Retail Automation Market size is set to grow by USD 11.95 billion from 2024-2028
Retail automation is set to experience significant growth due to the increasing adoption of cloud-based solutions. This shift allows merchants to integrate more back-end software in the cloud, enabling seamless access to customer and product data across multiple platforms. Compatible retail automation solutions are essential for managing large volumes of data, capturing demographics, payment preferences, and buying behavior. Incorporating Point of Sale (POS) systems in retail offers several advantages. Merchants can gain insights into consumer behavior with in-store products, empower associates with customer profile data, engage customers throughout their visit, and offer creative loyalty reward programs. These benefits will drive the expansion of the global retail automation market during the forecast period.
Retail automation is a growing trend in the industry, with Artificial Intelligence (AI) leading the way. AI in retail is revolutionizing demand forecasting through predictive data, enhancing customer experiences with personalized campaigns, and improving supply chain management. Interactive chat programs and logistics management systems streamline operations, while barcode & RFID technology and automated conveyor systems optimize retailers' inventory, staffing, distribution, and delivery schedules. Automation technology, including robotics in warehouses and fulfillment centers, boosts organizational efficiency. Retailers must also prioritize cybersecurity threats in their automation strategies. Point-of-sale (POS) systems, department shops, and single item stores, from fuel stations to retail pharmacies and e-commerce warehouses, all benefit from retail automation software and machine learning (ML). Robotics process automation and cloud-based POS software further enhance operational workflows.
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