The latest report on Smart Retail Market by Infinium Global Research gives complete coverage of the Smart Retail Market by solution (software, hardware), technology (NFC, ZigBee, Wi-Fi, RFID), application (monitoring, predictive equipment maintenance, inventory management, GPS tracking, route optimization, smart fitting rooms, brand protection, loyalty) in terms of key trends, market size, forecast and CAGR growth over the period of 2018 to 2024. In addition, the study covers deep dive into key product and applications trends in the regional markets of Smart Retail such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Increasing Demand for Improved Functionality Reduced Inventory Damage and Revenue Drives the Growth of the Smart Retail Market
A set of smart technologies designed to give the consumer a faster, greater, safer, and smarter experience while shopping is known as smart retail. Smart retailing provides several advantages to the businesses and enhances the customer experience. It uses RFID’s, sensors and consumer devices for data mining, predictive analytics and to optimize operations by responding quickly to customer needs and market trends.
The growing adoption of smart devices and technologies in retail businesses owing to increasing demand for improved functionality reduced inventory damage and revenue drives the growth of the smart retail market. Industrial giants such as McDonalds and Walmart has also collaborated with smart retail providers to use the toll-pass system as the means for consumers to pay by voice and improve their shopping experience.
The smart retail decreases the implementation costs of technology to improve ROI and sales revenue, provide competitive advantages in businesses, and enhances customer satisfaction and experience. Furthermore, the increasing adoption of IoT and smartphones in retail sectors for store management and increased demand for better customer service presents growth opportunities for the smart retail market. Moreover, the growing use of voice-pay technology and a rapid rise in contactless cards presents profitable opportunities for smart retail providers looking to differentiate and grow.
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Growth of the Smart Retail Market
Geographically, North America region holds the dominant share in the global smart retail market and is anticipated to remain dominant over the forecast period. The increasing demand for secure and cost-effective inventory management from the retail sector drives the growth of the smart retail market. In North American countries such as the U.S. and Canada, retailers have adopted smart retailing technologies such as the Internet of things and Big Data Analytics at the retail stores to improve the revenue of business and gain more customers.
The Asia Pacific is also anticipated to grow at the fastest rate during the forecast period. The transformative changes in the Asia Pacific retail industries are creating new opportunities for smart retail market players. In addition, the rapidly growing fashion industry and e-commerce favor the growth of the smart retail market in the Asia Pacific region over the forecast period.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Smart Retail.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.