Home Accounting Software $70b by 2022 in 'annual transaction revenue' through smart store tech

$70b by 2022 in 'annual transaction revenue' through smart store tech

Remember Amazon's store in the US where you grab your stuff, walk out and the Amazon app automatically charges you? Invisible payments and other connected tech is coming and will grow big.

The latest research from the gurus at Juniper note that "Amazon Go and other ‘invisible payment’ technologies, aimed at reducing or removing physical checkouts from the retail experience, will process more than US$78 billion in transactions by 2022, up from an expected US$9.8 billion this year."

We're told that these deployments are only "in single figures today", but will reach "over 5000 retail outlets over the next five years as retailers seek to make consumer experiences frictionless and more engaging".

Meanwhile, Juniper predicts "the number of consumers using checkout apps, which allows them to scan their own shopping, will grow from just under four million to over 30 million in the same period".

So, is this "Retail Revolution" worth it?

Juniper's report, dubbed "Future In-store Retail Technologies: Adoption, Implementation & Strategy 2017-2022" is, as always, on sale to relevant parties at relevant prices.

The report "found that the cost and complexity of infrastructure integration will constrain deployments of invisible payments systems in the short term".

It argues that, initially, the majority of revenues from new retail technologies would be derived from two elements:

  • Checkout apps
  • Automatic scanning

Juniper explains "these have lower upfront costs than setups like Amazon Go or Panasonic’s robotic checkout, and can be used as information and promotion platforms, which increases overall spending".

Thus, the company "estimates that these technologies will drive an average increase in revenue of over $300 per shopper per annum by 2022".

What about online stores going physical? Some are good at doing just that.

The research argues that "a collection of new technologies, from mobile point of sale to automated inventory checking, is transforming the role of retail staff from cashier to advisor, allowing them to provide a more mobile and personal service".

Research author James Moar said: "Retail technologies are all moving to make in-store retail more experience-focused.

“This is ideal for online-first retailers as the store functions as an advert for an existing business. Offline-first retailers need to both have more personalised experiences and maintain the same transaction volume; a far harder task.”

As always, there's a white paper to tempt you into buying the full research. It's entitled "How In-Store Retail Technologies Will Change the Way You Shop." 

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Alex Zaharov-Reutt

One of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

 

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