Global Advanced Shopping Technology Market Size

Advanced Shopping Technology Market Analysis

The advanced shopping technology market is expected to witness a CAGR of 12.3 % over the forecast period (2021-2026). Customers' shopping experiences can be streamlined by using advanced shopping technologies to provide personalization and convenience options while they shop. With technical advancements, internet shopping and purchasing via smart devices are becoming more popular. Consumer behavior is influenced by technological advancements and a rise in convenience expectations.

• According to sponsor pulse, In 2020, more than 80% of consumers worldwide purchased online, with South America and Asia leading the way with nearly 90% each. North America had the lowest percentage, with slightly over three out of four customers shopping online. A huge number of consumers are preferring online shopping to traditional shopping, which will drive the companies to incorporate the latest technology in their electronic shopping tools.
• Further, according to Consumer Technology Association, smart city initiatives are expected to reach USD 34.35 billion in 2020. This further augments the demand for smart kiosks in the region as the United States leads smart city spending globally. Some cities, such as Nevada, have done the deployment of interactive kiosks at several retail locations across the state. Several other states in the United States have also begun to experiment with these interactive kiosk machines. Georgia has introduced a bill payment interactive kiosk to allow the residents to renew their car tags. Ohio has also deployed several interactive kiosks to facilitate automated vehicle registration.
• In 2020, Walmart, the largest retail chain in North America, has over 11,000 brick and mortar outlets, with approximately as many online stores. It was possible to manage this large infrastructure with the help of AI and machine learning (ML) integrated with the IoT. Voice-based search by Google Assistant, facial recognition software, and cross-technology solutions have made the retail industry scale up to higher revenues for several years.
• In October 2021, GoDaddy designed the new POS system to ensure it was fully integrated with WooCommerce to allow online stores to incorporate in-person selling with their existing sites faster so they could start selling right away. This integration minimizes the costs and inventory control with the functionality of a store to simplify the inventory process and help track, manage a stand-alone warehouse or a chain of stores.
• The companies are developing products with the prediction of incorporation of artificial intelligence in their solution/Services. For example, Microsoft has Azure IoT for retail delivers operational excellence, an intelligent supply chain, and more powerful business intelligence enables organizations to deliver significant customer experiences that drive affinity and create loyalty.
• Since the outbreak of the COVID-19 virus, governments have instituted lockdowns to prevent the infection from spreading, forcing people to stay at home. Digital transactions, online shopping apps, and e-commerce apps have all experienced an increase in the lockdown and coronavirus epidemic. Increased use of such apps is expected to propel market growth.