General retail industry is witnessing a paradigm shift with increasing technology impact across most of the retailing processes. Retail industry can be broadly segmented into fast-moving consumer goods (FMCG), fashion goods, leisure goods and other diversified products. Of these categories, sales for FMCG has been growing fastest.
IT spending is increasing in both in-store and online retailing market. Retailers are investing on technologies which can improve overall customer experience and also enhance their engagement. Consequently, multichannel models, which generally involve both traditional retail and online retail, are being introduced.
In addition, retailers are looking for technologies which can save cost for them and make the buying process efficient for customers. Consequently, concept of retail automation is picking up in general retail sector and it is expected to revolutionise the future of retailing globally. Retail automation involves implementation of technologies such as electronic point of sales (EPOS), KIOSK, self-checkout, vending machines, among others. Automation of retail processes involve various components such as card readers, smart cart, personal digital assistant (PDA), barcode reader, cash register, etc. Some of the emerging trends in retail such as visual merchandising, planogram and big data are beefing up the demand of automated retail services.
Retail industry is experiencing globalisation owing to growing population and increasing disposable income in emerging markets. Considering stagnant growth in matured markets, many large retailers are opening up their shops in emerging markets in order to target burgeoning middle class in these countries.
Duty free retailing market is also expected to pick up primarily driven by increasing number of international travellers, improving economy, modernisation of airports and development of new duty free spaces. Asia Pacific (APAC) region is emerging as a key revenue contributor to duty free retailing market. APAC countries like China, Hong Kong, Singapore, Thailand and South Korea are the key sales drivers in the market.
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