Retail robots, which are AI-enabled devices, can gather information about customers' preferences and habits with unprecedented accuracy. By suggesting related or appropriate products to customers, businesses are able to increase sales. Retail robots are now commonplace in supermarkets, department stores, chain stores, and specialized stores. AI and robotics have helped retail. Retail robotics allows retailers to change their tactics and become more customer-focused. These robots can manage inventory and omnichannel orders. Retail robotics, especially in high-profile businesses, are inevitable despite fears about job losses. Robotics will make brick-and-mortar retailers more customer-focused, boosting the global retail robots industry from 2021 to 2028. Retail robots track inventory, price tags, and customer preferences. Retail robots customize products, enhancing restocking. Machine learning systems offer automated checkouts, digital kiosks, and queue-free customer care. Robot testing is changing supply chain procedures in several retail and distribution warehouses. Computer vision, AI, deep learning, and robotic mechanics help robots perform challenging tasks. Retail robots can be pricey, deterring new tech adopters. Early costs include customized software, which boosts business. Robotics adoption requires maintenance expertise. Companies are contemplating the long-term benefits and business impact of such technologies to overcome the initial cost.
Between 2021 and 2028, the Retail Robots Market for retail robots is projected to grow at a CAGR of 30.1%.
Prominent Companies in the Retail Robots Industry:
1. Amazon Robotics
Amazon Robotics formerly Kiva Systems, is a Massachusetts-based company that manufactures mobile robotic fulfillment systems. It was founded in 2003 and headquartered in Massachusetts, United States. It operates in the United States, Canada, Italy, Germany, Spain, and the United Kingdom. In July 2021, Amazon intends to develop delivery robot technology in Finland.
2. Bossa Nova
Bossa Nova is a startup robotics company that manufactures inventory control robots for use in retail stores. It was founded in 2005 and headquartered in California, United States. It operates around the world. In Dec 2021, Bossa Nova de-emphasizes robots in 'store AI' rebrand.
3. Simbe Robotics
Simbe Robotics was founded in 2014 and headquartered in South San Francisco. It operates in five different countries. In Oct 2020, Simbe releases Tally 3.0, the most advanced autonomous inventory robot on the market.
4. ABB Robotics
ABB Robotics was founded in 1988 and headquartered in Zürich, Switzerland. It operates in more than 100 countries. At interpack May 2023, ABB and B&R, a subsidiary of the ABB Group and ABB's global center for machine and factory automation, will present a wide range of packaging automation solutions, emphasizing how automation can assist businesses in overcoming the production and logistical difficulties brought on by omnichannel retailing.
5. Greyorange
Greyorange was founded in 2011 and headquartered in Georgia, United States. It has its presence in several countries. In June 2021, Supply & Demand Chain Executive named GreyOrange "Top Supply Chain Projects for 2021" for its AI-driven GreyMatterTM Fulfillment Operating System (FOS) and RangerTM Robot Series. GreyOrange was chosen for its relationship with Sodimac, a South American home improvement retailer that adopted GreyOrange's end-to-end solution using GreyMatterTM FOS and Ranger robots to increase efficiency and productivity without compromising worker safety.
6. Softbank Robotics
Softbank Robotics was founded in 2012 and headquartered in Tokyo, Japan. It operates in 10 countries. In Nov 2022, SoftBank Robotics and Gausium join forces to expand robotic solutions across the United States market.
7. Honda Motor Co. Limited
Honda Motor Co. Limited was founded in 1959 and headquartered in California, United States. It operates in 140 countries.
*Definition: Retail robots equipped with artificial intelligence are able to collect data on buyer preferences and routines with a precision that grows exponentially. This data enables retailers to increase sales by recommending comparable or suitable products to consumers.
