Connected Retail Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024
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| Connected Retail Market |
The market for
connected retailing is expected to see a rapid expansion around the
globe over the next few years. Looking at the pace at which
traditional retailers are including connected retailing capacities to
their consumer service practices, it can be said that connected
retailing will soon be the new face of the retailing world.
Connected retail
refers to a variety of practices that align the digital world with
the physical one by allowing consumers to make more use of the mobile
devices to make their shopping experiences more exciting. It is the
practice of connecting the consumer seamlessly to the physical store
by virtue of smart mobile devices, giving them a more informed,
personalized, digital shopping experience. It allows the use of a
variety of payment options, and most importantly, use of the data
collected about consumer preferences in helping the retail industry
deliver a much better consumer experience
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Connected Retail Market is available at :
Retailers are
rapidly realizing the benefits of connecting with consumers on their
digital devices and giving them a more interactive and immersive
shopping experience by consistently providing messaging, pricing, and
product availability information, and consumer service across all
consumer touch points.
Connected Retail
Market: Overview
Over half of the
world’s population today has smart mobile computing devices
combined with superfast Internet connectivity through broadband, 3G,
and Wi-Fi. This group of tech-savvy, connected, and mobile-enabled
consumers is driving a revolution in the retail industry. The
revolution is not only the consumers’ shifting preference from
traditional brick-and-mortar shops to online vendors, which are
successfully luring consumers by offering personalized deals and bids
that undercut the traditional retail world; it is also about the
change in the way consumers prefer to shop. This mobile-driven change
is both a threat and an opportunity for the next-generation retailer,
to tackle which, the market for connected retail has come into
existence.
The connected retail
market can be segmented on the basis of type of solution, technology,
and services. The type of connected retail solution has two prominent
segments: hardware and software. The key technologies used in
connected retail solutions include Bluetooth, near-field
communication, and Wi-Fi. Some of the most popular services in the
connected retail market comprised in the segments are managed
services, real-time marketing, real-time tracking, inventory
management, and many other professional services such as consumer
data analytics.
Connected Retail
Market: Key Trends and Opportunities
Some of the major
driving forces for the global connected retail market are the rising
amount of time the end user is spending on smartphones and a host of
other mobile computing devices, the widespread availability of
high-speed Internet, and the strengthening network of e-commerce
service providers. The highly informed consumer has a host of
shopping options and wants to buy things at the best prices, through
a most convenient shopping medium and from places best suited to
one’s own time and priorities.
While all these
factors collectively threaten the very survival of the
brick-and-mortar-based traditional retailing model, the emergence of
omnichannel retailing, the place that offers a seamless and flexible
channel for buyers by combining and aligning a variety of product
browsing and ordering channels and revenue streams, is a great
opportunity for the retail industry to cater to its consumers in a
more informed and effective manner.
Connected Retail
Market: Region-wise Outlook
From a global
perspective, the connected retail market is expected to witness the
highest growth in Asia Pacific, owing to the presence of major
manufacturers in the retail industry in China. The vast consumer pool
in the region due to the huge population, which is being increasingly
digitized, is also expected to be a major driver for the global
connected retail market in Asia Pacific.
A large number of
renowned IT companies, such as Cisco Systems, Inc., Verizon, Fujitsu
Technology Solutions, Google, Inc., IBM, Intel Corporation, Zebra
Technologies Corporation, SAP AG, Microsoft Corporation, and Atmel
Corporation, are venturing in the global connected retail market,
making competition highly fierce.
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