AI & Machine Learning To Create Significant Opportunities for Growth of Retail Automation Market

Retail Automation Market

Technological advancements are influencing existing as well as emerging companies to incorporate retail automation products and intelligent personal assistant facilities. This in turn is expected to offer consumers with better control over purchasing requirements. Apart from this, adoption of advanced technology can also help in faster checkouts utilizing a secure PIN and simple voice commands. The artificial intelligence facilities will help the customers in locating particular products, even the ones off store shelves along with related detailed information on chosen products.

According to the current scenario, artificial intelligence and machine learning are expected to create significant opportunities to retailers on their storefronts. This is likely to take place owing to the fact that AI is capable of understanding customer psychographic indicators, lifecycle stages and behavioral data. This results in retail sectors being able to involve with their target customers in a proficient manner.

A recent report anticipates that the global market for retail automation will expand at an outstanding 11.7% CAGR during the forecast period, 2017-2027, to touch an evaluation of nearly US$ 29,825.4Mn by 2027-end. Companies namely Datalogic S.p.A., Verifone, NCR Corporation, Honeywell International Inc., Toshiba Corporation, Diebold Nixdorf, Incorporated, FUJITSU and Ingenico Group among others will witness a sizeable growth globally. Leading companies are intent on marketing schemes such as product developments and growing their product portfolio. Apart from this, companies such as Mash are contributing significantly towards expansion of the global market for retail automation.

Verifone Enter Into Partnership with Mash

Verifone enter into partnership with Mash to help the company in offering customers as well as retailers with ‘pay later’ solution. This newly developed service will offer customers with a convenient choice to pay later for their purchases. Apart from this, the innovative purchasing method offers consumers the option to forego payment while purchase by selecting Mash option that is provided through Verifone device. This helps in instant credit approval and on-boarding. Key players must focus on this newly developed technology as it helps incredibly in expanding business and company revenue. Furthermore, in a time span of 14 days, buyers will be alerted to pay the required amount in full or else to choose monthly installment plan.

Innovative Payment Solutions to Benefit in the Expansion of Businesses

Mash smartly handles financial obligations of its consumers and therefore, manufacturers can enter into M&A with Mash or make heavy investments in R&D for developing effective products with the help of this company. In the present-day scenario, in-store financial solutions have been given no much importance by the businesses due to difficulty in implementation, which requires large degree of contact during sales. Moreover, Mash is expecting significant increase in the growth and expansion of its business, especially across Europe.

Manufacturers must focus on adopting Verifone Connect, as it would help the retailers in expanding their business beyond receiving payments. Verifone’s open and secure platform will provide opportunities to offer efficient way outs for both retailers and consumers with regards to purchase and related payments.

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About Abhishek Budholiya 53 Articles
Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.