Smart Retail Market to Reach $91.36 Billion By 2030
Smart retail refers to an established commercial shop that has gone through the digital revolution and transformed its space with new features. It integrates various cutting-edge technologies, including Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), and the Internet of Things (IoT), in the retail industry to enhance consumers' shopping experience, facilitate accurate inventory management, and improve store operations. It offers several benefits, such as increased efficiency, quality, and output sustainability
The growth of the smart retail market is driven by the growing need to enhance customer experiences & retail operations and the increasing number of smart stores. However, the lack of technology adoption in the unorganized retail sector restrains the growth of this market. The rising cases of shoplifting and the increasing adoption of disruptive technologies to forecast future market trends are expected to create growth opportunities for the stakeholders in this market. However, legal concerns & data privacy issues are major challenges for market growth. Additionally, the growing adoption of cloud services in the retail sector and the advent of computer vision in the retail sector are prominent trends in this market.
Currently, customer experience in the retail industry is witnessing a dynamic shift and directly impacting the overall business. Consumers are focusing on a personalized shopping experience across all channels. This has put a lot of pressure on online and offline retailers. Product availability and superior customer service are essential for retailers to attract and retain customers. Many retailers are adopting advanced technologies to offer customers seamless shopping experiences, such as contactless self-service, zero-friction, faster & secure digital payments, streamlining critical operations with in-house staff, analyzing customer behavior, and faster decision-making.
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