SMART RETAIL MARKET challenges and opportunities

One of the major challenges currently facing the market is the high implementation costs associated with emerging smart retail technologies. Integrating advanced technologies such as IoT, AI, cloud computing, big data analytics, and mobile interfaces into existing retail infrastructure requires significant capital investment. Upgrading legacy systems, networks and processes to support new smart capabilities can be an expensive undertaking, especially for smaller retailers. There are also ongoing operating costs associated with tasks like system maintenance, software/hardware upgrades, data storage, and employee training on new technologies.

Smart Retail Market Opportunity - Expansion of e-commerce and omnichannel retail strategies

One of the major opportunities for growth in the market is the continued expansion of e-commerce and omnichannel retail strategies. Consumers are increasingly comfortable shopping online and using digital devices throughout the buying process. They expect a seamless shopping experience both in-store and online, with centralization of products, pricing and customer data. To meet evolving consumer demands, retailers are investing heavily in technologies that facilitate omnichannel integration and personalized engagements across all touchpoints. This helps optimize inventory, enable buy-online-pickup-in-store, allow in-store product searches, and enable associate access to customer profiles.