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

Digital Transformation Growth Defies Market Volatility

The forward-looking CEO's commitment to ongoing investment in Information Technology (IT) is persistent. Worldwide IT spending is forecast to total $4.4 trillion in 2022 -- that's an increase of 4 percent from 2021, according to the latest worldwide market study by Gartner, Inc.   "This year is proving to be one of the noisiest years on record for CIOs," said John-David Lovelock, vice president at Gartner . Regardless, digital transformation remains a high priority across the globe. Geopolitical disruption, inflation, currency fluctuations, and supply chain challenges are among the many market volatility factors vying for attention, yet contrary to what Gartner saw at the start of 2020, enterprise CIOs are accelerating IT investments in 2022. Digital Transformation Market Development As a result, purchasing and investing preferences will be focused on areas including data analytics, cloud computing, seamless customer experiences, and IT security. Inflation impacts on

IoT Device Management Demand Gains Momentum

More forward-thinking CIOs and CTOs are focused on the adoption of the Internet of Things (IoT). Management challenges are top of mind for those who have already deployed a large number of sensors and associated network edge devices. Device management services are evolving in response to a greater breadth of new device technologies such as edge intelligence and related connectivity solutions, as well as the customer scalability and security of IoT deployments. But forward-looking suppliers are also preparing for a world where 41.3 percent of the connected devices will be using some form of Low Power Wide Area (LPWA) technologies by 2026. IoT Device Management Market Development Since IoT customers increasingly need to manage a larger fleet of connected devices, ABI Research now forecasts that IoT device management services will exceed $36.8 billion in revenues by 2026. Standardization is beginning to play a bigger role in device management services, as more connected devices use LPWA t

Anywhere, Anytime Workplace Demand for SASE

The ongoing adoption of flexible working models within the enterprise market has significant implications for typical IT organizations that must now support knowledge workers and front-line employees that operate outside the corporate network perimeter. The global COVID-19 pandemic created IT networking and security challenges. The expansion of the distributed workforce, an increasing reliance on cloud computing infrastructure, and the requirement to securely connect online employees -- wherever they choose to work, at any given moment in time. Legacy IT solutions that have rigid network underlays and a requirement for on-premises infrastructure cannot adequately deal with these trends. This 'Anywhere, Anytime Workplace' led to demand for new Secure Access Service Edge (SASE) solutions, with networking and security delivered as-a-service. Anywhere, Anytime Workplace Market Development   Although converging networking and security capabilities offer enterprises a promising solut