Alternative Retailing Technologies Market Scope
A variety of new technologies, particularly the internet, have emerged during the last decade, and they have fundamentally altered how merchants compete in the market. The growth of technology has had an impact on retailing, both in terms of strategy and operations. It's also crucial to consider how merchants see such technologies. The use of technology in retail has advanced significantly in terms of sustaining and satisfying client needs across several channels. The tremendous expansion in computing power and data captured for decision-making in various domains of retailing, such as inventory and supply chain management, category management, dynamic pricing, customer segmentation, market basket analysis, and retail sales forecasting, has created a tremendous opportunity and scope for productive use of intelligent technologies in the retailing industry today.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM Corporation (United States), RIBA Retail (Canada), Amazon Incorporate (United States), Seamless Receipts (United States), Vend Limited (New Zealand) and Tulip Retail (Canada) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
IBM Corporation (United States), RIBA Retail (Canada), Amazon Incorporate (United States), Seamless Receipts (United States), Vend Limited (New Zealand) and Tulip Retail (Canada) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Alternative Retailing Technologies market by Type , by Application (Tablet Technology, Wireless Voice Communication, Guest internet access, In-store kiosk, Hand-held shopping assistant and Body scanning) and Region with country level break-up.
On the basis of geography, the market of Alternative Retailing Technologies 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).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In March 2021 - Lightspeed (Leading Cloud-Based, Omnichannel Commerce Platforms Provider) Announced its Acquisition of Vend to Power Global Retail Expansion. The Purchase Expands Lightspeed's Global Retail Footprint and Solidifies the Company's Position as The World's Leading Omnichannel Retail Platform for High-Performing Small and Medium-Sized Enterprises.
In June 2021 – Woolworths (Leading Australian Supermarket Retail Giant), Announced its launch of its New Standalone Payment Business Platform, Called “Wpay”. Wpay Will Provide Businesses with End-To-End Payment Solutions, Including an In-Store and Digital Payments System That Accepts Standard Card Payments, Digital Wallets, And "Alternative" Payment Methods, According to The Business.
Influencing Trend:
Integration with upcoming Technologies Including Artificial Intelligence (AI)
Market Growth Drivers:
Widening Technological Implementation Across Different Business Verticals, Increasing Adoption of Digital Payment Systems and Rising Demand for Voice Neble Kiosk Technology
Challenges:
Fierce Competitive Pressure and Shift From Traditional Approach to Software
Restraints:
High Initial Investments
Opportunities:
Increasing Demand in Developing Regions and Growing Implementation Across SMEs
Key Target Audience
Alternative Retailing Technology Providers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others