Automated retail’s application verticals include outdoor payment terminals, petroleum retailing, RFID tag reader, and outdoor thermal printer. The global industry can be segmented on the basis of product and industry verticals. Segmentation on the basis of product includes physical electronic POS and unattended terminals. Physical electronic enables recording, tracking, processing credit and debit cards, as well as managing inventory. Self-checkout systems and vending machines are a part of the unattended terminal. Industry segmentation on the basis of industry verticals includes oil & gas, health and personal care, food and non-food, hospitality, and transportation, and logistics.
Rapid growth of retailing sector can be attributed to growing consumer
demand for quality service as well as reduction in variable cost for retailers.
Increasing global awareness regarding wireless technology and its integration
with automated retail is presumed to boost retail automation industry over the
forecast period.
Browse Details of
Retail Automation Market Research Report at : https://www.millioninsights.com/industry-reports/retail-automation-market
Retail automation comprises
self-service and standalone stalls in busy locations such as malls, airports
and convenience stores. With the help of touch-screen interface, customers are
able to select products, pay for purchases using a debit or a credit card. For
instance, Best Buy Express has installed vending machines at international
airports that enable automated shopping of consumer electronics. The vending
machines hold bottled drinks, fast food products, candies and other products.
The system requires low maintenance costs, which are expected to contribute
substantially towards market growth over the forecast period.
The industry has witnessed sharp
growth during the past few years as it reduces labor costs associated with
retailing. Implementation of automated retailing enables companies to forecast
demands based on sales figures generated, in order to reduce the labor cost and
minimize costs across the value chain. The machine captures customer’s feedback
by prompting after-sale feedback on the screen as soon as the product is
dispensed out of the machine. The system helps to optimize profitability, which
is presumed to drive the industry growth over the next seven years. Automated
retailing enables optimized profitability as it incorporates data mining, which
discovers patterns in large data sets and thereby helps retailers to forecast
demands, manage inventory, track stocks online, and generate periodic cash
reports.
Automated retailing is expected
to witness significant growth over the forecast period as it enhances customer
satisfaction and provides convenience to customers by preventing formation of
long queues for purchase. The system facilitates customers with 24/7 access to
products that can be purchased irrespective of place and time
constraints.Integration of automated retailing systems with innovative
technologies, such as Big Data Intelligence, is anticipated to drive market
growth over the forecast period. It enables companies to retain customers’ data
and utilize it for data analysis in order to improve the company’s sales and
marketing strategies. However, lack of technical knowledge among customers is
expected to challenge market growth, especially in regions with slow adoption
rate of innovative technologies.
North America is anticipated to
witness considerable growth in market share owing to favorable economic
conditions and increased adoption of automated retail machines across the
region. Europe is expected to gain considerable market share over the forecast
period due to increasing number of retail chains and their product lines.Asia
Pacific is envisioned to witness significant growth over the forecast period as
the use of vending machines across emerging economies, such as India and China,
has been increasing across public transit services and corporate buildings to
sell convenience products. After the economic crisis in Japan, the region has
witnessed considerable growth in capital spending during the past few and is
envisioned to drive market growth over the next seven years.
Get Sample Copy of
Retail Automation Market Research Report at : https://www.millioninsights.com/industry-reports/retail-automation-market/request-sample
The industry is expected to
incorporate significant opportunities over the forecast period as it eliminates
limitation space and high labor cost for retailers. The system is being
increasingly deployed across shopping malls and schools, and is presumed to
find various applications across public areas in the recent future. The vending
machines are stacked with drinks, snacks, umbrellas, cosmetics, and accessories
for mobile phones and cameras that allow various payment options, including
cash, smart cards, and credit cards.
Honeywell commercializes an
automated fuel retailing system, which provides various automated petroleum
retailing services to the customers, and reduces supply chain issues such as
inventory management .The product’s retailing services include RFID attendant
tagging, automated fuel dispensing, bill printing at the isle, tank inventory
management, dry stock sale and accounting, dynamic centralized pricing and
video surveillance.
No comments:
Post a Comment