Asia-Pacific Smart Retail Market Report Up to 2031
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Smart retail involves in with a several mechanical solutions which are designed to provide better, safer & smarter consumer experience in the market. Moreover, smart retailing helps in improving shopping experiences for consumers and aims at fulfilling the on-going demands & needs of purchasers. Furthermore, as retailers are facing several challenges in terms of customer visits, smart retail market helps in implementing advance working procedures for retailer shops.
Factors such as surge in demand for improving the store operations & enhancing better shopping experience and increased investment in technologies by retailers, are some of the major factors fuelling the market growth. On the contrary, to focus on expanding digital experience with changing customer needs and surge in government support towards retail industry are becoming some of the major factors expected to boost the demand for smart retail in Asia Pacific region.
COVID-19 Impact on Asia Pacific Smart Retail Market
In the wake of COVID-19 pandemic situation. The smart retail in the region has experience significant growth rate. Due to rapid change in consumer behaviour, product demand from retail store, and increased adoption of digitalized services, the demand for smart retail market in continuing to rise in the region. Moreover, consumers have largely switched towards online payments & purchases in order to maintain social distancing by lower of cash and curb the spread of virus.
Surge in demand for improving the store operations & enhancing better shopping experience
With changing customers’ expectations & awareness towards advance technologies, the retailers are accelerating the development of their existing retail operations. Moreover, customers' psychological responses to intelligent retail technology adoption is becoming another factors driving the market growth.
Increased investment in technologies by retailers
Massive rise of advance technologies such as artificial intelligence (AI), augmented reality (AR), machine learning (ML), computer vision (CV), and others are changing the landscape of retailing services in the market. Moreover, due to advance features & solutions provided by these technologies, retailers are largely investing & integrating in their existing stores.
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To focus on expanding digital experience with changing customer needs
Due to increased digital transformation especially among retail sector is expected to boost the growth of smart retail market. Key players have an opportunity to focus on expanding digital experience for consumers while shopping, in order to sustain in the competitive environment.
Surge in government support towards retail industry
Several councils & federation for retail industry has been formed in the region, in order to accelerate business operations & enhance the growth of industry in the region. Moreover, during the coronavirus pandemic situation, government across several countries are allowing retailers to serve consumers by imposing safety guidelines. This, as a result helps in boosting the business operations of retail sector and is expected to maintain this trends during the forecast period.
Some of the companies profiled in the report include Amazon.com, Inc., Analog Devices, Broadcom Limited, Cisco Systems, Inc., Cognizant, Google, Honeywell International, Inc., IBM Corporation, Ingenico Group, Intel Corporation, and Microsoft.
In October 2019, in Hong Kong, one of the subsidiaries of Hong Kong Science and Technology Parks Corporation (“HKSTP”) has announced the opening of its first smart retail shop, v-smart. In addition, the new smart retail store will allow customers to select shopping items through an in-store kiosk or the v-smart website.
In October 2019, the International Council of Shopping Centers (ICSC) has announced Asia-Pacific Shopping Center Awards as a winner by recognizing the region’s most innovative shopping centers. In addition, Asia-Pacific Shopping Center Awards involves in design and development, retail & marketing, in the retail industry.
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