IoT Transforms Retail Market Landscape

The Internet of Things (IoT) is significantly transforming the retail sector, projected to grow from USD 51.56 billion in 2023 to USD 296.67 billion by 2032, with a CAGR of 28.4%. This growth is driven by increased R&D spending and the integration of smart devices that enhance customer experiences and optimize operations, such as smart shelves and cashierless stores. Concurrently, digitalization is reshaping payment habits, with a surge in the use of digital wallets and a trend towards unified commerce, blending online and offline shopping experiences. A recent report indicates that APAC consumers are leading the charge in digital adoption, with a strong preference for mobile shopping and rapid delivery services. Additionally, technological advancements, particularly in AI, are creating new opportunities for brands to engage consumers through personalized and immersive experiences. The retail landscape is evolving as companies adapt to these changes to meet rising customer expectations.