Retail Automation Market and its Key Opportunities and Challenges

The overall Retail Automation Market size is expected to grow from USD 10.18 billion in 2017 to USD 18.99 billion by 2023, at a CAGR of 10.96% from 2018 to 2023, as per a report by MarketsandMarkets.

The overall Retail Automation Market size is expected to grow from USD 10.18 billion in 2017 to USD 18.99 billion by 2023, at a CAGR of 10.96% from 2018 to 2023, as per a report by MarketsandMarkets. 

How emergence of augmented reality and virtual reality in retail opens new opportunities in this space?

Retailers are leveraging technological advancements to achieve remarkable success in the retail industry by enhancing customers’ shopping experience. Augmented reality (AR) and virtual reality (VR), is the leading technologies that are being adopted in the retail sector, improve the process of retail merchandising to attract more customers. In-store augmented reality (AR) allows customers to try a product with the help of 3D product preview before purchasing the same. It helps customers in improving their understanding of the product and thus enables to make improved purchase decisions by generating a new level of customer engagement.

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AR and VR offer outstanding, “face-to-face” experiences for consumers by enabling the retailers to raise their offering levels within their physical stores and online platform. Customers can virtually see themselves in the mirror, trying different types of clothing and can also take the opinion of friends without actually needing to use the trial rooms. This not only helps them to make informed decisions but also saves purchasing time by avoiding the long queues for trial rooms. For instance, Topshop, a clothing retailer from Russia, has setup augmented reality kiosk in the stores, which allows the visitors to view themselves in the mirror, use hand gestures and virtual buttons by superimposing multiple clothes on their image.

Why lack of knowledge regarding terminal operability remains a challenge?

The advancements in retail automation are highly beneficial for the retailers as well as customers. The automated system providers make continuous efforts to add innovative features to update new systems. Though such new systems save customers’ time in buying the products, some of the customers may also need assistance to operate these systems.

The integration of modern technologies such as NFC, ZigBee, and Bluetooth into retail automated products, namely intelligent trolley, hi-tech fridge, kiosk, and vending machine, may sometimes pose a challenge to its customers as they are not aware of the procedures to be followed. Therefore, volunteers must provide them guidance on how to use these modern products. However, it is not possible for the retailers to provide manual assistance at each and every terminal of airport, railway station, and theater where they have installed kiosks. Therefore, with the help of videos or by providing the step-by-step instructions or helpline numbers, the retailers can successfully overcome this challenge.

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