Things Buying Things

How the Internet of Things is becoming the Internet of Commerce according to Pizza Hut’s director of digital ventures.

17:09 24 April 2017

The rapid improvement of various payment systems provides seamless and more convenient experience for the end user. However, Meysam Moradpour, Pizza Hut’s director of digital ventures, said that such rapid change necessitates a hard look in the mirror.

 

In his 10-page paper, he said that the industry stands to benefit from lucrative conversion rates and higher transaction volumes as commerce transitions to a “state of ambiance” with the introduction of the Internet of Things (IoT).

 

He explained: “Payment innovation is leading to commerce experiences that are more seamless in nature and, generally speaking, more convenient for the end user. But with rapid change comes a need for a look in the mirror — stakeholders must assess the potential downfalls of their innovations in addition to where their innovations are guiding the industry.”

 

His paper, which can be downloaded for free from the NFC World Knowledge Centre, also provided a valuable insight as to how consumers buying things is slowly transitioning into “things buying things.” It also includes an explanation of IoT and what IoT holds for the future of retail.