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.
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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.