IoT ensures a greater product choice
- It improves the market time
- It leads to mass customization
- It ensures efficiency in product personalization
- It also ensures new collection notifications and other significant benefits.
IoT benefits to retailers
IoT will provide retailers with maximum data to comprehend as this will help boost the kind of purchases they make on a regular basis. They can easily solve problems associated with customer’s wants, the color choice and material version. They obtain these data through “Big data analysis” and the processing of these valuable data will improve designers, sellers and marketers decision making.
Advantages of IoT Marketing Teams
Looking at IoT from marketing and communication point of view, IoT connected materials can easily share information due to data analytics that is able to store in real time from the internal marketing teams. This includes the main purpose and product contents. Examples include How to Use, how to measure, the inside views of technical measure, what to purchase, How to determine suitable colors, How to determine the right style and designs and others.
If we check the cited trends of connected devices, we will discover that these benefits only make up the beginning of much deeper retail opportunities.
In summary, it is the right time to accept the future of technology which is “The Internet of Things (IoT)” regardless of the sector, industry or niche we belong in order to secure an easy and favorable future.
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