Proposal of innovative smart solutions for retail store in order to support competitiveness and sustainable development

Abstract

The Internet of Things (IoT) is becoming an increasingly important concept in various areas of our daily lives. With the development of information and communication technologies, the possibilities of IoT implementation are also expanding. The retail sector is also starting to make more significant use of IoT to improve and increase the efficiency of its business processes and more effective interaction with customers. Even though several partial IoT solutions have been implemented in retail, according to publicly available sources, there is no comprehensive IoT implementation in this sector. Therefore, we focused on the possibilities of creating a comprehensive proposal for the use of IoT in a retail enterprise in Slovakia. The main reasons for this transformation are the development of intelligent technologies, the increased demand of consumers for more convenient purchases and the efficiency of business processes, as well as to increase the competitiveness of the company. The aim of the contribution is to create a proposal for the implementation of IoT in retail, which will contribute to the sustainable development and competitiveness of the company. The result of the contribution is the creation of a proposal for the integration of the Internet of Things in retail, while the proposal is also applicable in other similar enterprises. The research methodology includes secondary sources and primary inquiry using an online questionnaire. The results of the primary research showed that a large part of respondents are interested in using IoT solutions in retail and that the implementation of these solutions affects their purchasing behavior. The conclusions of the paper indicate that the implementation of IoT solutions in retail would have a positive impact on the competitiveness of businesses. Factors that influence the choice of brick-and-mortar and online stores by customers were also identified. Customers’ interest in IoT solutions, as well as their preferences when choosing stores, represent a guideline for businesses operating in the retail sector. The implementation of the proposed solutions is relatively demanding on financial resources, therefore a good financial condition of the company is a necessary condition. Further research should focus on the security risks, barriers, ethical privacy issues associated with the use of IoT in retail stores.