Smart retail system includes a set of smart technologies which are designed to give a faster, smarter and safer experience to the customers while shopping. The global market for smart retail systems is expected to grow significantly during the forecast period.
There are several factors aiding to the growth of the global smart retail systems market. The use of smart retail solutions includes the use of predictive equipment maintenance which is very helpful as it can predict the condition of equipments and schedule maintenance services accordingly. Furthermore, the predictive equipment maintenance can also help in anticipating and monitoring the power consumption and identify the maintenance issues of the equipment to ensure the food safety.
In addition, the idea of smart retail involves the movement of merchandise with the help of smart transportation. The application of smart transportation in retail helps in tracking the delivery trucks or optimizing the routes with the help of GPS navigation. Going further, smart retail involves warehouse automation and robotics to streamline the operations and reduce the chances of human error. Moreover, the growing idea of internet of things (IoT) is gradually being implemented in the retail industry to give the consumers a richer and connected experience while shopping.
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The customers can check in the in-store pricing and availability of the products in their mobile phones before stepping in the stores. Moreover, the customers can also choose the option to be notified about the stock availability in future. Furthermore, now the smart retail stores also provide the options of click and buy where the customer can enter the store and use a tablet to browse to available items and once decided, they can direct go the payment counters. These factors are aiding to the demand for smart retail systems significantly and driving the growth of the market during the forecast period.
However, the idea of smart retail involves the storage and management of customer sensitive data over the cloud. In case of software malfunction or data, the important information of the customers becomes compromised. This is one factor primarily hindering the demand for smart retail systems globally. However, the ongoing research is expected to result into the development of safe and secure smart retail systems which is expected to drive the demand for smart retail systems in future.
The global smart retail systems market can be bifurcated into application and region. By end application, the market can be segmented into convenience stores, departmental stores, specialty stores, cinema complexes, stadiums, amusement parks and airports. The specialty stores and departmental stores are increasingly adopting smart retail systems in order to increase their customer base by providing an enriching shopping experience. However, ongoing need for modernization of airports and stadiums is expected to drive the demand for smart retail systems in these application areas in future.
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By geography, the global smart retail systems market can be segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. North America and Europe are expected to dominate the market in terms of demand for smart retail systems where in Europe has been identified to be largest region for smart retail systems. However, the developing economies such as India and China in Asia Pacific are witnessing strong focus on modernization of infrastructure which is further expected to drive the demand for smart retail systems in future.
The leading players offering smart retail systems and solutions include Intel Corporation (U.S.), Nordic Solutions Pvt. Ltd. (India), Larsen & Toubro Infotech Limited (India), Wipro Technologies (India), NEC Corporation (Japan), Smart Retail Solutions, Inc. (India), Techni-Connection Inc. (Canada) and IEI Integration Corporation (Taiwan), among other emerging players.