Global Smart Retail Industry

September 2020 •
476 pages •
Report ID: 5799659 •
Format: PDF

Summary
Table of contents

The global market for Smart Retail is projected to reach US$48. 1 billion by 2025, driven by the growing role of data, digital technologies and internet platforms in improving decision making and making businesses simply smart. These technologies include block chain, mobile/5G, Internet of Things, big data & analytics, advanced logistics with built-in RFID tags & GPS, iBeacons & smart inventory management. Smart technologies are the way forward for the retailers to capitalize on the emerging US$32. 7 trillion global retail market opportunity. Benefits of smart technologies include faster information delivery, personalization of shopping experience, socialization while shopping, better supply chain management, among others. In the U. S alone, investments in IoT in the domestic retail industry will jump to over US$13. 1 billion by 2026 from the US$5. 2 billion estimated in the year 2019. Smart Retail ecosystem, comprising visual marketing technologies, smart labels, smart payment systems, and intelligent systems, strives to empower brick-and-mortar retailers to attract more number of consumers into the store, improve customer retention, and effectively compete with online retailers and focus on recapturing lost market share. By incorporating smart retail technology, physical retailers can seamlessly attract, engage, and convert prospective visitors into shoppers. Smart retail technology enables physical retailers to display pop-ups and targeted promotional messages on in-store screens specific to preferences of shoppers and visitors, while creating awareness and enhancing in-store engagement. Implementation of end-to-end Smart Retail solution typically aids retailers to gain from quality, output sustainability, and overall efficiency benefits. Smart retail platform will typically have its impact on supply chain adaptation, workforce skill alteration, and IT security, among others.

Smart retail leads to a decentralized, transparent and optimized sales process for retailers and the supply chain. Some of the primary tangible benefits of the concept include better quality, enhanced efficiency and sustainable output. The ability of smart retail to timely identify and address potential issues results in superior output quality in comparison to the output for traditional approaches. One of the major benefits of smart retail is self-adaptation along with its positive impact on efficiency. Smart retail leverages real-time data for analyzing and self-correcting to support adaptation and sales while improving the output in an efficient manner. Traditional sale and retail often face various disruptions caused by a number of labor, accidental and environmental factors. On the other hand, smart retail`s self-correction and adaptability eliminate the chances of human error. In addition, the automation leads to higher level of safety and enhanced output sustainability. These advantages are driving various retailers including leading restaurant chains and other outlets to embrace the concept of smart retail. Various supermarket chains are using smart retail for rewarding customers with discounts on the basis of their shopping habits. These chains use dedicated smart phone apps to track shopper`s purchases with their registered mobile phone numbers. Retailers present customized deals and offers on the app for attracting shoppers back to supermarkets. In addition to improving consumer experience, smart retail is used to track shopping patterns and inventory for efficient item, display and shelf placement for individual stores. Moreover, the availability of comprehensive data related to each store allows these retail chains to boost profitability for every store.

Ahmad helps you find the right report:

+1 718 618 4302
Contact by email

FAQ

Testimonials

The market research advisor answered my questions quickly and professionally. ReportBuyer's team did their best to ensure that I felt comfortable before making the investment to purchase the report.

Cristian Nunez

Director of Corporate Development Chugach Alaska Corporation

My overall experience with ReportBuyer today has been very positive, and I must thank you for your patience (...). Also, the sample you sent me and the explanations provided were very helpful.

D. Lescuyer

Executive Vice President Oral Business at Skyepharma

The research specialist was very helpful, and proposed the best content for my needs. ReportBuyer also offered a great follow-up, thanks for everything !

P. Thompson

EMEA Managing Director

We were satisfied with the support that ReportBuyer's team provided. Thanks to their recommendations, the report we purchased provided exactly what we want.

Y. Wang

Business Analyst

We didn't have time to do the research internally, and thanks to ReportBuyer's team we were able to find the appropriate data.

S. Chen

Research Coordinator

I was impressed by the customer service: it was fast, responsive, and 100% professional !

D. Krivan

Market Research Analyst

The research specialist provided prompt and helpful service. He also followed up to ensure I had all the information to deliver my business development plan.

C. Adams

Senior Business Development Manager