From brick-and-mortar stores to ecommerce websites, the retail industry has been synonymous with the term innovation. To keep pace with customers’ evolving needs, retailers are augmenting in-person retail with technology that matches the convenience factor of online shopping to provide truly enhanced hybrid shopping experiences like buy-online-pickup-in-store.
A report by MarketsandMarkets states that the global smart retail market is estimated to grow from $21.6 billion to $62.4 billion by 2025 at a CAGR of 23.6 percent.
This whopping number can be attributed to a large array of highly specialized, customer-centric omnichannel tech solutions and services sweeping across the industry. For example, cashier-less store is proving to be a viable solution and is capturing the attention of numerous retailers. These stores automatically bill the customers by tracking what they shop through cameras and sensors.
Retailers are pivoting to experiential retailing, understanding and tracking factors like customer service, décor of retail outlets, and accessibility to boost business. Autonomous delivery services where robots deliver goods to customers are no fiction anymore. Most retailers are implementing it using drone technology and self-driving vehicles.
Metaverse is yet another trend aiding in providing coordinated omnichannel customer experience across all channels, including social media platforms and offline store.
This edition of Retail Tech Insights delivers a bird’s-eye view of the recent developments in the merchandising arena and insights into how retailers are aligning with these latest trends to transform legacy practices and improve outcomes.
We have curated thought leadership articles from industry experts. We also took a deep dive into the market trends to narrow down the list of companies delivering robust merchandising solutions and services. Equipped with innovative technological capabilities, the enlisted companies, such as COMPASS DISPLAY & PROMOTION, Market Technologies, Mi9 Retail, and SEG Systems, help transform businesses at the cloverleaf of various disruptive technologies.
We hope this edition of Retail Tech Insights on merchandising helps you build the partnership you and your organization need to foster an environment driven by efficient technology.