Smart Retail Market size was valued at USD 30.25 billion in 2022 and is poised to grow from USD 39.05 billion in 2023 to USD 301.34 billion by 2031, growing at a CAGR of 29.10% during the forecast period (2024-2031).
Retailers are focusing on improving consumer’s shopping experience by integrating technologies like artificial intelligence, virtual reality, augmented reality, and Internet of Things. These advanced technologies have helped businesses to enable accurate inventory management and enhance the store operations, resulting in the rising popularity of smart retail. AR is evolving the retail sector by helping brands to communicate with consumers through mobile devices. The marketing sector is also embracing AR, which is massively assisting them in developing consumer relationship, improving customer experience and driving sales. Retail stores are also emphasizing on utilizing technologies like mobile, cloud, RFID, beacons, and other to offer connected retail services. Store owners have started incorporating sensors in the main areas of retail stores and connecting them with cloud through a gateway. This has allowed them to analyze real-time data related to sales, products, and customers. One of the main challenges in retail stores is recognizing in-store navigation. Now the smart retail devices with advanced technologies like Bluetooth, wi-fi, magnetic positions, and augmented reality is helping customers navigate through the stores and find their products. These factors are massively rising the popularity of smart retail market among businesses and customers.
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Top Player’s Company Profiles
- Amazon.com, Inc. (US)
- Cisco Systems, Inc. (US)
- Google LLC (US)
- Honeywell International Inc. (US)
- Huawei Technologies Co., Ltd. (China)
- IBM Corporation (US)
- Fiserv, Inc. (US)
- Intel Corporation (US)
- LG Display Co., Ltd. (South Korea)
- NCR Corporation (US)
- NVIDIA Corporation (US)
- NXP Semiconductors (Netherlands)
- PAX Global Technology Limited (China)
- Samsung Electronics (South Korea)
- Toshiba Corporation (Japan)
- Zebra Technologies Corporation (US)
- Oracle Corporation (US)
- Shopify Inc. (Canada)
- Square, Inc. (US)
- Alipay (China)
- PayPal Holdings, Inc. (US)
- Epicor Software Corporation (US)
- Elo Touch Solutions, Inc. (US)
- NEC Corporation (Japan)
- BrightSign, LLC (US)
Visual Marketing to Attract Customers with Interactive Displays Increasing Popularity of Smart Retail Market
Visual marketing is increasing the demand for smart retail market because they are the main tools that help in capturing and retaining the customer’s attention. By incorporating advanced technologies like digital signage, interactive displays, and augmented reality into their marketing system retailers are attracting more customers. Visual marketing helps the retailers to provide better personalized experiences, improves promotions of brands, and enables customers to visualize products in an immersive manner. These improves the ambiance of the in-store retail shops and makes shopping more enjoyable for customers, increasing profit margin. Most of the times, customers might customers visit a store, but they may not have the intention to purchase anything but whenever they visualize a product it can instantly attract them leading to impulsive buying. Customers can get mesmerized through visual effects, encouraging them to make instant decision of purchasing a product. This increases brand loyalty and gradually leads to higher sales revenue, increasing the demand for visual marketing in smart retail.
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Segments covered
System
Digital signage solutions (Displays, Media Players, PCS, And Set-top Boxes, Mounts & Cables), Smart Labels (Smart Beacons {BLE, Hybrid}, Electronic Shelf Labels {LCD electronic shelf labels, Segmented E-paper electronic shelf labels, Full-graphic E-paper electronic shelf labels}), Smart Payment Systems (NFC-Ready POS Terminals, NFC-Ready MPOS Terminals), Intelligent Vending Machines, Augmented Reality Solutions, Virtual Reality Solutions, POS Solutions, Smart Cards (Interactive Kiosks, Self-checkout Solutions), Robotics, Analytics (AI)
Application
Foot- Traffic Monitoring, Inventory Management, Loyalty Management And Payment, Predictive Equipment Maintenance, Brand Protection, Smart Fitting Rooms
Retail Offering
Apparel And Accessories, Fast Moving Consumer Goods, Hardlines And Leisure Goods, Others
Technology
Visual Recognition, Blockchain, Artificial Intelligence (AI), Mobile
Increasing Use of Robotic and Automation to Offer Seamless Experience to Customers
In today’s fast-paced society, customers want fast services owing to which businesses are implementing automated gadgets and robotics for reducing manual labor. Retailers are increasing customer satisfaction with their self-service machines and their smooth operations. Rising demand for automated systems like vending machines, kiosks, electronic shelf labels is also increasing the popularity of smart retail devices. These devices offer more efficient and seamless experience. These automated systems can also save operational time and physical efforts in the retail sector. Furthermore, retail automation is boosting the implementation of electronic shelf labelling in supermarkets, hypermarkets, specialty stores, and non-food retail businesses. Installing such technologies in retail stores also offers a solution for dynamic pricing, which minimizes labor by mitigating manual processes.
- Associated Wholesale Grocers extended their partnership with Instacart in March 2024. The collaboration will help them to provide ecommerce solutions and AI-powered smart carts, known as Caper Carts to more AWG retailers.
- REWE Group introduced their REWE Ready smart shop at the EnBW Hypernetz EV Charging Hub in February 2024. This solution will provide time to market, and easy implementation suggesting smart fridges on plug and play devices.
- Smart Technology Solutions was acquired by Omnichannel PayTech specialist Secure Retail in January 2024.
- Amazon.com Inc. and AXA declared their intention for developing and building AXA Digital Commercial Platform in April 2024. This will help retailers to enable next-generation risk management.
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Changing Consumer Expectations to Increase Demand for Advanced Technologies Driving Smart Retail Market Growth
In recent times, consumer expectations are substantially impacting smart retail market statics due to convenience, personalization, and streamlines shopping experiences. Nowadays, consumers expect retailers to offer omnichannel services, personalized suggestions, better convenience, and secure payment methods. They also want to get efficient and smoot order fulfilment. These are encouraging the retailers to adopt innovative technologies like kiosks and visualization to meet these evolving demands. By using Intelligence IoT and data analytics retailers can analyze customer data to provide personalized experiences, enhance inventory management, and streamline operations, progressing the smart retail market growth.
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