Tugba Sabanoglu
Research lead covering Non-food CG & Retail
Retail technology in the United Kingdom (UK) - Statistics & Facts
The so-called industry 4.0 and the ensuing digital revolution has taken many businesses and organizations by storm, and the retail industry has been no exception to this. In fact, many technologies initiated by expansive digitalization have come at a time when the death of traditional retail at the hands of e-commerce was too quick to be announced. Today, both pureplayers and multichannel retailers get help from technology in their business processes, be it supply chain management, customer service, or online and in-store experiences.
In Europe, the utilization of Internet of Things (IoT), Augmented Reality (AR) and Virtual Reality (VR) is now a major benchmark retailers measure themselves against to gain leverage, paving the way for increased standards of customer experience. Retailers in major European countries are all too aware of the need for adamant digital transformation across this industry. In recent years, there has been more financial deals going into funding startups that offer retail technology solutions, with Europe accounting for 22 percent of all global deals in 2020.
In Europe, the utilization of Internet of Things (IoT), Augmented Reality (AR) and Virtual Reality (VR) is now a major benchmark retailers measure themselves against to gain leverage, paving the way for increased standards of customer experience. Retailers in major European countries are all too aware of the need for adamant digital transformation across this industry. In recent years, there has been more financial deals going into funding startups that offer retail technology solutions, with Europe accounting for 22 percent of all global deals in 2020.
