IoT allows companies to automate processes and reduce labor costs. This reduces the amount of waste, improves the quality of services provided, reduces the cost of the production process and logistics.

“IoT can be encountered in almost all areas: from contextual advertising, which tells the user where to dine or refuel depending on the current geolocation, and ending with food delivery or buying a car,” CTO of the PRANA IoT forecasting system told RBC Trends

perspectives of the internet of things

According to Fortune Business Insights, the global IoT market was $160 billion in 2018 and will exceed $1.1 trillion by 2026. The rapid growth is associated with the widespread introduction of artificial intelligence and machine learning systems. The growth of the market is also supported by the increase in the number of users of "smart" devices, smartphones, as well as the growing demand for energy saving. In an optimistic scenario for the development of the Russian Internet of Things market, its volume in 2020 may exceed 590 billion rubles, according to the research company GuideMarket.

This approach saves shoppers time, python for iot development especially under time pressure, and saves retailers money by reducing the number of employees and making the store more attractive. Amazon Go stores were pioneers in this technology area; Now, the number of retailers that have launched mobile solutions for automated checkout systems has increased significantly, and today they include retail giants such as Walmart and Target. (Again an example from the West)

Mobile applications interacting with in-store sensors and other elements of the IoT system allow you to make individual offers at the best prices. Retailers can send loyalty discounts when a certain customer is found nearby, thereby building a loyal relationship with them.

retailers are taking it one step further and providing value-added services to customers. For example, the Sephora mobile app has evolved from a simple navigation assistant to an in-store assistant. When a customer enters a store, the app provides product recommendations based on that user's profile and purchase history.

Self-service kiosks allow customers to pay for their purchases without human intervention: the customization system reads the tags on the products and automatically calculates the cost from the customer's mobile payment application.