Market Trends of Connected Retail Industry
This section covers the major market trends shaping the Connected Retail Market according to our research experts:
Emergence of IoT in Retail is Expected to Drive the Market
- As mentioned by Zebra Technologies, a US firm, that most retailers in the US think IoT will be the most significant technological transformation to the industry in this decade. Nearly 96% of retail decision-makers state that they are ready to make changes needed to adopt the IoT and about a fourth of retailers are prepared to deploy IoT technology over the next year.
- IoT is expected to make a huge transformation to various areas, like replenishment of goods. Devices, like connected fridge, that can automatically re-order milk, cheese, or any other product that is running low, are being introduced by major electronics manufacturers, like Samsung and LG.
- The emergence of IoT in retail space has drastically changed the retail market. With the increasing retail sales, the integration of IoT sensors in different consumer electronics will enable retailers to understand and monitor consumer behavior, collect data, and provide enhanced consumer experience, which is a significant motto of the connected retail market.
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North America Occupies the Largest Market Share
- North America is a major region for the rapidly expanding IoT market owing to which the connected retail market is expected to have a significant market share in the North American region.
- Demand for connected solutions is rising from the retailers owing to its various advantages such as connected consumers, reductions in operational costs, and optimization of employee efficiency, these factors are expected to drive the market studied in the North American region.
- Apple, a North American firm, is excelling in this area due to real-time access to information and they are also adding value to customers through product demonstrations and a high level of interactions.
- Additionally, Me-tailing is a driving factor for the North America region that has a substantial impact on the market. The trend of me-tailing has enabled high consumer focus, thus improving brand experience.
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