Advancements in smart retail solutions including different features such as sales reporting, sales analytics, and inventory management; POS including wireless mobile devices; and cloud computing enabling better customer interaction, are expected to drive the growth of the smart retail market during the forecast period. This helps retailers to sell their wares at the right price, the right time to the customer almost every single time, and gain a competitive advantage in the market. Lack of compliance on the part of IoT solution providers and integrators, and lack of user knowledge and awareness for smart retail, are the primary factors that would challenge the adoption of smart retail in the global market during the forecast period (2020 to 2030).
Development of RFID Technology to Improve Customer Experience and Sales Efficiency
Handheld RFID inventory management platforms will help improve customer experience, allow for quick and efficient restocking of merchandise, and increase sales. The implementation of RFID technology in retail markets to support the Omnichannel strategy caters to the changing shopping habits of customers. RFID technology allows tracking missing products from the sales platform. An RFID inventory system increases inventory management efficiencies and provides deeper merchandise visibility. RFID technology is also used for reducing costs and maintaining efficiencies at the right time when retailers are battling fiercely. By reducing out-of-stock and overstock scenarios, retailers can maximize product availability to help convert sales.
Technological Advancements Creating New Growth Opportunities
Continuously evolving new technologies such as smart communication technology, smart store technology, and AI facial recognition technology, in the retail industry, are driving the smart retail market. Digital and online technologies are creating potential growth opportunities for smart retail, as these technologies improve communication between retailers and customers, as well as help retailers position their products and organize their processes and value chain. For instance, in September 2019, the Ingenico Group announced a partnership with M&S, a major British multinational retailer company. Both companies work together to launch a new payment services that involve all M&S customer digital channels and touchpoints, which is critical to maintaining customer experience and sales goals.
Emerging Internet of Things (IoT) Technology Spurring Market Growth
Increasing adoption of Internet of Things (IoT) technology for various applications, such as workforce skill alteration, smart retail automation, and connected retail services, is rapidly fueling the growth of the global smart retail market. Internet of Things (IoT)-based smart retail products such as radio-frequency identification (RFID) tags are used for tracking systems to monitor and detect goods and control of inventory. These IoT-based products are also used for tracking product deliveries. The adoption of Internet of Things (IoT) in smart retail offers different advantages, such as reduced time and effort, user-friendly, easy access of product information, and cost-efficiency. These factors are anticipated to contribute to the growth of the smart retail market over the coming years.
East Asia & Europe to Offer Lucrative Growth Opportunities
The smart retail market is witnessing rapid growth in the East Asia & Europe regions, due to increasing adoption of mobile and connected devices. Smart retail market providers strive to expand their operations in Japan, South Korea, Germany, China, the U.K, and Spain, to unlock new growth avenues, attributable to the growing demand for retail in these countries.
Smart Retail Market – Competition Landscape
Introduction of new products and collaborations & partnerships are key strategies followed by top players in the smart retail market to increase their business revenue. Smart retail product manufacturers and service providers are focusing on innovation in products/services to improve their market positions.
Some of the leading players in the smart retail market are NCR Corporation, Samsung Electronics Co. Ltd., Ingenico Group, Cisco Systems, Inc., and Huawei Technologies Co., Ltd.
Over the past few years, manufacturers and service provider are focused on smart retail IOT solutions for simplifying the process of connecting IoT components with cloud-based services by providing a superior customer experience, which is creating significant growth opportunities for players in the smart retail market. Among other regions, North America is the most prominent region, and held a market share of 34% in the global smart retail market in 2019. The ongoing Covid-19 pandemic has led to the temporary shutting down of most physical stores across the world. Market growth has been hit, but this will inspire vendors in the smart retail market to innovate in AI through rigorous R&D.
Smart Retail Market- Scope of the Report
Persistence Market Research (PMR) recently published a report on the smart retail market for the assessment period of 2020-2030. PMR’s report on the smart retail market offers a close look at the evolving aspects of the smart retail market, as well as the dynamics impacting market growth. The report provides insights into the key developments that have made their mark on the smart retail market, and anticipated developments. The report includes various macroeconomic and microeconomic factors responsible for having an impact on the growth of the smart retail market.
A direct market overview provides the growth scenario and market potential with maximum precision, which is adjudged with suitable assumptions. The report features relevant factors that are likely to have a significant impact on the smart retail market during the forecast period. It includes detailed and comprehensive information to help new manufacturers establish themselves in the smart retail market.
Several stakeholders in the smart retail market can rely on the data offered in this report for effective decision-making. Moreover, the information offered in the smart retail market report will help new market entrants in expanding their bases in the landscape.
The report elaborates the historical and current trends molding the growth of the smart retail market. The performance journey of the smart retail market is drawn and analyzed to make the lucrative side of the market evident to readers. The competitive landscape presented in the smart retail market report gives a detailed outlook of the profiles of key companies operating in the market, along with their differential strategies and key focus areas.
Smart Retail Market: Segmentation
PMR’s report on the global smart retail market offers a detailed market segmentation, wherein, key segments have been discussed in detail. This report by PMR carefully examines the smart retail market at a global as well as regional level, through market segmentation on the basis of multiple parameters such as component, retailer size, end user, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the report.
Smart Retail Market: Key Questions Answered in the Report
Smart Retail Market: Research Methodology
A unique and promising research methodology forms the base of the smart retail market report. This report has been prepared after a comprehensive analysis of market happenings, and riveting insights have been compiled meticulously. The research methodology used to compile the smart retail market report was a two-step process that comprises primary and secondary research. Key stakeholders, which include smart retail suppliers, and distributors, and experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals have been interviewed to obtain accurate data.
Secondary sources referred to by our analysts to obtain report findings include investor presentations of manufacturers, World Bank, and other credible sources.