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Smart Retail: Technologies and Global Markets

Smart Retail: Technologies and Global Markets

  • September 2020
  • 100 pages
  • ID: 5976184
  • Format: PDF
  • BCC Research

Summary

Table of Contents

Report Scope:
In this report, the market has been segmented based on application, system, technology and geography.The report provides an overview of the global smart retail and analyzes market trend.

Using 2019 as the base year, the report provides estimated market data for the forecast period 2020 through 2025.Revenue forecasts for this period are segmented based on application, system, technology and geography.

Market values have been estimated based on the total revenue of the smart retail solution providers.

The report covers the market for smart retail with regards to their applications across different regions.It also focusses on the major trends and challenges that affect the market and the vendor landscape.

The report estimates the global market for smart retail in 2020 and provides projections of the expected market size through 2025.

Report Includes:
- 30 data tables and 14 additional tables
- An overview of the global market for smart retail
- Analyses of market trends, with data from 2019, estimates for 2020, and projections of compound annual growth rates (CAGRs) through 2025
- Identification of new opportunities, challenges, and technological changes within the smart retail applications industry
- A look at the major steps taken to improve customer experience and efficient management of business operations and insights into government initiatives to boost economies
- Detailed analysis of the current market trends, market forecast and discussion of technological, regulatory and competitive elements as well as economic trends affecting the future marketplace for smart retail applications
- Market share analysis of the key companies of the industry, their strategic profiling, competitive landscape and their detailed company profiles, including Intel Corp., Samsung Electronics, Nvidia, Google Inc., Microsoft Corp., and Amazon

Summary:
Smart retail refers to smart technologies intended to provide faster, smarter, safer and more convenient services to customers while shopping.In addition to improving customer experience, these services accelerate inventory management and enhance store operations.

Technologies such as artificial intelligence, augmented reality, virtual reality and IoT are encouraging the implementation of smart retail applications and propelling market growth.

Leading players operating in this market such as Intel Corp., Samsung Electronics, IBM, Nvidia, Google Inc., Microsoft Corp., Amazon and NXP Semiconductors are investing in smart retail technology to help improve operations and serve their customers. For instance, Amazon announced Amazon Go, a smart grocery store utilizing IoT technology to provide customers a shopping experience with cashierless checkout. Also, in November 2019, Standard Cognition entered into an agreement with Mars Wrigley, a manufacturer of chocolates, chewing gums, mints and fruity confections, to help Mars Wrigley with autonomous checkout solutions.

The global market for smart retail was valued at $REDACTED billion in 2019 and is forecast to reach $REDACTED billion by 2025, growing at a CAGR of REDACTED% during the forecast period.The deployment of robots andautomation in stores and warehouses to optimize processes is one of the major factors driving the growth of this market.

Moreover, in-store mobile marketing is becoming increasingly more sophisticated, and it is being used by retailers around the globe.Smart phone use is becoming a disruptor, and retailers are embracing it to usher in sales by making the shopper’s journey more efficient.

To create a smart shopping experience for in-store customers, retailers are investing in innovation to engage and interact with customers. For example, in October 2019, Caper Inc. collaborated with Sobeys Inc., one of the largest grocery chains in North America, to deploy its smart cart technology. The partnership aims to commercialize Caper’s smart products and solutions and step in the smart retail market to offer convenience and customer engagement throughout the customer journey.

In this report, the global smart retail market has been segmented based on application, technology, system and geography.Based on application category, the smart retail market has been categorized into promotional advertising, in-store experience, check-out solutions and others.

The in-store experience currently accounts for the dominant share of the market and was estimated to be $REDACTED billion in 2019.Various in-store experience platforms include smart fitting rooms, customer experience/engagement through the use of technologies, electronic shelf labels (ESLs), robotics, intelligent retail Wi-Fi, smart vending machines and shelves, electronic article surveillance (EAS), smart mirrors, augmented reality and virtual reality tours, and so on.

For example, Tiffany, a high-end retail store, in 2018, opened a brand new store in London’s Covent Garden with a heightened focus on the customer experience. Decoratedin its famous duck egg blue, the store is designed to be interactive, comprising extra features such as avending machine stocked full of Tiffany perfume, and a #MakeItTiffany personalization bar where customers can get their jewelry engraved.

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