Alternative Retailing Technologies Market Volume Forecast and Value Chain Analysis 2016-2026

Alternative Retailing Technologies Market: Overview

Modern people prefer to be able to shop anywhere at any time and location at affordable prices and multiple options of delivery. Retailers are expected to offer comprehensive product information, product reviews, and inventory visibility and availability. With technology changing from ecommerce to multichannel retailing, Omni channel retailing is the latest retailing technology which provides an integrated real time shopping experience to the customers which means that whether a person shops from a desktop or a mobile or a store, the feeling of shopping and the experience will be similar. Big companies like Starbucks, Disney, and Bank of America among others have adopted Omni channel retailing. New technology like hand held shopping assistance, a palm-size device for in-store shopping is gaining momentum in the global alternative retailing technologie market. Radio frequency identification technology for tracking items is being adopted to improvise logistics, inventory and also the customer experience. Technology like self-scanning for speedy checkout of items purchased, 3D view of the products, and point of scale are expanding. Such technology improvements offer retail marketers to develop sales value more effectively.

Alternative Retailing Technologies Market: Drivers and Restraints

Upgraded service and convenience, enhanced selection and product information drives the global alternative retailing technologie market. Changing behavior of the modern day customers towards shopping experience is one of the key driver for alternative retailing technologies. The easy mode of payment with in-hand delivery and technology with seamless experience on web mode and in-store provides further impetus for the growth of the global market.

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Alternative Retailing Technologie Market Segmentation:

Segmentation based on online technologies:

• Online 3-D virtual store
• Online shopping site
• Online store information site
• Interactive printing

Segmentation based on in-store technologies:

• Tablet Technology
• Wireless voice communication
• Guest internet access
• In-store kiosk
• Hand-held shopping assistant
• Body scanning

Alternative Retailing Technologies Market: Region Wise Outlook

The alternative retailing technologie market can be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). Japan, Western Europe and North America are expected to register above average CAGRs during the forecast period owing to the advance technologies and awareness about the retail scenario in the regions. Also, Asia Pacific Excluding Japan, Middle East & Africa markets are projected to grow steadily due to a versatile nature of demand in the market.

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Alternative Retailing Technologie: Key Players

Some of the key players in the global alternative retailing technologies are as follows:

• Vend Limited
• RIBA Retail
• Tulip Retail
• Seamless Receipts
• IBM

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In-store technologies

These innovations are used inside physical stores to create immersive and streamlined shopping experiences.

AI-driven analytics: Analyzes in-store foot traffic, shopping patterns, and purchase history to optimize store layouts and product placement.

• Augmented reality (AR): Allows customers to use their smartphones or AR-enabled devices to virtually see products in a real-world setting. Examples include visualizing furniture in a home or trying on shoes.
• Cashierless checkout: Utilizes a combination of computer vision, AI-enabled cameras, and sensor technology to allow customers to pick up items and simply walk out, with their payment automatically processed. Amazon Go is a well-known example.
• Smart shelves: Use Internet of Things (IoT) sensors and RFID tags to automatically track inventory levels in real-time. This can alert staff when items need restocking and provide product information to customers.
• Interactive kiosks: Offer self-service options, such as browsing inventory, ordering items that are out of stock, or placing customized orders. McDonald's has successfully implemented these for self-ordering.
• Hyper-personalization: Creates a tailored shopping environment for each customer using data analytics and IoT. Nike has used this to stock its shelves based on online purchases made by local customers.
• Digital signage and transparent displays: Provide interactive, multimedia content to engage shoppers. Retailers can use these displays as virtual shelves, 24/7 store windows, or for in-depth product exploration.
• Mobile and contactless payments: Enable quick and secure transactions by allowing customers to pay by tapping a smartphone or contactless card at a terminal.

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