The latest report by IMARC Group, titled “Smart Retail Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global smart retail market size reached US$ 31.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 118.82 Billion by 2028, exhibiting a growth rate (CAGR) of 24.90% during 2023-2028.

Smart retail refers to integrating advanced technologies and data-driven solutions into the traditional retail environment to enhance customers' shopping experience and streamline retailers' operations. It uses cutting-edge innovations to transform conventional brick-and-mortar stores into intelligent, interconnected, and highly efficient spaces. It uses the Internet of Things (IoT) devices, such as beacons, sensors, and radio frequency identification (RFID) tags. These devices gather real-time data on customer behavior, foot traffic, and product interactions, allowing retailers to gain valuable insights into consumer preferences and optimize store layouts. Retailers can customize their product offerings, promotions, and marketing strategies to meet the specific needs and preferences of their customers with the data-driven approach. Additionally, it involves cashless payment options, such as mobile wallets and contactless payments, which streamline the checkout process and reduce waiting times. It also utilizes augmented reality (AR) and virtual reality (VR) technologies to enable virtual try-ons and interactive product demonstrations, bridging the gap between online and offline shopping experiences. As a result, smart retail is gaining immense traction across the market.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/smart-retail-market/requestsample

Smart Retail Market Trends and Drivers:

The smart retail market is primarily driven by the changing consumer preferences for convenience and personalization. In addition, customers are seeking seamless shopping experiences catering to their unique needs and preferences, thus influencing market growth. Also, smart retail technologies, such as AI-powered recommendation engines and personalized marketing campaigns, allow retailers to understand consumer behavior better and deliver customized product offerings by analyzing data from various touchpoints, including online interactions, in-store behavior, and past purchase history and allow retailers to curate personalized shopping journeys resonating with their customers, thereby accelerating brand loyalty and driving repeat business. Moreover, the proliferation of the Internet of Things (IoT) is giving rise to the concept of connected stores, and IoT-enabled devices and sensors are transforming traditional brick-and-mortar stores into smart spaces, facilitating real-time inventory tracking, and allowing retailers to maintain optimal stock levels, which represent another major growth-inducing factor. This seamless connectivity also empowers businesses to deploy smart shelves and interactive displays, enhancing product visibility and engagement. Also, customers can access detailed product information, compare prices, and even receive personalized promotions while shopping in-store, bridging the gap between online and offline retail. Besides this, the integration of augmented reality (AR) and virtual reality (VR) technologies allows shoppers to visualize products in their physical environment with virtual try-on, making shopping more engaging and enjoyable, thus propelling the market growth. Furthermore, the growing significance of data-driven insights and analytics drives the adoption of smart retail solutions, which use big data analytics to gain actionable insights into customer preferences, market trends, and supply chain efficiencies, thus improving operational efficiency and driving revenue growth, which is creating a positive market outlook.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Offering:

• Hardware
  • RFID Tags and Labels
  • Scanner/Readers
  • Mobile Computers
  • Point of Sale (POS) Terminals
  • Others
• Software
  • Retail Management Software
  • POS Software
  • Inventory Management
  • Others
• Services
  • Integration and Deployment Services
  • Consulting Services
  • Support and Maintenance Services

Breakup by Retailer Size:

• Small and Mid-sized Retailers
• Large Retailers

Breakup by Application:

• Visual Marketing
• Smart Label
• Smart Payment System
• Intelligent System
• Others

Breakup by End User:

• Supermarkets
• Hypermarkets
• Specialty Stores
• Department Stores
• Others

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Competitive Landscape with Key Player:

• Adroit Worldwide Media Inc.
• Amazon.com Inc.
• Cisco Systems Inc.
• Google LLC (Alphabet Inc.)
• Honeywell International Inc.
• Ingenico
• Intel Corporation
• NCR Corporation
• NVIDIA Corporation
• NXP Semiconductors N.V.
• PTC
• Samsung Electronics Co. Ltd.
• Zippin

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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