Retailers looking to capitalize on Internet of Things (IoT) technologies will spend an estimated $2.5 billion in hardware and installation costs by 2020, nearly a fourfold increase over this year’s estimated $670 million spending, according to a new report from Juniper Research.
The hardware spending includes Bluetooth Beacons and radio frequency identification (RF ID) tags. Bluetooth beacons enable asset visibility as well as the ability to push relevant information to consumers’ smartphones. And RFID can help provide real-time asset tracking, reduced labor costs and dynamic pricing based on stock levels and online pricing.
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