Application of the Internet of things in retail trade

The Internet of things is the main megatrend in technological development. Combined with the current and expected prevalence of connected smart devices, it enables the application in many areas, including retail. The article discusses and systematizes the application of technologies and solutions of the Internet of things for retail from both the manufacturers’ and sellers’ points of view. A model revealing the potential possessed by the Internet of things in comparison with standard industry practices of marketing and retail for achieving business results and a competitive advantage has been suggested. The proposed model is based on relevant business practices and technological solutions linking manufacturers and retailers, activating potential buyers throughout the procurement cycle, combining the user interface and internal business processes.