Smart Retail Market: Technical Signs Point Rapid Growth In Coming Years And Business Opportunities 2020-2027

Allied Market Research published a new report, titled, “Smart Retail Market” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Smart retail is all about using smart technologies which are designed in a way to provide faster, better and safer services to the customers. Growing advancement in technologies such as virtual reality, internet of things, augmented reality and artificial intelligence and their incorporation in the retail stores has become new trend. Such smart retail stores helps in improving inventory management and enhancing the customer experiences. These advancements also enable brick & mortar retailers to compete well with the online retailers in terms of recapturing the lost market share by attracting new customers and retaining the old ones.

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Increase in usage of technology, availability of internet at affordable rates, rise in adoption of smart devices, and surge in need for offering better services to customers are the major factors that contribute toward the growth of the smart retail market during the forecast period.

Visual marketing is also one of the important segments within the smart retail market. In this segment, display ads or messages are being used within the stores for effective communication and for improving customer engagement. Smart retailers are also opting for analytics software to understand the requirements of the customer and their behavior toward various goods. This helps improve the growth of the smart retail market. However, security concerns regarding online payments and transactions are expected to hamper the growth of the smart retail market.

Regions covered – North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, Mexico, and Rest of LAMEA)

Competitive analysis – Intel Corporation, Softbank Robotics Holdings, IBM, Amazon, Google, Inc., Samsung Electronics, Ingenico S.A., Microsoft Corporation, NCR Corporation, Verifone Systems

COVID-19 Scenario Analysis:

The closure of factories due to COVID-19 led to the decline in the production of the equipment in the industries. This not only affected the scale of production but also the growth of these industries related to smart retail.
The online platforms, shops and retail stores were shut due to lockdown observed worldwide. This also affected the trade of these products related to smart retail which in turn hampered the sales of pulses in various countries around the world.
The sale of the food additives is expected to grow after worldwide release of the lockdown situation due to COVID-19.

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The global smart retail market trends are as follows:

Demand for Robotics

The segment related to robotics is expected to grow within the smart retail market. Robots are really helpful in increasing the efficiency by cutting down the time. They are known to simplify the tasks by finding the required product as per the need of the customers quickly.

Foot traffic monitoring segment

Rise in the awareness regarding the importance of foot traffic monitoring segment among the retailers is attributed toward the growth of this segment. It is essential within the smart retail stores as it helps provide the required insights and information about different aspects related to the stores. It also provides basis to the owner to plan the growth strategies accordingly.

Key Segments Covered:

Type
• Hardware
• Software

Application
• Visual Marketing
• Smart Payment System
• Smart Label
• Intelligent System
• Others

Retail Offering
• Apparel and Accessories
• Hard lines and Leisure Goods
• Fast-moving Consumer Goods
• Others

Key Benefits of the Report:

○ This study presents the analytical depiction of the smart retail industry along with the current trends and future estimations to determine the imminent investment pockets.
○ The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global smart retail market share.
○ The current market is quantitatively analyzed from 2020 to 2027 to highlight the global smart retail market growth scenario.
○ Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
○ The report provides a detailed global smart retail market analysis based on competitive intensity and how the competition will take shape in the coming years.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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