“Apple’s product event in San Francisco on Oct. 22 featured the expected upgrades to the iPad and MacBook lines, with better processors, sharper displays, and increased battery life,” Sam Grobart reports for Businessweek.

“The bigger news was quietly rolled out a little more than a month ago, when Apple unleashed iOS 7 onto the world,” Grobart reports. “Embedded in the mobile operating system’s flashier interface and multitasking features is a new technology called iBeacon that can pinpoint your location to within a few feet.”

Grobart reports, “iBeacon is software that enhances the location-tracking services in an iPhone, an iPad Mini, or any device running iOS 7. For retailers desperate to turn smartphones from distractions into a sales tool, it provides a quick way to target ads and other messages to consumers as they walk through a store. For Apple, it’s a chance to collect valuable shopping data and to build a mobile-payment platform into a dominant retail standard… ‘iBeacon’s momentum is just getting started,’ says Hari Gottipati, an independent tech consultant in Phoenix, ‘but it’s going to explode faster than anyone can imagine.'”

Read more in the full article here.

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