The latest market report published by Credence Research, Inc. Globally, the connected retail market is expected to grow with a CAGR of 20.6% during the forecast period from 2019 to 2027 and registered a market value of US$ 15.40 Bn in 2018.
The retail landscape is continuously evolving, driven by advancements in technology and shifting consumer behaviors. One of the most transformative changes in recent years is the rise of the connected retail market. This burgeoning field is not merely a trend but represents a fundamental shift in how retailers interact with consumers and manage their operations.
1. Understanding Connected Retail
At its core, connected retail is about leveraging digital technologies to create a seamless shopping experience, whether customers are online, on mobile apps, or in brick-and-mortar stores. It encompasses the use of the Internet of Things (IoT), big data, artificial intelligence (AI), and augmented reality (AR) to elevate every touchpoint of the retail process.
2. The Promises of Connected Retail
- Personalized Shopping Experiences: By analyzing data from various sources, retailers can gain deep insights into individual consumer preferences and habits. This enables them to offer highly personalized shopping experiences, product recommendations, and targeted promotions.
- Inventory Management: IoT sensors and advanced analytics can provide real-time inventory tracking. This not only reduces out-of-stock scenarios but also ensures optimal stock levels, reducing carrying costs.
- Omnichannel Integration: Connected retail bridges the gap between online and offline channels. Consumers can check product availability in nearby stores, reserve products online for in-store pickup, or even experience products virtually before purchasing.
- Enhanced Customer Interactions: With tools like chatbots powered by AI, retailers can offer instant customer service. Additionally, AR can be used in-store to give customers additional product information or virtually try out products, like seeing how a piece of furniture fits in their home.
Browse the Full Report: https://www.credenceresearch.com/report/connected-retail-market
3. Challenges and the Way Forward
While the connected retail market offers immense potential, it also comes with challenges. Data security and privacy concerns are paramount. Retailers need to ensure that the consumer data they collect is securely stored and used ethically.
Moreover, the integration of various technologies requires significant investment and a shift in traditional retail strategies. Training staff to use and manage these new systems is crucial to ensure the smooth implementation of connected retail solutions.
In conclusion, the connected retail market is more than just a technological upgrade; it’s a holistic approach to modern retailing. Retailers who embrace this change stand to gain not only in terms of increased sales but also in building stronger, more loyal customer relationships. As technology and consumer expectations continue to evolve, connected retail will undoubtedly be at the heart of the retail industry’s future.
List of Companies Covered:
Some of the prominent players operating in the connected retail are Verizon, Cisco Systems, IBM Corporation, ARM Holding PLC, Belatrix Software, Softweb Solutions Inc., Google Inc., Atmel Corporation, Microsoft Corporation, Honeywell International Inc., Intel Corporation, NXP Semiconductors NV, Zebra Technologies Corp., SAP SE, Fujitsu Limited, and PTC Inc.
By Segmentation Type
By Connectivity Type
- Zigbee
- Wi-Fi
- Bluetooth
- NFC
- Others
By Component Type
- Hardware
- Software
By End Use Type
- Electronics and Appliance
- Beauty
- Home and Personal Care
- Food and Beverage
- Apparel, Footwear and Accessories
- Home Goods
- Sporting Goods and Toys
- Others
By Geography Type
- North America (U.S. and Rest of North America)
- Europe (U.K., Germany, France, and Rest of Europe)
- Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
- Rest of World (Middle East & Africa (MEA), Latin America)
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