Two enterprise technology predictions for 2017

1. Retailers build competitive advantage through the Internet of Things

With Hong Kong retailers still struggling in the face of falling tourist numbers, restricted spending from Mainland Chinese shoppers and fierce competition from e-commerce channels, I believe that bricks and mortar operations will focus on building competitive advantage through the Internet of Things (IoT) in 2017.

Connected devices such as beacons and retail sensors are already helping some shopping mall operators to track footfall and visitor flow in order to determine optimal mall and store layouts, and to maximise rent yields.

IoT technology also has the potential to enhance customer loyalty.  For customers that have opted in, there’s an opportunity for retailers to send personalised coupons or limited-time deals that bring more value to the traditional, in-store shopping experience.

As more retailers explore the possibilities of IoT, consumers will no doubt take an interest in what personal data companies are accessing and how they plan to keep it safe. Already, there have been major news stories about security vulnerabilities in IoT devices.  Smart retailers will embed security protocols at the heart of their IoT services and processes to protect the data they harvest.

As the need for IoT security emerges, businesses may also reconsider other cybersecurity vulnerabilities in terms of operations, finance and more. Many enterprises are not yet prepared for unexpected, malicious attacks, and might consider outsourcing cybersecurity management and adopting trusted cyber insurance solutions to stay one step ahead of the threats.