Applications and impact of IoT technology on brick-and-mortar retail stores
As one of the key technologies of Industry 4.0, the Internet of Things (IoT) dramatically changes the supply chain and operations of brick-and-mortar retail stores. The IoT technology improves the efficiency of brick-and-mortar retail stores, reduces their operational costs, and helps them survive from online retailers. To better study the impact of IoT technology on retail operations, I collaborated with two IoT solution companies. The first company uses IoT-enabled chips to monitor in-store promotional inventory displays. The second company is an IoT energy platform that monitors and reduces the excessive energy consumption of brick-and-mortar retail stores. In this dissertation, I first show the poor compliance of promotional inventory display campaigns and the effects of promotional inventory displays using IoT data. And then, I use machine learning methods to predict the location of displays without the IoT information and demonstrate the value of the IoT technology. After that, I present how retail stores use IoT energy platforms to achieve significant financial savings and environmental benefits and provide managerial insights on building an IoT energy platform.