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The term “smart retail” refers to the fusion of traditional shopping methods and new “smart” technologies. Data is gathered through the Internet of Things by communicating between implanted devices and computers.
Customers may benefit from a more tailored, faster, and smarter experience as a result. Individualized coupons and carefully selected inventories are examples of this. Because of improved supply chain management, smart retail is a cost-effective and profitable process for both consumers and merchants.
The US Smart Retail Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
Just Walk Out is powering Amazon Go Grocery stores. Computer vision, sensor fusion, and deep learning are all used in this research. When a customer takes an item off the shelf and places it in their cart, the store’s extensive network of cameras and IoT sensors can detect it. The guest’s credit card is charged for the products they stole when they depart the store.
Walmart and Google have teamed up to enable voice-activated grocery shopping. Voice Ordering at Walmart is an excellent example of this technology in action. They can place orders fully by voice by asking smart speakers to add things to a cart. Walmart personnel can then make those items accessible for pickup.
Snapchat Updates Kohl’s Virtual Closet, allowing users to try on various things digitally using augmented reality (AR) and purchase them directly from the app. This type of augmented reality technology has a lot of potential for converting people who buy at home. Customers who are stuck indoors can use Snapchat’s augmented reality function to try on and buy loungewear.
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