27th Nov, 2019
Denave, Team, Designation
Automation with an easy-breezy impact is transforming sectors across the globe. Retail too is not far behind from its influence, availability, and accessibility of information pertaining to the latest brands, variety of products, customer service, etc are only tips of the iceberg. The phenomenon can be safely credited to rising disposable income fuelled by strong economic growth and of course technology breakthroughs that seem to encompass every other sector.
Tablets and smartphones to track customer footfall, fulfilling merchandising needs, feeding information to the customers and stakeholders real-time, easing customer’s navigation towards purchase path or availing services through chatbots – the list is only going to multiply.
- APAC region in this space is making its mark globally and noteworthy is the growth of markets across China, Japan and India. Around 60% of the retailers are expected to adopt automation across all the key functions of Asia Pacific region by 2021.
- Retail automation market will continue to expand by 20% annually in the next few years, reaching a total valuation of $4.9 billion in 2022.
- By 2023, the Asia-Pacific will be home to over 1 million automated retail units and over 4.5 million smart vending machines.
- Asia Pacific Retail Automation Market size is set to witness market growth of 13.8%CAGR by 2023).
- China market has held the largest market share in Warehouse Deployment Retail Automation Market since 2016 and would continue to dominate at least till 2023, growing at a CAGR of 10 %
- Japan market is expected to witness a CAGR of 16.8% by 2023) in the area of Store Deployment Retail Automation Market. Additionally, India market is expected to witness a CAGR of 18.4% during (2017 – 2023). Further, Barcode & RFID space has held the largest market share in Singapore Retail Automation Market since 2016. This would continue to dominate even by 2023; growing at a CAGR of 14.4% Here’s all that you need to know about Merchandising Analytics.
- A dramatic shift is expected in the APAC region from cash to eWallets at Point of Sale (POS) over the next four years, with eWallets set to grow to 42% by 2022
The stats are clearly promising and may serve as a barometer for other regions too to scale and adopt automation. However, rising cases of technology manipulation needs to be resolutely taken into consideration. Compliance formulation with a widening scope to match the technology growth and adherence to it shall prove to be the balancing needle in Retail.
The game-changers for each of these regions might be millennials though. Capabilities to meet the ever transient and varying demands of this target group shall determine the winning region.
Have a look at Denave’s Retail and Merchandising solution.