Customers are no longer humans, but “things”.
Retailers have been urged to take on advanced analytic capabilities in order to survive in the digitalised marketplace.
A research think-tank said that as IoT grows the next five years, the effects on multichannel retailers will be more disruptive than anything seen to date and will require advanced analytics capabilities to cope with this disruption.
In the "Retailers Find Success Using Self-Service and Advanced Analytics" report, businesses have been told they will lose IoT revenue streams if they do not embrace advanced analytics.
Real-time decisions, enabled by advanced analytics, will help enterprises benefit from momentary business opportunities.
Retailers will have to use a combination of knowledge, innovation, speed and strategy to maintain and grow market share in the digital economy, according to the report.
The research company said retailers will be forced to acquire self-service and big data discovery capabilities due to the need to improve real-time business decision-making.
Robert Hetu, research director at Gartner, said: "Big data discovery tools put information in the hands of business analysts and business users to enable better decision making.
"Since these analysts and users are less skilled than their counterparts in traditional BI roles, they will only handle less complicated problems, which will take them less time to fail or succeed.
"They are also closer to the business complexities, making it easier to establish interactive analytic processes that will speed up results. This will allow big data sources to be explored more often, feeding valuable information into the business and yielding faster results."