Impact of Internet of Things in the Retail Industry

The rise of Internet of Things has led to many game changing efforts to create new business models and opportunities in various domains of industry. In this paper, we look into the impact that the concept of IoT will bring in Retail Industry in coming years with the point of view of new business outlook based upon parameters of security, reliability, integration, discoverability, and interoperability. The paper also presents new concepts that can be implemented for business profitability using various IoT Technologies with prime focus on the areas of embedded systems, cyber physical systems, generic sensors and security. In relation to the Retail Industry, the focus areas of development and support of IoT technology will shift from a mere data collection to knowledge creation which can enable value chain development using a framework concentrating more from a legal point of view. Not only has the technology paradigm shifted from a certain POV but businesses also changes in terms of scalability, dynamicity, heterogeneity and interconnectivity. The paper discusses about newer ideas and their business and social impact on the industry in terms of profitability and adaptability.