Advanced Shopping Technology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

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Advanced Shopping Technology Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

Status : April, 2020 | Technology & Media | PPT format

Report Digest


Global Advanced Shopping Technology Market: Snapshot

The global retail industry has undergone a massive transformation in the past few years owing to the emergence of the e-commerce model. As the global consumer shifts towards this exciting new model, which has advanced to become a highly convenient, flexible, and economical mode of retail shopping for consumers across the world, the conventional brick-and-mortar retail industry is faced with an intense and urgent need to bring changes to how it operates and interacts with its consumers.

While it is true that the e-commerce industry is taking a large share of the overall sales of products such as footwear and clothes across the globe, conventional shops still account for a majority of share in the overall sales of these and other products. What has majorly changed is the shopping mentality of shoppers, increased aversion to time spent on checkouts, and demand for convenience. Thus has begun the increased focus on the adoption of advanced shopping technologies, an instance of which is Amazon Go, a technology that allows consumers to pick stuff they want from the shop enabled with the technology without having to wait in long queues for checkouts as the app takes care of it.

More such retail experiments are evolving at an amazing pace and an increased number of companies are re-designing their stores to serve a technologically well-versed global consumer that is inclined digitally. The market is thus expected to continue to evolve on the developmental front, bringing in new technologies aimed at making retail experience more interesting, convenient, and quick for consumers.

Global Advanced Shopping Technology Market: Overview

Technology is revolutionizing the way we shop. It has, in fact, changed the shopping landscape forever. Just a decade back, it was mom-and-pop stores in every nook and cranny and a few large franchise stores with friendly salesmen showing us products. Nowadays, a booming online market place has shook the traditional retail space to its core by denting it revenue substantially.

Sensing a major threat, brick-and-mortar stores have upped their ante too by leveraging modern, cutting-edge technology extensively. As we shop around, we receive push notifications on our mobiles showing us best deals available, we also receive tailored messages based on our past purchases and other information, and modern billing counters to expedite the process. Welcome to the modern shops armed with advanced shopping technologies to make our experience seamless.

Global Advanced Shopping Technology Market: Key Trends

Stiff competition from the online marketplace has generated a pressing need for companies to resort to latest technologies such as big data, data analytics, Internet of Things (IoT), and cloud to become nimble. Other factors, stoking demand for advanced shopping technology is the proliferation of big names – both global and local – in the domain of retail and the increasing spending capacity of people all over the world.

Global Advanced Shopping Technology Market: Market Potential

Multinational and deep-pocketed retailers worldwide are launching various advanced technological products to woo consumers. Take for example Amazon. It has recently launched Amazon Go, which uses computer vision and sensors to register items picked up by consumers in a store. One just needs to scan an app as he/she enters the Amazon Go shop.

As consumers shop, the sensors throughout the store identify the items in the cart. They detect when a product is being taken off the shelf and when it is being put back. It keeps track of them in a virtual cart. While the shopper steps out of the store, Amazon automatically debits the charged amount from the consumers account. The technologies leveraged to facilitate the seamless process are sensor fusion, computer vision, and deep learning.

Wal-Mart, again, is experimenting with 'Virtual Toy Store' displays in public places such as the Toronto subway. Passers-by can purchase any toy by scanning a QR code with their smartphone after checking out the 3D images of current toys on display.

Global Advanced Shopping Technology Market: Regional Outlook

North America, South America, Europe, Asia Pacific, and the Middle East and Africa are some of the key regions in the global shopping technology market. North America and Europe, being economically advanced regions, have witnessed gigantic progress in the domain of technology. They are also home to some of the most prominent names in the domain of retail. All these have shaped their markets as dominant ones where uptake of advanced shopping technologies among retailers is high. Asia Pacific is a lucrative market that is on course to generating more business in the market in the next couple of years on account the explosive growth in the domain of shopping and bigger local and large international players jumping into the fray.

Global Advanced Shopping Technology Market: Competitive Analysis

Various multinational technology giants and big retail names are operating in the advanced shopping technology market. Some of them are Google, Amazon, Toshiba, Wal-Mart, Procter and Gamble, etc. 

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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