The “Internet of Things” refers to the concept that the Internet is no longer just a global network for people to communicate with one another using computers, but it is also a platform for devices to communicate electronically with the world around them. The result is a world that is alive with information as data flows from one device to another and is shared and reused for a multitude of purposes
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Seeking innovation? Look for the intersection of physical and digital worlds.
Take, for example, Tesco supermarkets in South Korea. The company wanted to increase sales without creating more stores. Tesco understood that Koreans work long hours and have little appetite for shopping at the end of the day so they created virtual grocery stores at subway stations. These virtual stores, shelves and all, are projected on the walls of subway stations. To purchase items, shoppers simply go to a Tesco app on a smartphone and scan the projected items’ QR code. When purchases are completed, the order is delivered to shoppers’ homes shortly after they get home from work.
The Tesco app was downloaded 400,000 times in one month after the launch and Tesco skyrocketed to number one in online sales in Korea.