Increasing Number of Smart Stores is Expected to Drive the Growth of the Smart Retail Market

Stores around the globe are getting smarter due to the adoption of the latest technologies and innovations. The wide-scale adoption of smart stores has created potential developments across physical and online shopping. Smart stores deliver services via the web, smartphone apps, and augmented reality applications in real stores. Increasing adoption of advanced technologies in smart stores, including advanced analytics, augmented reality, artificial intelligence, the Internet of Things, and computer vision offers customers more personalized, frictionless, and immersive shopping experiences. Also, it offers an in-store shopping experience, cashless transactions, smart checkout & shelves, movement tracking systems, interactive kiosks, smart mirrors, and real-time condition monitoring of goods.

Several companies are adopting new strategies to adopt smart retail solutions to modernize their traditional retail stores. For instance, in September 2022, DFS Group (China), a travel retailer of luxury products, partnered with Tencent Cloud (China) to upgrade digital technologies with one-stop solutions and services, including product, technology, resource, and capability in smart retail. Also, in June 2020, Amazon.com, Inc. (U.S.) launched Smart Stores to provide customers with contactless payment methods, including UPI and QR codes with the Amazon app, for an in-store purchasing experience. Such initiatives and rising demand for in-store immersive shopping experiences support market growth.

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