An Analysis of IoT and AI Applications in Retail Business Environments

abstract: This thesis examines the applications of the Internet of Things and Artificial Intelligence within small-to-medium sized retail businesses. These technologies have become a common aspect of a modern business environment, yet there remains a level of unfamiliarity with these concepts for business owners to fully utilize these tools. The complexity behind IoT and AI has been simplified to provide benefits for a brick and mortar business store in regards to security, logistics, profit optimization, operations, and analytics. While these technologies can contribute to a business’s success, they potentially come with a high and unattainable financial cost. In order to investigate which aspects of businesses can benefit the most from these technologies, interviews with small-to-medium business owners were conducted and paired with an analysis of published research. These interviews provided specific pain points and issues that could potentially be solved by these technologies. The analysis conducted in this thesis gives a detailed summary of this research and provides a business model for two small businesses to optimize their Internet of Things and Artificial Intelligence to solve these pain points, while staying in their financial budget