The Smart Retail market is anticipated to grow at a considerable CAGR of 26.1 % during the forecast period. The growing deployment of AI and mobile POS is positively supporting the market during the forecast period. Retailers use AI technology to automate certain processes within their business, such as customer service or product management. Furthermore, retailers are using AI to analyze customer behavior and preferences in real time by crunching large amounts of data collected through intelligent POS terminals and sensors, then interpreting the results, which are often presented as actionable insights for retailers to act upon. For instance, in October 2020, Meituan launched its first AI smart store, realizing a new retail experience. The shop integrates an unmanned warehouse and unmanned distribution with AI technology and robots and cooperates with takeout delivery personnel to supplement distribution capacity.
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Furthermore, to reduce queues and improve the in-store shopping experience, retailers are adopting intelligent mobile POS systems. Mobile POS solutions enable retailers to process sales transactions anywhere in the store, allowing customers to check out quickly. With grab-and-go systems, customers can purchase items without interacting with a cashier. This solution enables retailers to increase customer purchases and decrease time spent in-store while improving transaction accuracy. For instance, in March 2021, Paytm launched a service that turns an Android cellphone into a point-of-service (POS) terminal.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Smart Retail Market Report Segment
By Solution
- Hardware
- Software
By Retail Offering
- Fast Moving Consumer Goods
- Hardlines & Leisure goods
By Application
- Visual Marketing
- Smart Label
- Smart Payment System
- Intelligent Systems
- Others (Robotics, Analytics)
Smart Retail Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the Smart Retail market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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