Amazing Retail Technology Statistics, Facts, and Trends

Quick Overview: Advanced digital tools and emerging technologies in retail industries empower businesses to elevate beyond traditional cost-cutting and operations. In this retail tech insights article, we will show you the top retail technology trends with statistics, facts, and reports. These will help you keep up the pace in this rapidly growing industry.

With every passing day, the way consumers browse and shop through retailers is changing. We are in the digital era, and all industries, including retail and eCommerce, have adopted technologies and IT solution capabilities in order to stay competitive and deliver user-friendly experiences.

There is a massive downfall in the visits to brick-and-mortar stores by consumers. On the other hand, online retail is blooming. Online shopping is growing and becoming popular, which is expected to gain 30% of total retail sales by this year’s end.

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So, what does the retail market look like? What are the latest technology trends in retail industry? In this retail industry statistics article, you will find all the answers to your questions regarding the retail industry.

Let’s dive straight into the retail tech insights, market size, and understand the future of retail technology.

While going through this in detail, we have found important research on retail from global and US sales while considering a wide range of factors. The retail industry statistics we gathered are based on the latest eCommerce penetration data, usage of mobile devices, and new modules of technologies like inventory management software, etc.

To start with, let’s know that retail businesses face a number of challenges that require them to adopt advanced solutions in order to stay competitive. One of the solutions that have gained traction in recent times is Retail Management Software.

This software is designed to meet the growing demand for customer-centric retail solutions, advanced retail analytics, and automated retail operations. As a result, the Global Retail Management Software Solutions Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 8.6% from 2023 to 2027, reaching USD 7.9 billion by 2027. Now, come and find out what the worldwide retail market holds for 2025!

Global Retail Market Statistics

If you plan to start a new retail business, always consider going through retail reports, which are widely available. By looking at the resulting retail reports, we can see how the retail market size reflects the global economic developments that are currently sweeping through economies. It’s evident from this retail data that, despite disruptions like the COVID-19 pandemic, the global retail industry is still doing reasonably well.

Software applications that enable retailers and eCommerce to handle a large volume of data are essential to their growth. Therefore, retailers prefer to go for SaaS application development due to the current global economic disruption.

• The survey conducted by SoftServe and Wakefield Research has revealed that 94% of the 100 retail executives from large companies surveyed believe that technology plays a significant role in driving new customers.
• Retail tech investments are expected to increase by an average of 10%, with store operations being the dominant area of business determining technology investments for 71% of the respondents.
• Moreover, the survey found that retailers' top priority for 2025 is to improve customer experience, with 44% of respondents considering it a crucial goal, followed by increasing customer retention at 38% and accelerating customer acquisition at 32%.
• In terms of technology investments, half of the respondents plan to invest in AI-powered customer recommendations to enhance customer engagement, and 47% cited generative AI as an investment priority.
• The survey also showed that retailers have implemented and plan to continue investing in various technologies like 53% in smart labels, 49% in in-store kiosks, 48% in mobile apps, 46% in online chatbots, 46% in enhanced security and fraud protection, 44% in mobile payments, 44% in e-commerce logistics platforms, 44% in omnichannel solutions, and 36% in machine learning.
• By 2025, 20% of the top global retailers will drive holistic outcomes using distributed AI systems. By 2028, AI in the retail industry is expected to reach $31.18 billion.
• As per the survey conducted in the USA, consumers found tap-to-pay mobile applications to be the leading retail technology with the highest shopping experience among technologies used in the retail industry. Around 66% of consumers positively agreed.
• More than 20% of automotive retailers in the UK and USA believed that their customers would switch merchants if they did not offer their consumers in-store navigation.
• Leading retail company - Nike Inc. applied for 12 patents that are related to Internet of Things (IoT). Alibaba Group ranked second in the list with nine patent applications during this period.
• The estimated value of the global virtual fitting room market is $5.85 billion in 2024 and is expected to reach $14.87 billion by 2029.

• In the next five years, 80% of consumers anticipate increasing their use of digital platforms for purchasing.
• 50% of customers shop online using smartphones.
• The retail digital signage market is projected to have a significant growth rate during the period of 2022-2027, with a Compound Annual Growth Rate (CAGR) of 7.56%. This growth is expected to be driven by the continued increase in advertising.
• North America is expected to have the largest retail digital signage market, while Asia-Pacific is predicted to experience the most rapid growth.
• 61% of merchants reported a favorable return on investment (ROI) from their tech investments.
• Self-checkout and other retail self-service technology are preferred by 73% of customers.
• In order to improve the client experience, 77% of US retail establishments expressed interest in integrating augmented reality (AR) features.
• 79% of retailers are going to invest in IoT solutions like automated inventory verification and sensors on shelves.
• Retailers that fully utilize big data have the potential to see a 60% rise in operating profitability.
• The use of physical currency is gradually declining as more customers opt for online or contactless payments. According to a study conducted by Rapyd, 60% of customers plan to switch to these alternative payment methods. It appears that this trend is here to stay as the market for contactless payments is expected to more than double in size from $8.3 billion to $19.3 billion by 2026.
• Just 22% of retail companies believe they are at the forefront of digital commerce.
• Around the world, 45% of consumers claim to shop at least once a week using a mobile device.
• According to 75% of consumers, they expect to receive a personalized service from online retailers.
• With 57.6% of the world's population having internet access, there is an opportunity to reach a worldwide online customer base.

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Retail Technology Statistics and Insights

Retail technology is fundamental for online marketplaces, B2B and B2C eCommerce companies, mainstream enterprises, and online services like food delivery. Let’s read retail tech insights with recent statistics.

