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What Lies Ahead For The North America Connected Retail Solutions Market?
Growing penetration of internet and the rise of internet of things, alongside reducing data charges are making the consumers who are at the bottom of the pyramid of a supply chain, extremely well informed. This is creating a huge demand for technology driven solutions in the retail market which is the biggest challenge for the global retail industry.
The North America connected retail solutions market is no different when it comes to the challenges faced by retailers across North America. Owning to a high penetration of smartphones and internet and adoption of omnichannel sales strategies that involves integrating online channels with offline stores, this region is also seeing a huge shift in consumer expectations. The consumers are believed to be getting increasingly impatient and less forgiving when it comes to service experience. Everyone expects everything to be sorted out within a span of few minutes and without having to use any non-digital attribute.
As per a market research report published on the official website of market intelligence firm, Research on Global Markets, the North America connected retail solutions market is expected to expand at a compound annual growth rate (CAGR) of nearly 17.84% in the period between the year 2018 to the year 2023. Implementation of advanced technological innovations like IoT, AI, Big Data etc is expected to drive the market at a fast pace particularly impacting the Supply Chain Management (SCM) segment in this region. In terms of countries that are going to benefit from this drive, United States seems to be at the top.
United States is expected to hold nearly 95% market share for the North America connected retail solutions market. Mega corporations like Verizon and Microsoft are expanding their business in the region through organic strategies as well as acquisitions, which is expected to drive growth in the region. However, Canada too is not behind. In fact, it is believed that Canada will record fastest growth in the projected period by implementing several connected retail solutions. However, for North America to fully achieve a 100% digitalization in its supply chain management systems, it’s important that all players, big and small, embrace the new technology.
The most critical segment of the North America connected retail solutions market, the supply chain management market, is so far a linear model. The shift from linear sequential supply chain to non-linear and interconnected supply chain will be critical for success of retailers. This is a difficult thing to achieve as it requires huge investment on the technological infrastructure part and a complete change of mind set. Nonetheless, despite being challenging, the advantages of implementing connected retail solutions are many for the retailers. Particularly changes in three focus areas, namely financial performance, service levels and risk management. The most important in all three of these focus areas is to maintain complete data transparency without hurting or breaching end-user privacy. This is becoming the biggest challenge in maintaining connected solutions and securing every data source so that there is no leak in any of the steps during the connected supply chain management solutions market.
Written by a content marketer who keeps updated on industries for market research purposes and studying them.
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