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What trends and innovations can we expect to shape the future of the connected retail market and enhance the customer experience?

By 2030, the global smart retail market size is expected to grow at a CAGR of 29.1%, making retail a tech-driven industry.

AI-powered chatbots will enable customers to interact with retailers 24/7, providing personalized experiences and improving customer service.

Augmented reality (AR) will allow customers to virtually try on products before making a purchase, enhancing the shopping experience.

IoT sensors will help retailers optimize inventory management, reduce waste, and provide real-time insights into customer behavior.

Voice commerce, enabled by voice assistants like Alexa and Google Assistant, will create new opportunities for retailers to engage with customers.

Social commerce will continue to shape the future of connected retail, with social media platforms influencing consumer purchasing decisions.

The connected retail market is expected to witness a surge in the adoption of technologies like artificial intelligence, AR, and IoT.

Retailers will need to invest in digital transformations and create seamless experiences across all touchpoints to remain competitive in the market.

The traditional online marketing and sales funnel has evolved beyond recognition, with linear shopping journeys becoming a thing of the past.

The future of retail belongs to retailers that boldly invest in "cutting-edge technology", according to John Straw, a senior adviser to McKinsey.

Better service with connected inventory enables manufacturers and retailers to enhance the customer experience by extending their reach to the entirety of stocks in the market.

The age of convergence is dawning, with incumbents and tech-first retailers becoming more evenly matched in the wake of Covid-19.

The growth of platform ecosystems alongside omnichannel is driving the next wave of competition and business model evolution in retail.

Customer expectations and needs are rapidly changing as retail moves from being a "push" (B2C) to a "pull" model.

Retailers have had to adapt to changing consumer behaviors, such as increased online shopping, during the pandemic.

The pandemic has also spurred many retailers to invest in technologies like AI, AR, and IoT to stay competitive.

The future of retail will be characterized by the convergence of physical and digital channels, creating a seamless customer experience.

In the future, retailers will need to focus on creating personalized experiences for customers, improving operational efficiency, and generating new revenue streams.

The adoption of connected retail technologies will enable retailers to create new business models, such as subscription-based services and data-driven loyalty programs.

Retailers that fail to adapt to the changing retail landscape risk being left behind, as the lines between online and offline shopping continue to blur.

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