Skip to main content

In-Store Retail Technology Innovation Gains Momentum

The retail industry has undergone a revolution as a result of eCommerce and its associated technologies. To a large degree, this transformation has negatively impacted physical stores that have tried to compete with less expensive and more convenient online retailers.

Meanwhile, many of the major traditional retailers have expanded their online offerings but frequently struggled to compete against the leading pure-play eCommerce innovators.

eCommerce Market Development

However, there have been several recent technological developments that are both re-imagining the in-store retail experience -- as a service -- and re-tooling it to offer similar features to eCommerce.

According to the latest worldwide market study by Juniper Research, retail spending at new frictionless payment stores -- such as Amazon Go -- will increase from an estimated $253 million in 2018 to over $45 billion by 2023.

Juniper analysts forecast that most of these consumer transactions to be within convenience and general stores, with an average transaction value of around $30 per visit throughout the forecast period.

The new study also found that self-scanning apps, an alternative to ‘Just Walk Out’ technologies, will be used by over 32 million shoppers by 2023 -- driving higher consumer engagement.


While Wi-Fi will continue to remain the biggest engagement point for in-store customers, Juniper expects smart checkout software apps to act as gateways to technologies like Bluetooth beacons and mobile augmented reality.

Furthermore, the development of virtualized beacons, where an antenna array simulates the presence of multiple beacons within a retail store, will increase revenues for beacon manufacturers.

These virtualized beacon revenues will grow at an average annual rate of 49 percent, reaching over $1.5 billion by 2023. As a result, physical beacon shipments will grow at 21.5 percent per year.

The research found customer service capabilities as a key area for in-store innovation, with retailers experimenting with automated handling of customer service inquiries.

Outlook for Retail Technology Applications

According to the Juniper assessment, voice assistants (chatbots) and in-store robots will support this in 2023, with robots generating over $20 million in revenue for their manufacturers.

"Many of these technologies can bring multiple benefits to retailers," said James Moar, senior analyst at Juniper Research. "For example, robots and RFID can be used in both customer service and inventory management, making both elements of in-store retail more efficient."

Popular posts from this blog

Wireless Solutions Advance Work from Home Trends

Despite a challenging backdrop from the ongoing effects of the global COVID-19 pandemic, the negative impact on fifth-generation (5G) wireless supply chains has been minimal compared to the wider mobile smartphone market. This led to 5G mobile devices becoming more diverse, brought to market quickly at a variety of price points, thereby accelerating affordability and adoption. The mobile market is transitioning to 5G and many leading vendors are now exploring the low-priced 5G smartphone segment. According to the latest worldwide market study by ABI Research, 681 million 5G handsets will be shipped in 2022. Therefore, the race is on for OEMs to find that all-important level of differentiation in their flagship portfolios to help boost margins and improve market share. 5G Wireless Market Development Vendors continue to drive the adoption of new product designs, screen technology, chipsets, and camera setups -- notably within the flagship smartphone segment. Meanwhile, the leaders seek a

Software-Defined Infrastructure: The Platform of Choice

As more organizations adapt to a hybrid working model for their distributed workforce, enterprise CIOs and CTOs are tasked with delivering new productivity-enabling applications, while also seeking ways to effectively reduce IT cost, complexity, and risk. Traditional IT hardware infrastructure is evolving to more software-based solutions. The worldwide software-defined infrastructure (SDI) combined software market reached $12.17 billion during 2020 -- that's an increase of 5 percent over 2019, according to the latest market study by International Data Corporation (IDC). The market grew faster than other core IT technologies. The three technology pillars within the SDI market are: software-defined compute (53 percent of market value), software-defined storage controller (36 percent), and software-defined networking (11 percent). "Software-defined infrastructure solutions have long been popular for companies looking to eliminate cost, complexity, and risk within their data cente

Digital Identity Verification Market to Reach $16.7B

As more enterprise organizations embrace the ongoing transition to digital business transformation, CIOs and CTOs are adopting new technologies that enable the secure identification of individuals within their key stakeholder communities. A "digital identity" is a unique representation of a person. It enables individuals to prove their physical identity during transactions. Moreover, a digital identity is a set of validated digital attributes and credentials for online interactions -- similar to a person's identity within the physical world. Individuals can use a 'digital ID' to be verified through an authorized digital channel. Usually issued or regulated by a national ID scheme, a digital identity serves to identify a unique person online or offline. Digital Identity Systems Market Development Complementary to more traditional forms of identification, digital identity verification systems can enhance the authenticity, security, confidentiality, and efficiency of