Impact of Internet of Things in Fashion and Lifestyle Industry
This paper presents a customer-centric approach to highlight the impact of IoT in the Fashion Retail Space by analyzing the impact on customer’s preferences due to the implementation of IoT based applications. Internet of Things is a revolution in the field of management and industry, this relies on interconnected machines and systems that co-ordinate to perform a pre-determined function. To understand the impact primary and secondary research was conducted and with the help of in-depth interviews and survey inferences were made. The average customer is much more informed than before and is open to adopting newer technologies such as self-checkout kiosks, app-based product catalogs, AR/VR based platforms to try out fashion products, etc. Secure digital payments which are essential for the implementation of any technology in retail have also increased significantly. Thus there is huge opportunity for retailers to implement IoT and techniques such as Omnichannel retailing for their stores in the coming time.