2018 was the year that saw an explosion of IOT services and connected products in homes across the UK. From managing lighting and heating temperatures or finding our favourite music, to making shopping lists and ordering goods, the introduction of IOT services and connected products and the industry surrounding it, boomed.
The rise in popularity of IOT services have meant that retailers and high street shops are now also looking into how they can introduce the technology within stores to improve customer experience and simplify how we buy products, through automated technology.
In some stores these types of services are already implemented and successfully operating to help minimize processes in a number of ways from reducing queues, managing basic processes and reducing staff costs.
IOT Services have included:
- Check outs where you scan your own products and then pay
- Hand held devices to scan your own purchases
- Click and collect through smart-phone apps
- Ordering and paying for goods online or through an app
In a recent report by Boston Retail Partners (BRP) it found that customers were happy to use automated IT facilities rather than use face to face customer service, if it meant that it quickened up the process.
The study also found that whilst 19% of the retailers currently had no IOT capabilities, 36% were planning to implement some type of IOT services within the next three years and in addition, 23% of the retailers are using AI at present, with an additional 30% also planning to bring AI on board within the next three years.
Whether as a retailer you are an early adopter of the technology or looking to see what facilities will be available on the market and then make a choice, it seems that these types of IOT services are still yet to see further growth as an industry.
Is your business using IOT services or AI technology within your processes? Here at Crendon insurance we offer IOT insurance and cyber security insurance cover to companies who are using these types of technology. To find out how we could support your company further please get in touch or see supporting IOT insurance information on our website.
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