According to Stratistics MRC, the “Global Smart Retail Market” is accounted for $14.61 billion in 2018 and is expected to reach $84.92 billion by 2027 growing at a CAGR of 21.6% during the forecast period. Rising adoption of big data analytics, machine learning, block chain, and artificial intelligence technologies by retailers and reducing cost of electronic components are the major factors driving the market growth. However, a high risk of customer data thefts is restraining the market growth.
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Smart retail is set of smart technologies intended to offer faster, greater, smarter, and safer service to customers during shopping. Technological advent is changing consumer’s shopping experience, owing to this retailer are able to focus on consumer specific needs and improve business. Retailers are carrying out surveys to understand customer behavior and their needs. They are also adopting several smart retail solutions such as NFC (Near Field Communication) to attract, acquire customers and convert it into sales. Use of such technologies allows retailers to promote a better brand image and increase sales.
Opportunity: Increase in number of smart stores to lead to rise in adoption of self-delivery vehicles would provide ample opportunities for the market growth.
The rapidly growing popularity of smart technologies enables all spheres of life to become ‘smart’, from everyday devices to production-scale tools in agriculture, healthcare, lifestyle, industry, environment, logistics, retail, home, cities, etc. IoT-based solutions are being enabled in order to improve inventory control by tracking of goods from their production level and continue up to the customers’ doors. This is the exact way how the supply chain is built and would provide ample opportunities for the market growth.
Driver: Rising adoption of IoT is driving the market growth.
With the rising adoption of IoT, smart retail industries are also planning to implement it so as to offer a connected and richer experience while shopping. With this technology, the customers before entering the store can log into the store on their smart phones to check the availability and price of the products they wish to buy. Adding to this, in the near future they can also receive notifications about the product availability. All the aforementioned factors are expected to grow the market at a thriving pace during the forecast period.
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Depending on system, visual marketing segment is expected to grow at the significant market share during the forecast period. There is a high demand for digital signage as an effective way to communicate with customers as well as to provide digital experience in brick-and-mortar stores. Digital signage is used in store display videos, ads, or messages, which need to be conveyed to customers for improving engagement. As a result, visual marketing is anticipated to dominate the market throughout the forecast period.
Asia Pacific region is anticipated to hold considerable market share during the forecast period:
By geography, the Asia Pacific region is anticipated to hold considerable market share during the forecast period. The market in Asia Pacific is expected to register significant growth over the forecast period, owing to increasing deployment of these solutions such as reception robots, shopping guide robots, virtual mirrors, and big data analytics in countries such as Japan and China and modernization of ICT infrastructure in developing economies in the region. For instance, Alibaba Group, an e-commerce giant in China, introduced its new retail concept by opening Hema Supermarket, which is a fine integration of online and offline shopping.
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Some of the key players profiled in the Smart Retail Market include Amazon, Bosch Group, Broadcom Limited, Cisco Systems, First Data, Google LLC, Honeywell, Huawei Investment & Holding, IBM Corporation, Ingenico, Intel, LG Display, Par Technology, PAX Global Technology, Softbank Robotics Holdings and Verifone.
Amazon: In March 2020, Amazon launched business selling automated checkout to retailers. Its chain Amazon Go has brought shopping without checkout lines into the mainstream, and the market for retail without cashiers, one of the most common vocations in the United States. Unlike Amazon Go stores, shoppers will insert a credit card into a gated turnstile to enter, rather than scan an app. The turnstiles will display the logo "Just Walk Out technology by Amazon," but all other branding and store aspects will be controlled by the retailer using the service.
Google: In October 2019, Google launched updated Google Shopping platform to the U.S. market on both desktop and mobile. It is a robust system that adds features for a better experience. These updates make Google Shopping more user-friendly and easy to use, but they could also affect retailers and how they optimize their relationship with Google.
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