Cloud- and mobile-based IoT (Internet of Things) technology solutions improve return on investment for retailers, a new report suggests. 

The new report: Business Strategy: Developing IoT Use Cases for Retail, from IDC Retail Insights, says some IoT technologies have matured and others are still being nurtured, but the uses are already well defined.

Cloud- and mobile-based solutions also reduce barriers to implementation and speed adoption, the report adds.

It notes that nearly 10% of all IoT investment in 2013 was made by retailers, adding that, by 2017, annual investments will surpass US$466m.

“Consumer demand for convenience, product availability, and personalised and contextualised interactions will drive retailers to adopt multiple IoT technologies,” said Leslie Hand, research director of supply chain, merchandising and demand management strategies at IDC, and author of the report.

“This beckons a fresh evaluation of IoT opportunities in retail, as the challenges diminish and the consumer demand for interactive, engaging, and convenient retail experience trump any hesitance to invest in IoT.”