All the aforementioned factors are expected to grow the smart retail devices market at a thriving pace during the forecast period. Further, they can also receive notifications about product availability. 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. With the rising adoption of IoT, smart retail industries are also planning to offer a connected and more prosperous experience while shopping. In addition to this, the predictive equipment maintenance tool provides equipment support in monitoring and anticipating future maintenance issues and power-saving to keep the food safe. For instance, store owners are integrating sensors in the critical zones of retail stores and connecting them to the cloud through a gateway that enables real-time data analysis related to products, sales, and customers from the sensors. Retail stores are focusing on using emerging technologies such as cloud, mobile, RFID, beacons, etc., on providing connected retail services and a better shopping experience. Energy management, theft prevention, in-store navigation, and customer engagement are a few advantages of utilizing IoT in the retail industry. Smart devices and IoT in retail help retailers enhance the customer experience and drive more enhanced consumer engagement, significantly altering day-to-day store operations. Smart retail devices take the assistance of the internet of things (IoT) in their operation. The global smart retail devices market size was valued at USD 24.58 billion in 2020 and is projected to reach USD 74.68 billion by 2027, registering a CAGR of 17.2% from 2020 to 2027.
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March 2023
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