Stores looking to give shoppers a more personalized, enjoyable experience are increasingly turning to so-called smart retail, vatornews reports. Such offerings combine traditional shopping with and modern “smart” technology using data analytics and technologies like the internet of things, Artificial Intelligence (AI), Virtual Reality (VR) and Augmented Reality (AR).
This mix of online and offline shopping, which IBM refers to as hybrid shopping, is now the primary buying method for 27 percent of all consumers and 36 percent of Gen Zers.
The smart retail space is about to get much bigger, according to a research study from Prophecy Market Insights, which found that the smart retail market will grow by a factor of 10 from 2020, when it was valued at $21.4 billion, to 2030, when it is expected to be valued at $211.25 billion.
Some of the trends driving this trend on a global scale include a growing retail industry due to rising urbanization, increasing disposable income, and changing consumer preferences; a growing e-commerce market, with countries such as China, India, and Indonesia experiencing significant growth in online sales; and more technology investment, as the APAC region is home to many technology hubs such as China, South Korea, and Japan.
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