• The most important retail technology trend for 2025 is the rise in voice shopping among Internet users. 55% of smart speaker owners are expected to purchase using their voices.
• 4 in 10 users scan a QR code on their mobile devices every month.
• According to research, 40% of retail customers are willing to pay more for a product that they can customize in augmented reality (AR).
• Brands that implement AR for retail sales can expect to see a 94% increase in conversion rates, a 71% improvement in customer connection to their products, and a 41% increase in customer preference.
• 32% of consumers currently utilize AR while shopping, and 61% of customers say they prefer retailers that offer AR experiences.
• Forbes reports that the use of augmented reality can increase online shopping sales by up to 200%. Furthermore, 71% of consumers say they would shop more often if they used AR while shopping.
• The Augmented Reality in Retail Market is expected to grow significantly, with a projected market size of USD 5.43 billion in 2024, and a CAGR of 30.35% to reach USD 26.69 billion by 2030.
• Some major eCommerce platforms, such as BigCommerce and Shopify, have already realized apps that have AR capabilities, allowing merchants to get 3D products into their stores.
• Nearly half (42%) of consumers feel that AI will lead to faster checkouts.
• The market for Applied AI in retail and eCommerce is expected to grow significantly in the coming years. By 2032, it is anticipated to reach a value of USD 325.5 billion, up from USD 34.2 billion in 2023, representing a Compound Annual Growth Rate (CAGR) of 30.86% between 2023-2032.
• The revenue of AI-powered eCommerce solutions is expected to hit USD 16.79 billion in 2030, with a CAGR of 16%. E-commerce sales are anticipated to reach USD 7.3 trillion by 2025, boosting the value of AI in the retail sector to USD 36,462.5 million by 2032.
• For products at higher price ranges, it is advised to incorporate testimonials, 3D models, and videos to expedite the decision-making process.
• More eCommerce companies will use headless commerce since it gives them infinite flexibility to go for custom front end development from scratch.
• Messaging apps will help close the gap between personalization and automation by giving users instant access to customized products and rapid assistance.
• Retailers that use dynamic pricing, which constantly monitors and adjusts prices in response to customer insights and behavior, are expected to see considerable profit margins.

Shopping Experience Trends

To deliver a delightful customer experience, the world’s biggest brands are investing $700 million. That's a huge amount being invested in the shopping experience. Let’s read more about customer shopping trends and statistics.

• Around 61% of consumers have chosen a company’s rival after experiencing poor customer service.
• 64% of consumers prefer customer experience instead of price while shopping.
• Around 66% of consumers aged 18-34 have experienced an increase in their customer service expectations.
• As per the report, by 2025, 44.2% of e-commerce sales will be made through mobile devices.
• Google has become an important and favorite place for online marketplace. Google Shopping has turned to a higher conversion by over 17%.
• More than 55% of customers have done online shopping through various social media platforms like Facebook, Instagram, or Pinterest.
• After facing a couple of bad experiences from the brand, almost 50% of customers will stop shopping.
• 52% of customers have preferred to do extra shopping or purchase from the brand after receiving a positive customer experience.
• 95% of consumers tell their friends and family about negative customer encounters. Furthermore, 49% of dissatisfied customers post about their negative experiences on social media.
• 90% of consumers are influenced by positive evaluations when they buy a product.
• A 5% improvement in client retention might result in a 25% rise in earnings.

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Technology Trends in Retail Industry

IT leaders in the retail industry must stay current on emerging technology developments to provide creative in-house solutions that enhance sales and add value to customers.

• As per the survey by PwC, 34% of shoppers used desktop systems to make an online purchase in the last 12 months, 38% used a tablet, and 44% used a mobile phone.
• Since the initial Pulse study, more than 50% of customers stated they have gotten more digital.
• According to Shopify, the conversion rate for products with AR content is 94% greater than that of those without AR.
• These days, it seems like everyone has a Google Home or Amazon Echo. By 2025, the smart speaker industry is expected to reach a value of over $35.5 billion worldwide.
• In the US, 87.7 million adults—or over one-third of consumers—own smart speakers.
• About 20% of smart speaker owners use Google Smart Home and Amazon Echo for shopping-related tasks, including tracking packages, placing orders for groceries, and conducting research. Within the next four years, this is anticipated to increase to 52%.
• Although face-to-face communication has its perks, chatbots provide organizations and customers with significant advantages, including reduced latency and round-the-clock accessibility.
• IoT technology makes better customer service, quicker service, optimal product placement, proactive equipment maintenance, and more possible, enhancing store administration.
• 61% of consumers say they prefer retailers with AR experience.

Mobile Retail Statistics

With the rise of mobile devices, they have played a key role in reshaping the customer experience in the retail industry. Following are the statistics about mobile devices in the retail industry.

• 65% of all eCommerce traffic comes from mobile devices.
• 53% of eCommerce sales come from mobile devices.
• 89.3% of mobile traffic is converted into sales for fashion retailers.
• In the last six months, 79% of smartphone users have completed an online purchase using a mobile device.
• Approximately one-third of smartphone users make a mobile payment in-store at least once every six months.
• Mobile payment apps are expected to manage transactions totaling $14 trillion annually.

Consider Our Retail IT Solutions to Grow Your BusinessWith the innovation of technological advancements, the retail industry is not going to slow down in the coming years. Many organizations, including big brands or emerging startups, are adopting industry best practices and implementing the latest technologies to expand their businesses, streamline retail operations, fulfill customer expectations, and deliver a hassle-free CX.To leverage this immense potential, partnering with an experienced retail software development company is crucial in paving the way for a successful journey in this digital world.And if you are planning to be part of this digital journey, connect with Radixweb.Want even more interesting technologies-related statistics and facts? Check out Software Development Statistics, IT Outsourcing Statistics, and AI Statistics from Radixweb’s facts and figures library.