Smart Retail Market Growing Rapidly
The smart retail market is growing rapidly and is expected to reach USD 529 billion by 2024, with a compound annual growth rate of 27.5%. According to Yahoo Finance research, the estimated global market size of the smart retail industry was USD 219.9 billion in 2019 and is predicted to reach an incredible USD 529 billion by 2024.
Types of Smart Retail Technologies
The growth of the smart retail market is attributed to several advances in technology, including the following:
- Wearables: Retailers are increasingly turning to wearables to provide efficient and tailored customer experiences. Wearables include smart glasses, smart watches, and bracelets that capture data in real-time and present it to store associates.
- Robots: Stores are increasingly utilizing robots and automated guided vehicles to streamline tasks such as stocking shelves, manage inventory and clean up floors.
- Smart Payment Systems: Smart payment systems help streamline the shopping process by incorporating intelligent payment methods that can recognize customer purchasing habits. These payment systems are becoming increasingly popular with retailers and customers alike.
- Augmented Reality and Virtual Reality: Retailers are using AR and VR to enhance shopping experiences. AR technologies allow customers to virtually ‘try on’ products such as clothes and sunglasses, while VR technologies create immersive shopping experiences that simulate being in the store.
Benefits of Smart Retail
Smart retail technologies are helping businesses create tailored experiences for customers. It helps retailers build lasting relationships by understanding customer needs and providing personalized shopping experiences. The use of these technologies also increases operational efficiency, while reducing costs and improving customer satisfaction.
In addition, the adoption of these technologies is helping retailers become more competitive, as they can offer quicker and more efficient services than their traditional counterparts.
Smart retail technology is rapidly transforming the retail industry and transforming how customers shop. In the near future, we can expect to see continued growth in this industry, with more retailers embracing these technologies to create unique and personalized shopping experiences for their customers.