Retail Automation Market Analysis and In-Depth Research on Emerging Growth Factors 2018 to 2025
15th October, 2018 – Retail Automation Market comprises self-service and standalone stalls in busy locations such as malls, airports and convenience stores. With the help of touch-screen interface, customers are able to select products, pay for purchases using a debit or a credit card. For instance, Best Buy Express has installed vending machines at international airports that enable automated shopping of consumer electronics. The vending machines hold bottled drinks, fast food products, candies and other products. The system requires low maintenance costs, which are expected to contribute substantially towards market growth over the forecast period.
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Rapid growth of retailing sector can be attributed to growing consumer demand for quality service as well as reduction in variable cost for retailers. Increasing global awareness regarding wireless technology and its integration with automated retail is presumed to boost retail automation industry over the forecast period.
The industry has witnessed sharp growth during the past few years as it reduces labor costs associated with retailing. Implementation of automated retailing enables companies to forecast demands based on sales figures generated, in order to reduce the labor cost and minimize costs across the value chain. The machine captures customer’s feedback by prompting after-sale feedback on the screen as soon as the product is dispensed out of the machine. The system helps to optimize profitability, which is presumed to drive the industry growth over the next seven years. Automated retailing enables optimized profitability as it incorporates data mining, which discovers patterns in large data sets and thereby helps retailers to forecast demands, manage inventory, track stocks online, and generate periodic cash reports.
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