The common aspiration of consumer product manufacturers is to develop products that are of esteemed quality, but invariably, there is a strong need to spread the awareness regarding exactly why their products are superior to the alternatives. Connected retail is a collection of modes via which a company can interact with their customers, which opens vast new opportunities of providing assistance, collecting payments, and delivering at door steps. On the back of radically increasing ubiquity of smartphones and deepening penetration of social media, the connected retail market is flourishing. According to this business intelligence study, the demand in the global connected retail market will multiply at an impressive CAGR of 19.80% during the forecast period of 2017 to 2025. The analysts of the report have estimated that the hardware and software pertaining to connected retail will produce opportunities worth US$82.31 bn by the end of 2025, substantially up from its evaluated worth of US$19.46 bn in 2017.
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Increasing adoption of the Internet of Things (IoT) is the primary driver of the global connected retail market, promising to revolutionize the way retailers handle their inventory management and customers use end products such as washing machines, wearable devices, automotive, mobile phones and tablets, among others. As the technology is harnessed further, the costs of components such as RFID tags are expected to decline and become more affordable for larger masses. The emergence of omni channel retailing also expected to fuel the connected retail market, which on the other hand is expected to suffer negatively from a few factors such as privacy issues and lack of IoT standards.
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