GEC NEWS WIRE2016 Set to be ‘Springboard’ year for adoption of next-gen retail technology, says Gitex technology week 2015
Global retail sales could reach USD 23 trillion by 2025, with online retail sales at USD 4.3 trillion – nearly 20 per cent of the global total – according to a report by Frost & Sullivan released today in the build-up to GITEX Technology Week 2015.
In the Middle East, 2016 will be the “springboard” year for widespread regional adoption of next generation, Internet of Things-era retail technology. Four of the most prominent technology initiatives set to change Middle East retail over the next five years are virtual stores that enable customers to shop from the convenience of their homes; augmented reality shopping for customers to virtually try on clothes, share on social media, and see add-on purchases; smart shelves that can determine product placement, promotions, or sales; and robotic assistants, according to Frost & Sullivan.
“Shoppers across the Middle East are among the world’s most connected, influential and tech-lsavvy purchasers. Regional retailers are increasingly under pressure to captivate customers and drive sales, and Internet of Things-related technology solutions will be integral in converging brick and mortar and online stores,” said Trixie LohMirmand, Senior Vice President, Exhibitions & Events Management, Dubai World Trade Centre (DWTC).
