Advanced Shopping Technology Market Size, Share and Analysis By Technology (Beacons, Virtual Reality, Smart Shelves, Retail Apps, Social Media and Showrooming), By Application (Retail, Commercial Advertising, Others (warehouse, etc.)) and Regional Forecast, 2024-2032

Customers' shopping journeys can indeed be enhanced by adopting advanced shopping technology to provide customization and convenience features while they shop. With technical advancements, internet shopping and purchasing via smart mobile devices are becoming more popular. Companies are formulating strategies and implementing new technologies to adapt to customer’s changing pattern.

• Customers can enter Amazon Go stores, pick up things, and leave without having to queue or check out, and payment is completed instantly using the Amazon Go app. To automate the payment and checkout process, this technology combines computer vision, deep learning, and sensor fusion technologies.

The retail stores are increasingly adopting various advanced technologies to interact, engage, and transact with customers and are making a movement towards a smart environment. These adoptions seem to drive the market in the forecast period. The customers these days don’t want to wait in a long queue and avoid interacting with the cashier thus, propelling the growth of self-check-out technologies. The growth of radio frequency and Bluetooth devices for personalized marketing is also boosting the market.

• Alibaba, introduced a technology called Fashion AI, using the technology from which customers can virtually try the garments in the fashion retails and the machine, using AI is also capable of suggesting other products using mix-and-match recommendations.

However, the high cost of these technology implementations and maintenance seem to hamper the market growth. Also the lack of awareness about the ease of using these technologies are also restricting the traditional retails and SMEs to deploy them in the stores.

Impact of COVID-19 on the Advanced Shopping Technology Market:

The COVID-19 pandemic has impacted the market in a positive way. The changes made during the pandemic period are expected to be adopted by the retailers for the long term owing to customer’s expectations on safety and also the high investment involved during the procurement of these technologies. The contactless interaction trend has boosted the retail apps or online shopping apps and cashless transactions technologies.  

• According to NeilsenIQ, more than 15 million new customers in the United States have shopped consumer packaged goods online since March 2020.

Key Insights

The report will cover the following insights-

• Micro and Macro Economic Indicators


• Drivers, Restraints, Opportunities, and Trends


• Impact of COVID-19


• Business Strategies Adopted by Key Players


• Consolidated SWOT Analysis of Key Players

Regional Analysis

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North America has the highest market share at present and is expected to dominate the market throughout the forecast period. The presence of key players in this region is one of the major reasons for this region to dominate the market.  Also, lucrative number of consumers and stores use the technologies, boosting the advanced shopping technology market in North America. For instance, according to reports published in January 2022, the U.S. has the highest percentage of online shoppers in the world which is 69% and also has the highest average revenue per online shopper which is USD 1,804.

Asia Pacific and Europe are also witnessing a positive growth for the advanced technologies market. The developing countries in Asia Pacific are in a growing phase for this market and that creates a huge market space for the players. Also, the technologies that are associated with the use of smart devices. The presence of countries such as China, Korea, and Japan, who are the leaders in smart device production, are expected to propel the growth of the market in this region.

Key Players Covered

Some of the prominent players operating in the global advanced shopping technology market are Amazon.com Inc., Google LLC, Procter & Gamble, Toshiba Corporation, Walmart Inc., Intel, Qualcomm, NXP Semiconductors, Texas Instruments, Cypress Semiconductor, Mediatek, Microchip Technology, Renesas Electronics, STMicroelectronics, Huawei Technologies, Nvidia, Advanced Micro Devices, and Samsung Electronics.

Segmentation

Key Industry Developments

• In January 2022 – Zabka Nano became the largest autonomous store chain in Europe after the inauguration of 25 new AI based stores. The computer vision technology incorporated in these stores will facilitate the customer experience was designed in close association with American-based technology company AiFi. These stores deployed several concepts of shopping technologies that would integrate standalone shipping container-inspired stores, traditional brick-and-mortar, and store-within-a-store points of sale concepts.


• In October 2021 – GoDaddy launched a new Point of Sales (POS) system to assure that it is fully aligned and connected with WooCommerce, an open sourced online retail platform. This enables the retailers to have a common view on both online and offline sales. This technology also helps the retailers to have a track of inventory available for both online customers in warehouses and offline customers in direct stores using a single platform.