The global smart retail market size is expected to reach USD 58.23 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 23.9% during the forecast period. In present day retail industry, conventional bricks-and-mortar stores are facing intense competition from rapidly expanding e-commerce sector. Therefore, traditional retailers need to incorporate smart retail technology to bring back their customers. The technology helps enhance digital shopping experience in physical stores. Of late, customers demand personalized, high-quality assistance in a store as well as end-to-end connected experience to internet environment.
Main components of a smart retail system are integration, connectivity, and big-data analytics. This allows retailers to provide their customers with products and services tailored to their preferences and help in effective client communication, which further improve customer experience and retention. The hardware segment held significant share in the market in 2017. On the basis of application, the others segment, which includes robotics and analytics application, is estimated to gain traction over the forecast period and is expected to reach over USD 12.14 billion by 2025.
Growing use of big data analytics in order to understand the need of customers, improve customer engagement, and their shopping experience is anticipated to contribute to the growth of the market. Surging use of advanced technology such as BLE beacons, near field communications (NFC), and mPOS retailer can help enhance customer experience as well as increase in-store data collection. This collected data
