Nowadays, retail spaces that are classified under the traditional form of shopping have become passé. Consumers prefer a customized shopping experience, one that brings retail to their doorstep or saves them time and resources. In the past decade, a vast variety of online shopping options have surfaced, and the masses have lapped those up.
The online shopping and e-commerce giants are giving a stiff competition to the enterprises operating in the industry, impelling them to take up and imbibe the latest technologies to push up their sales and revenues. This is a primary factor boosting the global market for advanced shopping technology. The use of big data, Internet of Things (IoT), and cloud computing has percolated into the online shopping industry. The easy mode of transactions, user friendly applications, and easy information on the features and availability of products, along with other time saving features are driving the advanced shopping technology market in a colossal manner.
The use of advanced shopping techniques is aiding both the consumer as well as retailer, as it can be easily customized for the shopper. However, low penetration of technology, unwillingness to adopt innovation by local and traditional consumers and retailers are some factors that could hinder market growth. However, a surge in the number of young consumers, who are tech savvy, is expected to propel the overall advanced shopping technology market in the coming years.
Innovation in Product Portfolio to Emerge as Key Trend, Pushing Market Growth
Multinational and significantly established retailers worldwide are using diverse advanced apps and software and hardware to engage customers. For instance, Amazon has recently launched Amazon Go, which uses computerized vision and sensors to select things that customers are willing to buy in a store. There are various shopping technologies innovated for fuss-free shopping, some of which include smart shelves with electrical racks where retailers can likewise alter the prices of products progressively and automatically track the inventory. Retail apps are developed to improve shopping experience by improvising the overall process of purchasing as well as the interaction with customers.
The rise in theft and burglary and recent threats to national security worldwide have driven governments to improvise their existing security measures. The demand for resilient and secure infrastructure is therefore at an all-time high. As governments and private organizations seek advanced technologies for improved security, the demand for advanced shopping technology market is expected to experience an upswing. Given the scenario, the ongoing investments in infrastructure such as airport, railways, communication networks and roadways are fuelling the market demand for advanced shopping technology.
Developing Regions to Offer Rich Opportunity
Geographically, North America and Europe, being financially strong regions, have been witnessing a gigantic progress in the domain of technology. Being home to some of the most prominent names in the domain of retail, these regions are expected to readily integrate advanced innovation in the e-commerce industry. All these have shaped their markets as dominant ones where uptake of advanced shopping technologies among retailers is high. Asia Pacific is anticipated to be a lucrative market and is slated to generate substantial business in the field over the coming years. This could be ascribed to the boom in online shopping along with local and as well as international players jumping on to the fray.
Some of the key players operating in the global advanced shopping technology market are Procter and Gamble, Amazon, Google, Walmart and Toshiba.