Intel to pump $100 million in developing retail technology
Intel (INTC) has created RRP (responsive retail platform), which it’s positioning as an optimized IoT (Internet of Things) platform for retailers. Through RRP, Intel says it has created as a simplified platform for retailers to track inventory and generate store data so that their executions can be more customer oriented to drive more sales.
On top of RRP, Intel also stated that it will invest more than $100 million within the next five years to develop more retail-focused technologies that will address needs such as checkout and inventory management. Through this investments, Intel hopes to create IoT and virtual reality and augmented reality systems a broad range of problems that retailers are struggling with.
Helping retailers operate more efficiently
While Intel might be looking to unlock new markets for its products to stabilize and grow sales, the efforts it has announced could yield solutions for help retailers such as Wal-Mart Stores (WMT), Target (TGT), Best Buy (BBY), and Macy’s (M) to allow them operate more efficiently and entice more shoppers to their stores.
Retailers moving to eliminate shopping barriers
Intel’s latest retail move also comes at a time when retailers such as Amazon.com (AMZN), Wayfair (W), and Gap (GPS) recently showed off augmented reality features aimed at to removing barriers that might have kept some shoppers from buying online. Amazon unveiled a feature called Products View that is based on Alphabet’s (GOOGL) Tango app and lets customers try out certain products before they make a purchase.
Intel, Qualcomm (QCOM), Micron (MU) and other chip manufacturers are racing to find new markets for their products as their traditional mainstays cool, and they are all optimistic about the future of IoT industry.