The global Smart Retail market size is expected to reach USD 232.36 billion by 2030 and exhibit a CAGR of 29% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing demand for personalized shopping experiences, integration of advanced technologies such as IoT and AI, rising adoption of mobile payment solutions, increasing focus on enhancing customer engagement, the need for efficient inventory management, emphasis on data-driven decision-making, surge in the use of analytics for customer insights, expanding popularity of omnichannel retailing, the push for seamless and frictionless shopping processes, and the continuous evolution of customer expectations are fueling the market’s growth.
Westford,USA, Feb. 09, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Smart Retail market, increasing adoption of cashierless stores leveraging computer vision and sensor technologies, the rise of virtual try-on solutions in apparel and cosmetics retail, the growing prominence of voice commerce through virtual assistants, the integration of blockchain for secure and transparent transactions, the emergence of edge computing to enhance real-time data processing in retail environments, the widespread use of RFID technology for efficient inventory tracking, the focus on hyper-personalization through AI-driven recommendations are the trends that aid in the market’s growth.
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- Pages – 157
- Tables – 62
- Figures – 75
Smart Retail integrates advanced technologies such as artificial intelligence, Internet of Things, and data analytics to enhance the shopping experience. It employs innovations like cashierless checkout, personalized recommendations, and real-time inventory management, revolutionizing traditional retail by creating more seamless, efficient, and personalized interactions for both consumers and retailers.
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Prominent Players in Smart Retail Market
- Home Depot
- Walgreens Boots Alliance
- CVS Health
- Costco Wholesale Corporation
- Macy’s, Inc.
- GAP Inc.
- Samsung Electronics
Omnichannel Strategies Demand to Grow Substantially in the Forecast Period
Omnichannel strategies dominate the global online market as it provide a unified shopping experience across online and offline channels, are also likely to play a significant role. As consumers increasingly expect a cohesive journey across various touchpoints, smart retail solutions that enable smooth transitions between physical stores and digital platforms could become more prevalent.
Customer Intelligence is the Leading Application Segment
In terms of application, customer intelligence is the leading segment as it offers personalized and targeted experiences, from personalized recommendations to tailored promotions. This, in turn, enhances customer engagement and satisfaction, leading to increased sales and customer loyalty. With the rising importance of delivering a personalized shopping experience, retailers are likely to invest significantly in customer intelligence applications to stay competitive in the market.
North America is the leading Market Due to the Technological Advancements
North America, particularly the United States, has shown leadership in adopting and implementing smart retail solutions. The region’s tech-savvy consumers, coupled with a well-established retail industry, contribute to the growth of smart retail technologies. Moreover, the presence of major technology companies and startups focused on retail innovation further boosts the smart retail market in North America.
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A recent report thoroughly analyzes the major players operating within the Smart Retail market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Smart Retail.
Key Developments in the Smart Retail Market
- JD.com unveiled its JD.ID X-Mart in Indonesia, a cashier less store powered by AI and computer vision technology. The store uses cameras and sensors to track customer movements, enabling a grab-and-go shopping experience where customers can simply pick up items and walk out without the need for traditional checkouts.
- Amazon introduced a new initiative called Smart Commerce in India, aimed at empowering traditional offline retailers by providing them with the opportunity to establish their digital storefronts. Through this program, retailers can offer their customers a range of enhanced services and an enriched in-store shopping experience. By embracing Smart Commerce, retailers can leverage digital technologies to expand their online presence and cater to the evolving needs of customers in the digital age.
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Key Questions Answered in Smart Retail Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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