According to the press release, smart checkout technologies facilitate user experiences by removing traditional checkouts and embracing a ‘just walk out’ approach. The rapid growth will be driven by retailers seeking sustainable business models in the wake of the COVID-19 pandemic. However, the pandemic’s impact is only an acceleration of a long-term decline in the fortunes of traditional retail.
Moreover, the report found that, while the growth in adoption is dramatic, innovation will be limited to the convenience segment, where product lines are simpler and implementation costs are lower. Besides, Digital Retail Technologies: Adoption, Implementation & Strategy 2020-2025, found that the use of AI, including smart checkout systems and chatbots, will be critical in ensuring that retailers can deliver a compelling omnichannel experience to consumers.
Furthermore, the drive for efficiency will lead to investments of over USD 23 billion by retailers in AI by 2025, up from just over USD 5 billion in 2020.
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