The global alternative retailing technology market is predicted to register a super CAGR of 25% over the next ten years. As per the market analysis report, this growth rate is expected to take the market from US$ 28.5 Billion in the present year 2022 up to US$ 263 Billion by 2032.
The regional smart retailing technology market in the United States is predicted to grow from US$ 10 Billion in 2022 up to US$ 30 Billion by 2026. Conversely, the European alternative retailing technology market is expected to remain at the second top position and would register a CAGR of 24% from US$ 7 Billion in 2022 up to US$ 20 Billion by the year 2026.
| Attributes | Details |
|---|---|
| Alternative Retailing Technology Market Size Value (2022) | US$ 28.5 Billion |
| Alternative Retailing Technology Market Size Value (2032) | US$ 263 Billion |
| Alternative Retailing Technology Market Growth Rate (2022 to 2032) | 25% |
As present, it is the age of telecommunication and information technology (IT), so businesses around the world are rapidly adopting all available options to grow their business. Starting with the concept of calling their customers individually, today retail businesses are now targeting potential customers by region-specific targeting over search engines and social media websites. Such new digital targeting methods have emerged as the most advanced alternate retailing technologies and have boosted the overall market in the recent past.
Alternative retailing technologies are a synthesis of traditional or conventional shopping methods combined with cutting-edge smart technologies for a better experience and to attract more customers. The IoT devices installed in the shopping lanes also collect data and exchange it with computers for further analysis. Such advancements in the data collection methods are anticipated to play a significant role in the alternate retailing technologies market growth.
It has also proved beneficial for customers to enjoy a more tailored, quicker, and more satisfying purchase. Even further, the design and inclusion of personalized discounts and specific targeting promos are expected to boost the alternate retailing technologies market key trends and opportunities in the coming days.
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Recent innovations such as augmented reality, artificial intelligence machine learning, and big data analytics have also entered the retail marketing sector. Actually, augmented reality is not new to businesses, but currently, it has progressed from a mere novelty to a component of merchants' e-commerce services.
In March 2021, the Lightspeed Company, which is a leading developer of cloud-based solutions and omnichannel commerce platforms, announced the acquisition of Vend to further power its global retail expansion. The acquisition broadens Lightspeed's worldwide retail presence and strengthens the organization's brand as the industry's best Omnichannel Retail Platform for better-performing SMEs.
Woolworths is the leading Australian supermarket grocery retailer that announced the debut of its own standalone payment transaction medium, "Wpay," in June 2021. According to the company, this platform will provide its client businesses with end-to-end payment transaction solutions, which also include an in-store and money transfers system which accepts conventional card transactions, e-wallets, and any other payment methods.
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 technologies 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.
Upgraded service and convenience, enhanced selection and product information drives the global alternative retailing technologies 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 alternative retailing technologies market.
Principal Consultant
The alternative retailing technologies 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.
Some of the key players in the global alternative retailing technologies are as follows:
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, technology and applications.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Segmentation based on online technologies:
Segmentation based on in-store technologies:
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Alternative Retailing Technologies Market
