About Advanced Shopping Technology
The global Advanced shopping technology market is expected to witness the growth during the forecasted period due to the growing demand for the e-commerce platform for convenience as well as smart offline shopping systems. Technology like artificial intelligence, virtual reality, beacon, applications, etc. are some of the advanced shopping technologies emerging in the retail industry for the enhanced shopping experience. The technology makes the creating, buying, and selling of goods easier and efficient. The shopping and retail industry is moving towards artificial intelligence intelligent automation including the robotic process automation solutions making better use of operational data as it analyzes the customer's behavior, helping them make take faster decisions.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Advanced Shopping Technology market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Google (United States), Amazon Inc. (United States), Toshiba Global Commerce Solutions (United States), Walmart Inc. (United States), The Procter & Gamble Company (United States), Adroit Worldwide Media, Inc. (United States), Nextopia (Canada) and B7 Interactive, LLC (Searchspring) (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Advanced Shopping Technology market by Type (Beacons, Virtual Reality, Smart Shelves, Retail Apps, Social Media and Others), Application (Malls, Hypermarket, Department Stores, Commercial Advertising and Others) and Region.
On the basis of geography, the market of Advanced Shopping Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Software will boost the Advanced Shopping Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by System, the sub-segment i.e. POS System will boost the Advanced Shopping Technology market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Introduction of Intelligent Automation and Machine Learning Solutions in Advanced Shopping Technology and Emerging E-Commerce-Friendly POS Systems for Advanced Shopping Experience
Market Growth Drivers:
The Demand for the Smart Platform for Shopping and Need for Ease and Convenience of Shopping Online or Offline
Challenges:
Technical Errors in Systems and Software Hampering the Advanced Shopping Technology
Restraints:
Unemployment Due to the Automation and Self Checkout Machines in the Offline Shopping
Opportunities:
Prevailing Pandemic Impacting the Shopping Experience fo Future Leading to Demand for Advanced Shopping Technology
Market Leaders and their expansionary development strategies
On 12th January 2020, Adroit Worldwide Media, Inc. a vision technology company, announced its partnership with Microsoft to enable intelligent retail with their autonomous shopping solution, AWM Frictionless. AWM Frictionless provides convenience to consumers by allowing them to shop as normal and then check out by simply walking out of the store. For retailers, it not only reduces costs but also provides highly detailed data all the way down to product interactions and customer paths. The solution can be implemented in a wide range of store sizes and formats, from micro-markets to convenience stores and larger-format retailers.
On 11th March 2020, OTG, the hospitality group that is transforming the airport experience for millions of travelers every year, today announced that it will use Amazon's Just Walk Out technology in select CIBO Express Gourmet Markets, with the first store set to open next week. Starting on March 16 at Newark Liberty's Terminal C and followed later by additional stores at Newark Liberty and LaGuardia Airports, travelers can purchase food and beverage items at CIBO Express Gourmet Markets without stopping to check out. By using Amazon's Just Walk Out technology in these markets, busy airport travelers can quickly enter the store using their credit card, grab the CIBO items they wish to purchase, and just walk out for maximum speed and convenience.
Key Target Audience
Advanced Shopping Technology Providers, Advanced Shopping Technology Industry Associations, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.