Retail

Embrace tech-driven innovation for a new era in modern retail opportunities

Embracing technology-driven solutions is imperative for retail businesses to enhance operational efficiency, elevate customer experiences, and stay competitive in a rapidly evolving market. According to Grand View Research, “The growing incorporation of technologies such as Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), and the Internet of Things (IoT) to enhance consumers’ shopping experience, facilitate accurate inventory management, and improve store operations is one of the significant trends escalating the market growth.” In fact, AI continues to drive retail market growth more than any other solution. Statista reports, “The global market for the use of Artificial Intelligence (AI) in retail was valued about at 4.84 billion U.S. dollars in 2021. Over the next eight-year period, the market for AI in retail is estimated grow continually, reaching 31.18 billion U.S. dollars by 2028.”

Whether your customers manage brick-and-mortar stores or digital shopping experiences, it can be a challenge to stay on top of digitization trends, customer experience expectations, and faster supply chains. Thankfully, ScanSource can help you navigate market changes and new technologies to grow your business.

Because at ScanSource, we DO technology, We DO solutions. We DO retail.

Retail Trends

Here are some retail-focused trends and the solutions ScanSource can help you customize, thanks to our industry-leading suppliers and valuable resources.

Hybrid Shopping—also known as BOPIS (buy online, pick up in store), curbside pickup, and same-day delivery— continues to be in high demand.

The BOPIS industry is expected to grow to USD $703.2 billion by 2027.

■ ResearchandMarkets.com

Self-checkout continues to be a convenient way for brick-and mortar retailers to compensate for ongoing labor shortages.

The self-checkout system market will continue to grow from USD $2 billion to more than USD $4 billion in 2024, but smart systems will innovate and improve existing kiosks, allowing contactless transactions and mobile payments.

■ Source: Global Market Insights, Inc.

Customers want more personalized messaging, something that both large companies and small businesses can rely on AI-powered insights and tools to give.

Chatbot marketing is more prevalent than ever, which is forecast to expand at a compound annual growth rate of 23.3% by 2030, with WhatsApp marketing also reaching between 98 and 99% open rates.
■ Source: Grand View Research

Strong digital infrastructure is needed to compete in a changing world

Globally, digital wallets will make up 51.7% of eCommerce transactions by 2024.
■ Source: WorldPay from FIS: The Global Payments Report 2021

Solutions that support these trends

PAYMENT PROCESSING AND/OR PAYMENT GATEWAYS

Confirm your POS technology and payment processor support contactless payment methods and have the right payment gateway for online purchases.

PHYSICAL SECURITY

Protect the facility, employees customers; deter theft; use to identify high-traffic areas when coupled with software/AI cameras—helpful for marketing or sanitation.