The rapid advances in digital and automation technologies have led to new developments in a number of industries, the retail industry being one of them. From check-out to inventory management, fulfillment to in-store facilities, retail technology includes the implementation of innovations and digital solutions in retail and e-commerce processes. The use of retail technology plays a fundamental role in customer experience. Today, both brick-and-mortar and online businesses invest in many aspects of retail technology. In-store retail tech tools include the use of technologies powered by Artificial Intelligence, such as smart mirrors and self-checkouts. For e-commerce businesses, retail technologies enable efficient inventory management with the help of cloud software, help manage customer bases and maintain a frictionless retail experience across multiple platforms through CRM tools.
Quarterly value of retail technology financing deals worldwide from 1st quarter 2019 to 4th quarter 2023 (in billion U.S. dollars)
Retail technology is key for brick-and-mortar companies, B2B and B2C e-commerce businesses, online marketplaces, and e-services like meal kit and food delivery. In recent years, financial funding into these segments has grown substantially, encouraging businesses towards the digital transformation of their organizations. In the last quarter of 2023, investments and funding of 4.7 billion U.S. dollars went into retail tech deals across all sectors.
Value of IT spending by segmentPhysical store self-checkout motivations for consumers in mainland China and Hong Kong in 2023
Further details: Visit original statistic Physical store self-checkout motivations for consumers in mainland China and Hong Kong in 2023
Retail technology aids both brick-and-mortar and e-commerce companies in several steps of their business processes. Supply chain and logistics are areas in which both online and conventional retail companies benefit from digital solutions. For e-commerce and multichannel businesses, retail technologies such as payments and personalization attract more investment and interest. On the store front, retail technology plays a big part in transforming today's retail stores into experiential spaces.
Grocery store self-checkout usage preferencesLeading technologies prioritized by retailers in the United States in 2023
Further details: Visit original statistic Leading technologies prioritized by retailers in the United States in 2023
Gen AI has taken all industries by storm and retail is one of the leading sectors where the application of advanced AI applications can bring many benefits. Among the areas where retail executives are looking to deploy AI are personalization, supply chain management, and security.
Retail tech investment plans
Retail technology refers to the digital tools and innovations utilized by brick-and-mortar retailers and e-commerce platforms in their in-store and supply chain operations. It sits at the heart of the digital transformation of retail businesses. Retail technology tools are often powered by automation, the Internet of Things (IoT), and Artificial Intelligence (AI). Data on retail technology provided by Statista cover the usage of retail technology in both physical and online retail, monitoring the current and planned investment and roll-out of retail technologies in the larger retail and e-commerce sectors.
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