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#News(General) [ via IoTForIndiaGroup ]
Ambient commerce to boost IoT tech spend to $5.3bn
IoT is starting to make its way into the world of retail but, in the near future, it is set to become a major contributor to industry spending. A new report published by the analytics firm GlobalData has said ‘ambient commerce’ in particular will result in the retail industry spending $5.3bn on IoT technology by 2020.
Ambient commerce describes a new form of shopping that makes use of sensors, coupled with artificial intelligence, to help customers select and pay for their goods, without the need for keyboards or cash registers.Over the next two years, the report said, the retail sector will emerge as the fifth-largest spender on IoT software and services after the government, transportation, utilities and manufacturing sectors.
This will result in two competing models: one championed by the Amazon Go stores using in-store sensors to follow what items are selected by customers; with the other being developed in China by Alibaba, Tencent and JD.com, integrating shopping with smartphones and QR codes.
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