With the explosion in demand for online shopping as a direct result of the coronavirus pandemic, huge opportunities have developed for digitalisation, new technologies and innovation along the entirety of the customer journey. To identify opportunities in the exciting and fast-growing new sector that is Retailtech, The Swiss Business Hub UK & Ireland commissioned Catalina Consulting to carry out detailed research and to present a report that would inform future investment & trade strategies.
Disruption of retail
As 2020 brought change to the retail industry at unprecedented scale, the sector is innovating at high speed to embrace new trends and keep up with demands. With a forecasted value for the global retail sector of $30tr US by 2023, retailtech is set to be one of the fastest-growing, most exciting tech sectors of the 2020s. Technologies to boost retail efficiency and reach have garnered the attention of consumers, retail buyers, investors and technology innovators, with big data, AI, image recognition, robotics and production-innovation driving development in a variety of application areas.
The power of AI
Underpinning much of the technological innovation in the centralization of retail and food distribution is AI, which has revolutionized the entire retail industry, improving the cost-effectiveness of delivering a personalized, immersive and optimized experience for every individual consumer at massive scale.
Retailtech in Switzerland – Opportunities for investors
Retailing grew positively albeit modestly in Switzerland between 2019 and 2020, with a 3.1% increase. Steady growth is predicted across the next decade, providing new opportunities for retailtech entrepreneurs. Also reflecting global trends, stores in Switzerland are set to become increasingly engaging and interactive, and new opportunities will emerge for technologies that support faster distribution and better delivery options. As the retailtech sector develops across the next decade, it will offer new business opportunities to companies with transferable skills from other sectors, including data, AI and robotics. AI will be leveraged to provide highly tailored and personalized customer experiences with an emphasis on delivering demonstrable value.
Retailtech in the UK – Opportunities for exporters
The UK retailtech sector is currently enjoying a period of fast growth dominated by data, payments, AI, robotics and machine learning. Whilst the UK high street is currently dormant, a resurrection is predicted across the next decade, with stores and digital channels rethinking and personalizing customer experience. In particular, innovations within supply chain and delivery technologies are predicted to be revolutionary. AI and gaming technologies will transform customer engagement with loyalty programmes assuming dramatically increased performance in retaining customer business. To accelerate these developments and nurture retail technologies, UK retailers are investing in proprietary innovation labs while developing creative ways to access new talent.
Report about retailtech in the 2020s UK & Switzerland
The report, which can be downloaded below, analyses emerging trends and technologies in retail, detailing the propositions of the UK and Switzerland, benchmarking and identifying opportunities for exporters and investors.
- Retailtech in the 2020s
- Emerging Technologies in Retailtech
- Retailtech Switzerland
- Retailtech UK
- Benchmarking and Opportunity Mapping
Download the report via Hubspot here