6 Tips for Achieving Success in your next Retail IoT Project
The application of IoT technology in retail is proving to increase customer engagement and loyalty, while substantially increasing cost efficiencies. By focusing on the most important success criteria you can ensure your next IoT project has a far better chance of delivering the results you expect.
Retail continues to top the list of industries with the highest IoT (Internet of Things) potential. The term EIoT (Enterprise Internet of Things) is used to refer to IoT business applications.
- 70% of retail decision makers are ready to invest in EIoT
- 80% of retailers feel that EIoT will have a dramatic effect on consumer products over the next three years.
Enterprise Internet of Things in Action
EIoT has a great deal of potential: it can enable retailers to increase cost efficiency, improve the overall customer experience, increase brand loyalty and revenues.
However, issues remain with implementation of EIoT in the retail industry.In contrast to this highly positive IoT outlook and its potential to improve the customer experience, an estimated 75% of IoT initiatives are considered a failure, with 60% of these projects stalling at the proof of concept stage. However, by following some key project and partner guidelines, you can be on your way to making your next retail IOT project a success.
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A. Three critical project guidelines for EIoT success.
2) Start with a small proof of concept project and measure the tangible benefits of the project in terms of two components:
a. to what extent does the project solve the customer problem, and
b. how does it score against its success metrics
B. Choose your ideal EIoT technology partner(s).
CUBE and its parent company have extensive experience in managing sensitive customer data, including millions of real-time, highly confidential healthcare and financial transactions.
CUBE uses a proven process called CUBEngage which is focused on understanding your customer, and working with your team to design a customer-centric strategy, where the application of technology focuses on solving customer problems.
Contact CUBE to explore how we can make your next retail EIoT project a success. We have the technology and expertise to fit your IoT project needs.
Zebra 2017 Retail Vision Study
IoT World Forum 2017 Cisco review of IOT success factors
August 2016 report by Retail Systems Research
2017 IOT success articles by: Maciej Kranz electronics
EssentialRetail Oct. 2017 - How store-based retailers can solve the innovation dilemma
Business Wire 2017-06-01 Survey US Firms - IoT hits Security
Techtarget.com/blog IoT-Agenda: Why manufacturers make insecure IoT devices