The global smart retail industry is estimated to grow at a significant rate owing to the growth n integration of technologies such as augmented and virtual reality, IoT, and artificial intelligence. These technologies enhance store operation, improve shopping experience of consumers, and accelerate inventory management. The development of these technologies enable retailers to face competition with online retailers, hence leading to retain the lost market share and customers.
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Predictive equipment maintenance in smart retail market is very useful as it helps in predicting the equipment’s condition and accordingly schedule next maintenance services. In addition to this, the predictive equipment maintenance tool provides equipment support in monitoring and anticipating the future maintenance issues and the power saving so as to keep the food safe. Smart retail coupled with smart transportation helps in the movement of commodities from one place to another. Not only this, the smart retail even involves robotics and warehouse automation for streamlining the operations and reducing human error. Furthermore, with the rising adoption of IoT, smart retail industries are also planning to implement it so as to offer a connected and richer experience while shopping. With this technology, the customers before entering the store can log into the store on their smartphones to check the availability and price of the products they wish to buy. Adding to this, in the near future they can also receive notifications about the product availability.
Some of the leading players operating in the smart retail market globally include Intel Corporation, Samsung Electronics, IBM, Nvidia, Google Inc., Microsoft Corp., Amazon, Huawei Investment and Holding, NXP Semiconductors, Cisco Systems, and LG Display among others.