Retail

Embrace tech-driven innovation with smart retail solutions

Staying competitive in today’s retail landscape requires embracing technology-driven solutions that optimize efficiency, enhance customer experiences, and streamline operations. As a leading security distributor and trusted sales partner, ScanSource delivers innovative solutions to help businesses adapt to evolving market demands.

According to Grand View Research, “The growing incorporation of technologies such as Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), and the Internet of Things (IoT) to enhance consumers’ shopping experience, facilitate accurate inventory management, and improve store operations is one of the significant trends escalating the market growth.” In fact, AI continues to drive retail market expansion more than any other solution. Statista reports, “The global market for the use of Artificial Intelligence (AI) in retail was valued at approximately 4.84 billion U.S. dollars in 2021. Over the next eight-year period, the market for AI in retail is estimated to grow continually, reaching 31.18 billion U.S. dollars by 2028.”

From POS pay and POS payment solutions to Toshiba point of sale systems and Zebra printers, technology is reshaping how retailers scan, track, and process transactions. Retailers can improve operations with smart printer labels, optimize inventory management with RFID label suppliers, and enhance supply chain visibility with T&L supply solutions. With cutting-edge scan product technology, businesses can process transactions faster and more accurately.

Whether your customers manage brick-and-mortar stores or digital shopping experiences, keeping up with digitization trends and supply chain demands is critical. ScanSource provides the tools and expertise you need to scan, optimize, and grow your business in this ever-changing retail environment.

Retail Trends

Here are some retail-focused trends and the solutions ScanSource can help you customize, thanks to our industry-leading suppliers and valuable resources.

Hybrid Shopping—also known as BOPIS (buy online, pick up in store), curbside pickup, and same-day delivery— continues to be in high demand.

The BOPIS industry is expected to grow to USD $703.2 billion by 2027.

■ ResearchandMarkets.com

Self-checkout continues to be a convenient way for brick-and mortar retailers to compensate for ongoing labor shortages.

Self-checkout systems have become an essential solution for brick-and-mortar retailers addressing ongoing labor shortages. The global self-checkout system market is projected to grow from $5.64 billion in 2024 to $18.01 billion by 2032, at a compound annual growth rate (CAGR) of 15.6%.

■ fortunebusinessinsights.com

Customers want more personalized messaging, something that both large companies and small businesses can rely on AI-powered insights and tools to give.

Chatbot marketing is more prevalent than ever, which is forecast to expand at a compound annual growth rate of 23.3% by 2030, with WhatsApp marketing also reaching between 98 and 99% open rates.
■ Source: Grand View Research

Strong digital infrastructure is needed to compete in a changing world

In today's rapidly evolving digital landscape, a robust digital infrastructure is essential for businesses to remain competitive. Digital wallets have become a cornerstone of this infrastructure, offering consumers a seamless and secure payment method. Recent projections indicate that by 2030, the global digital wallet market size is expected to reach approximately $7.86 trillion, up from $2.14 trillion in 2023.
■ Source: marknteladvisors.com

Solutions that support these trends

PAYMENT PROCESSING AND/OR PAYMENT GATEWAYS

Confirm your POS technology and payment processor support contactless payment methods and have the right payment gateway for online purchases.

PHYSICAL SECURITY

Protect the facility, employees customers; deter theft; use to identify high-traffic areas when coupled with software/AI cameras—helpful for marketing or sanitation.