PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527930
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527930
Advancements in smart retail solutions, incorporating features such as sales reporting, sales analytics, inventory management, and wireless mobile POS devices, are expected to drive the growth of the smart retail market. The integration of cloud computing is also enhancing customer interaction, enabling retailers to offer their products at the right price and time, thus gaining a competitive edge.
Development of RFID Technology to Improve Customer Experience and Sales Efficiency
Handheld RFID inventory management platforms are set to revolutionize the retail industry by improving customer experience, facilitating quick and efficient restocking of merchandise, and boosting sales. The implementation of RFID technology supports the omnichannel strategy, catering to the evolving shopping habits of customers. RFID technology allows tracking missing products from the sales platform, increasing inventory management efficiencies and providing deeper merchandise visibility. Additionally, RFID technology helps reduce costs and maintain efficiencies, allowing retailers to maximize product availability and convert more sales.
Technological Advancements Creating New Growth Opportunities
Continuously evolving technologies such as smart communication technology, smart store technology, and AI facial recognition technology are propelling the smart retail market forward. Digital and online technologies are creating potential growth opportunities by improving communication between retailers and customers, helping retailers position their products, and organizing their processes and value chain. For instance, in September 2019, the Ingenico Group announced a partnership with M&S, a major British multinational retailer. This collaboration aims to launch new payment services across all M&S customer digital channels and touchpoints, critical for maintaining customer experience and sales goals.
Emerging Internet of Things (IoT) Technology Spurring Market Growth
The 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. IoT-based smart retail products, such as RFID tags, are used for tracking systems to monitor and detect goods and control inventory. These IoT-based products are also utilized for tracking product deliveries. The adoption of IoT in smart retail offers various advantages, including reduced time and effort, user-friendly interfaces, easy access to product information, and cost-efficiency, contributing to the market's growth.
East Asia & Europe to Offer Lucrative Growth Opportunities
The smart retail market is witnessing rapid growth in East Asia and Europe due to the increasing adoption of mobile and connected devices. Market providers are expanding their operations in Japan, South Korea, Germany, China, the U.K., and Spain, unlocking new growth avenues due to the growing demand for retail in these countries.
Smart Retail Market - Competition Analysis
The 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 product/service innovation to improve their market positions. Leading players in the smart retail market include NCR Corporation, Samsung Electronics Co. Ltd., Ingenico Group, Cisco Systems, Inc., and Huawei Technologies Co., Ltd.
Analysts' Viewpoint
Over recent years, manufacturers and service providers have focused on smart retail IoT solutions to simplify the process of connecting IoT components with cloud-based services, providing a superior customer experience. This approach is creating significant growth opportunities for players in the smart retail market. Among other regions, North America remains a prominent market, holding a significant share in the global smart retail market. The ongoing global pandemic has temporarily shuttered many physical stores, impacting market growth. However, this challenge is expected to drive vendors in the smart retail market to innovate in AI through rigorous research and development.
Smart Retail Market: Segmentation
Fairfield Market research's report on the global smart retail market offers a detailed market segmentation, examining the market at both global and regional levels through multiple parameters such as component, retailer size, end-user, and region. Each segment has been analyzed in detail, with data on the growth of each segment included in the report.
By Component
By Retailer Size
By End User
By Region