The increasing technology partnerships in the retail sector will have a positive impact on the market
During the period 2020-2024, the global digital transformation market in the retail sector is expected to boost a lot.
To improve visual search engine capabilities and offer the omnichannel experience to customers, retailers are adopting such advanced technologies as AI, IoT, AR/VE, and cloud. This way, the gap between online and offline shopping will be improved by narrowing.
Some of the retailers are introducing virtual try-on apps, scanning the users’ face and enabling them to try hundreds of spectacle frames that suit them. These developments are expected to expand market growth during the forecast period.
To develop the most suitable and sustainable business solutions, a lot of retailers enter into alliances with technology solution providers. These collaborations are opening new opportunities and improving revenues.
This tendency is expected to positively influence the growth of the market during the forecast period.