According to retail market research firm, Orbis Research, the Global Connected Retail Market is currently valued at $23.51B and is expected to reach $66.04B by 2024, registering a CAGR of 18.43% during the forecast period 2019 – 2024.
The connected retail market is highly dependent on IoT technology for its future growth. The rise of omnichannel retailing, where the consumers are on continuously connected platforms, like mobile, tablet, or desktop, has led to increasing prominence of connected retailing.
In defining the “connected retail market” Orbis explains that connected retail means to connect with the customers seamlessly through personalized marketing, the combination of a physical store and digital experience, supply chain, varied payment options and providing the capability to employees to collaborate more effectively.
With the improving industrial processes and automated manufacturing facilities, components costs have witnessed a declining trend. Reducing prices of components in a newly emerging market is a good opportunity for the growth of the connected retail market.
“Retailers across the globe are realizing the benefits of connecting with customers and providing them a more immersive shopping experience by consistently providing them messages about pricing, product availability and provide customer service across all touch points, which are some of the factors driving the market further,” the report adds.
The report also claims that the IoT is expected to make a huge transformation to various areas, like replenishment of goods. Devices, like the connected fridge, that can automatically re-order milk, cheese, or any other product that is running low, are being introduced by major electronics manufacturers, like Samsung and LG.
The emergence of IoT in the retail space has drastically changed the retail market. With the increasing retail sales, the integration of IoT sensors in different consumer electronics will enable retailers to understand and monitor consumer behavior, collect data, and provide enhanced consumer experience, which is a significant motto of the connected retail market.