Smart Retail Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Smart Retail Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Advancements in smart retail solutions, including features such as sales reporting, sales analytics, inventory management, POS integration with wireless mobile devices, and cloud computing enabling better customer interaction, are expected to drive the growth of the smart retail market during the forecast period. These innovations help retailers sell their products at the right price and time to customers, almost every single time, thereby gaining a competitive edge in the market.

However, the lack of compliance from IoT solution providers and integrators, coupled with the lack of user knowledge and awareness for smart retail, are primary challenges that could hinder the adoption of smart retail in the global market.

Development of RFID Technology to Improve Customer Experience and Sales Efficiency

Handheld RFID inventory management platforms are set to enhance customer experience, facilitate quick and efficient restocking of merchandise, and boost sales. The implementation of RFID technology in retail markets supports the Omnichannel strategy, catering to the evolving shopping habits of customers. RFID technology enables tracking of missing products from the sales platform, increasing inventory management efficiencies, and providing deeper merchandise visibility.

Additionally, RFID technology helps reduce costs and maintain efficiencies, crucial for retailers in a fiercely competitive market. By mitigating out-of-stock and overstock scenarios, retailers can maximize product availability, thus driving sales conversions.

Technological Advancements Creating New Growth Opportunities

The retail industry is witnessing continuous evolution of technologies such as smart communication technology, smart store technology, and AI facial recognition technology, driving the smart retail market. Digital and online technologies are creating potential growth opportunities for smart retail by improving communication between retailers and customers, helping retailers position their products more effectively, and organizing their processes and value chains.

For example, in a significant development, Ingenico Group announced a partnership with M&S, a major British multinational retailer. The collaboration aims to launch new payment services across all M&S customer digital channels and touchpoints, which is critical to maintaining customer experience and achieving sales goals.

Emerging Internet of Things (IoT) Technology Spurring Market Growth

The increasing adoption of Internet of Things (IoT) technology for various applications such as workforce skill alteration, smart retail automation, and connected retail services is rapidly fueling the growth of the global smart retail market. IoT-based smart retail products, including radio-frequency identification (RFID) tags, are utilized for tracking systems to monitor and detect goods and control inventory. These IoT-based products are also used for tracking product deliveries.

The adoption of IoT in smart retail offers numerous advantages such as reduced time and effort, user-friendliness, easy access to product information, and cost-efficiency. These factors are expected to contribute significantly to the growth of the smart retail market in the coming years.

East Asia & Europe to Offer Lucrative Growth Opportunities

The smart retail market is witnessing rapid growth in East Asia and Europe, driven by the increasing adoption of mobile and connected devices. Providers in the smart retail market are expanding their operations in countries like Japan, South Korea, Germany, China, the U.K, and Spain, aiming to unlock new growth avenues due to the rising demand for retail in these regions.

Smart Retail Market – Competition Analysis

Introduction of new products, collaborations, and partnerships are key strategies followed by top players in the smart retail market to increase their business revenue. Smart retail product manufacturers and service providers are focusing on product and service innovation to improve their market positions.

Some leading players in the smart retail market include NCR Corporation, Samsung Electronics Co. Ltd., Ingenico Group, Cisco Systems, Inc., and Huawei Technologies Co., Ltd.

Analysts’ Viewpoint

In recent years, manufacturers and service providers have focused on smart retail IoT solutions to simplify the process of connecting IoT components with cloud-based services, providing superior customer experiences. This focus is creating significant growth opportunities for players in the smart retail market.

Among other regions, North America stands out prominently in the smart retail market, holding a substantial market share. The ongoing global health crisis has led to the temporary shutdown of many physical stores, impacting market growth. However, this situation is also inspiring vendors in the smart retail market to innovate in AI through rigorous research and development.

Smart Retail Market: Segmentation

Fairfield Market research’s report on the global smart retail market offers a detailed market segmentation, with key segments discussed comprehensively. The report carefully examines the smart retail market at both global and regional levels through segmentation based on multiple parameters such as component, retailer size, end user, and region.

By Component
• Hardware
RFID Tags & Labels
Scanner/Readers
Mobile Computers
POS Terminals
Others
• Smart Retail Software
Retail Management Software
POS Software
Inventory Management
Others
• Services
Integration & Deployment
Retail Consulting
Support & Maintenance

By Retailer Size
• Small & Mid-sized Retailers
• Large Retailers

By End User
• Departmental Stores
• Supermarkets
• Specialty Stores
• Others

By Region
• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

Please note: Delivery Timelines - 5 working days.