Advancements in artificial intelligence, virtual reality, augmented reality, and the internet of things is taking the retail industry by storm. From AI-powered forecasts based on historical data analysis to virtual-reality showrooms with 360-degree immersive environments, smart retail is scaling new heights. In the wake of these trends, the global smart retail market valued at $19,497.0 million in 2020 is expected to expand at a compound annual growth rate of 27.7 percent from 2021 to 2028.
Augmented Reality (AR) plays an indispensable role among the factors driving this market growth. By enabling brands to interact with consumers through their mobile devices, AR enhances the shopping experience and consumer relationships. The adoption of AR in marketing helps retailers attract their target audience using multiple traditional and non-traditional interactions and drive sales. Other notable benefits of AR include facilitating accurate inventory management and improving store operations, thereby establishing its name loud and clear in the smart retail industry.
To spotlight such key developments in the industry, Retail Tech Insights Europe illustrates how companies are leveraging the latest developments in smart retail to enhance organisational performance. The edition also features thought leadership articles from Richard Surman, Head of IT, Crew Clothing Company, Dalibor Sović, Director of E-commerce in Konzum, and Tope Sadiku, Global Head of Employee Digital Experience & Technology ESG, at The Kraft Heinz Company, who shed light on various trends in the smart retail industry, including key developments in business-critical IT services for e-commerce, cryptocurrency payment process in retail, and technology deployment for improved customer experience.
In this edition of Retail Tech Insights, we also bring you the story of some of the top smart retail solution providers in Europe and the UK that deliver the best outcomes for their clients. The list comprises VCA Technology, which offers a consolidated, cost-effective surveillance system for retail owners under a simple, all-in-one analytics package, eliminating multiple software packages and hefty installation costs.
Through the following pages, we aim to highlight the innovative trends and latest developments in the smart retail industry. We would like to know your thoughts.
