The biggest player in this field is America, which contributes to 71% of the automated retail sector. The current market, which is valued at $ 6400 Million, is expected to grow at a CAGR of 12.2 % during the forecast period (2017-2022).
A few factors that make America the leading global market are: Presence of an already established and developed retail sector, demand for sophisticated service by the customers and increasing number of major retailers such as Wal-Mart, Costco, Walgreens, and Kroger. However, because of increasing adoption of automation by companies in U.K, Germany, and France, even Europe is increasing its share in the global retail automation market. APAC countries India, Japan, and China, are also continuously improving their retail business models.
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The latest development in the retail industry is the Retail Automation, which focuses on cost reduction, quality improvement and enhancing the customer experience. Retail automation is used in diverse fields.From parking cars outside a store using RFID technology to using an app for ordering, paying and collecting coffee from the nearest Starbucks outlet, retail automation is everywhere.
It also helps in automation of customer engagement using surveys, email droppings, and customer scoring systems. This records the level of customer satisfaction and helps in improving the perception of the consumer about the brand.
Automation also helps in inventory control, which is important for reducing the cost of operation of stores. Other examples of retail automation products include the electronic shelf labels,, self-service machines, cash registers, self-checkout systemsand kiosks. The best example is Point-of-sale terminals or POS terminals, which are the replacement of cash registers, used in processing credit cards and debit cards.
The advancement in retail automation technology is an important factor in collecting the consumer data and then utilizing it in decision making in the supply chain of companies. Other two technologies that are dominating this industry are the Barcode and the Radio Frequency Identification (RFID).
The end users of the Global Retail Automation Industry are Hyper markets, Supermarkets, Fuel Stations, Retail Pharmacies, Convenience Stores, Hospitality and FMCG Industry
The data science and analytics involved in collecting the consumer data is driving the profits for the organization Customers are getting the benefits of cost and time savings, as well as productivity gains, because of which retailers are encouraged to adopt retail automation.The auto-replenishment programs which replenish the inventory as soon as the level goes down are being adopted by many retailers.But there are a few drawbacks also in this field.
Due to the takeover of automated jobs over manually operated jobs, there will be an impact on the physical retail system. The number of malls and brick-and-mortar retail shops is expected to go down significantly and e-commerce is expected to decrease the retail square footage. Also, the traditional human interaction is going to go down, which can make the acquisition of the initial customer base difficult.
The retail automation industry is segmented into the following categories:
1. Product Insights: Point of Sales ( Physical POS terminal and unattended POS terminal), RFID, Electronic Shelf Labels, Cameras and others
2. End Users: Hypermarkets, Supermarkets, Fuel Stations, Retail Pharmacies,Convenience Stores, Hospitality and FMCG Industry
3. Industry: Food/non-food, Transportation, Logistics, Hospitality, Oil and Gas, Healthcare
4. Regions: North America, Europe, APAC
The major companies in the Global Retail Automation Industry are Ingenico (France), Verifone (U.S.), CTS (U.S.), Pricer (Sweden), Fujitsu (Japan), SES (France), Eltrade (Bulgaria), Toshiba (U.S.), Wincor-Nixdorf (Germany), NCR (U.S.), First Data (U.S.), Posiflex (Taiwan), Motorola, Casio and Zebra Technologies.
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