Mon. Dec 4th, 2023
50+ Innovations Shaping the Retail Industry

Not all innovations follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before stabilizing and reaching maturity.

GlobalData’s Technology Foresights has identified 50+ innovation areas that will shape the future of the retail industry by plotting the S-curve using innovation intensity models built on over 115,000 patents.

In the emerging innovation stage, automated self-service kiosks and in-store theft monitoring are disruptive technologies that are in the early stages of application. Robotic warehouse management, autonomous delivery vehicle navigation systems, and interactive vending kiosks are among the accelerating innovation areas where adoption has been steadily increasing. NFC product tagging and smart PoS systems are among the maturing innovation areas that are now well established in the industry.

Smart checkout, a key innovation area in the Internet of Things (IoT) within the retail industry, employs innovative tech to optimize and expedite product checkout. By seamlessly integrating systems and devices, it automates product identification, payment processing, and inventory management, resulting in an efficient and swift checkout experience for customers.

GlobalData’s analysis reveals that there are 160+ companies at the forefront of smart checkout innovation, including technology vendors, established retail companies, and up-and-coming start-ups.

Leading the way in terms of patents filed in the smart checkout space are Toshiba, NEC, Walmart, Extreme Networks, and Alibaba Group. In 2023, Toshiba introduced a smart shopping cart that allows shoppers to self-checkout at retail outlets. The cart is equipped with a dedicated barcode scanner, allowing shoppers to scan product barcodes. Once all products are scanned, a tablet attached to the cart shows the total amount to be paid, providing a hassle-free shopping experience.

ArcSoft, Angel Playing Cards, and Mashgin are among the companies leading in terms of application diversity, while Angel Playing Cards, Catalina Marketing, and Trax Technology Solutions have shown great geographic diversity.

IoT-powered smart checkout revolutionizes the retail landscape by streamlining transactions and refining inventory management, resulting in superior customer experiences. This integration’s significance lies in the seamless connectivity of devices, real-time monitoring capabilities, and support for data-informed strategies, all contributing to a distinct competitive advantage.

To learn more about the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on IoT in Retail and Apparel.