Editors' Note

Today, digital technology is the way to go and has become one of the foundational elements for all industries globally, whether manufacturing, healthcare, education, or even retail! Companies heavily rely on technology to streamline and strategically strengthen the industry ecosystem. The rise of eCommerce and omnichannel distribution has paved the way for hyper-personalization and flexible supply chain management. Pandemic accelerated most of the innovations in the retail industry today, and it is here to stay.

A robust technological foundation has allowed founders and companies to boost performance and scale their services by working on radical transformation. From inventory management to in-store facilities, retail technology has smoothened the edges of reaching consumers directly. In 2020, nearly 40.2 billion US dollars went into retail tech deals across sectors. This propelled the market to move into the digital domain and transform its service offerings.

Today, several online companies and brick-and-mortar stores are investing in retail technology. The global retail digital transformation market was valued at nearly $143 billion in 2020 and is expected to reach $389 billion by 2026. Smart retail is a hybridization of traditional shopping methodology combined with smart technology. With self-checkout kiosks, online trials, virtual fitting experiences, and hyper-personalized shopping experiences, consumers can have a faster and smarter experience. The global smart retail technology market will grow to $69 billion by 2026, at an average CAGR of nearly 25% from $23 billion in 2021. There is a huge market for retail technology, and as consumer preferences expand, the need to implement better ways to make a consumer experience count is imperative.

Mobile POS payments, digital payments, digital commerce, AR shopping, and social commerce are set to increase drastically. The surge in online shopping due to COVID has resulted in nearly 50% and more shoppers purchasing at least one item online. This has paved the way for retail tech companies to create innovative solutions to cater to the growing demand by the consumer globally.

The world is adapting to digitization and technological innovations. With rapidly changing times, it is important to pay close attention to the trends that dominate today's retail industry. Through this edition, we aim to educate and present the retail tech industry's changes and how they will impact consumers positively. We hope you enjoy reading it as much as we enjoyed piecing everything together for you.

Happy Reading!