The Ultimate Guide to Smart Retail

Smart retail comprises the set of technological solutions that facilitate the retailers to transform a traditional physical outlet into an interactive point of sale. These solutions primarily aim to support the retailers to meet the new requirements of buyers brought about by the digital revolution and, also offer the essential tools to allow them to increase their sales, obtain exhaustive knowledge of their business and customers, and expand their operating processes.

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Many retailers, especially SMEs, lack the commercial resources to finance advanced business platforms. There is a rising settlement in the industry that stores must continue to digitize with IoT devices and focus on offering better shopping experiences to stay competitive and attract customers back to stores. Apart from the pandemic situation, smart retail advancements are also assisting the industry in gaining higher demand, for instance, by buying finished goods through the voice process.

In recent years, digital payment modes, such as debit cards, credit cards, prepaid cards, electronic wallets, and other digital platforms, are expected to witness significant traction over the forecast period. The shifting consumer preference to cashless transactions and the subsequent increase in the adoption of digital payment solutions across retail stores, including specialty stores, supermarkets, and departmental stores, are particularly expected to drive the growth of the market over the forecast period.

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