Smart Retail Market

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. 

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.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

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.

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 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 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. 

Questions Answered in the Smart Retail Market Research Report:

• What are the leading market players active in the smart retail market?
• What the current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?

 Smart Retail Market Report Highlights