The Internet of Things: Transforming the Retail Industry

2015 has brought with it a revolution, when it comes to disruptive technologies and innovative methods of utilizing the same. One of the most popular trends to grace the world today is the Internet of Things(IoT). Actually calling it a trend would be counterproductive.

IoT is not really a trend- because it is definitely here to stay and spin the world in new directions. IoT has already made itself indispensable. From smart cars to smart homes, IoT exists in the grey area between accepted technologies and awesome new gizmos that rule the market today.

The surprise though, is that in spite of IoT being a buzz word, it has not become as mainstream as, say the internet or the mobile, or even virtual. Not everyone everywhere is aware of the huge implications that IoT already has and will have in their lives.

This is largely because IoT is not retail ready. Of course there are many new gadgets coming up every day that are collectively termed as IoT. But can you really imagine one person wearing or using 50 different objects to harness the power of the Internet of Things?

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Smart Gadgets and Big Data…

Wearable technology such as Google Glass, Nike+ FuelBand and the reported Apple iWatch will not only enhance consumers’ lives, but will also provide a new source of commercially exploitable data. Development of AI has led to leaps and bounds of progressive technology. Wearable tech has received a new lease of life with these gadgets.

According to Wikipedia, wearable technology, tech togs, or fashion electronics are clothing and accessories incorporating computer and advanced electronic technologies. The designs often incorporate practical functions and features, but may also have a purely critical or aesthetic agenda.

Google glass does mostly everything that your phone or tablet does for you. Eyeglass24 is a Munich-based eyewear start-up that wants to offer a more affordable alternative to purchasing glasses by allowing customers to re-use their frames. Customers can send in their specs and Eyeglass24 will outfit their frames with new lenses and send them back.

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The Internet of Things… Here to stay?!

With Google’s last three acquisitions — Boston Dynamics, Nest and DeepMind — it seems like it is rapidly collecting the individual pieces to put together a “real life Internet,” a network of AI-driven robots and objects that could improve transportation, manufacturing and even day-to-day consumer life.

This draws attention to the Internet of Things, a term that has captured imaginations and eyeballs.

The physical world is fast turning into virtual. Most organizations have always followed predictable pathways of communication. But now the familiar networks of information are changing. The physical world itself is becoming connected.

Information gathering now has become a primary industry as information generation is taking precedence over all else. All things, physical and virtual are getting connected through wired and wireless networks.

Every gadget you can think of is getting connected. From refrigerators to shoes, objects are becoming more than just individual things. By 2020, we will probably all be living in smart homes, travelling by smart vehicles and reaching smart schools and offices. And when we say ‘smart,’ we do not mean in the same sense as smart touch phones, we mean self updating and smart objects that know when to start working, when to stop, etc.

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