Proptech is the latest technology in the UK for a sophisticated retail environment. It has the potential to create theatre and experience to re-invigorate stores and retail destinations. Proptech has IoT architecture, and it is a customer-centric technology. The UK Proptech companies focusing on the retail sectors are only 4 percent. However, this number is likely to increase in the coming years. According to the World Economic Forum, fluid consumer demands will change the retail landscape in the next ten years. Technologies like virtual-reality and Augmented-reality will give rise to personalized customer experience. Moreover, the retail sector will grow worldwide due to more online activities. According to 80% of the retailers, integrating Omnichannel experience in the store is business-critical.
Furthermore, only 25 percent of the retailers in Europe think that they are using enough technologies. However, the majority of retailers feel that it is difficult to pick the top five techniques for the retail sector as Omnichannel is expanding faster. Retailers are thinking in different ways than five years ago due to technological advancements. Technology is evolving faster than the retailer’s adaption to technology. Many retailers see IoT as central to digital transformation strategies. The value of a globally connected retail market was $16.3 billion in 2016 and became $19.4 billion in 2017. The market value for retail is going to rise more in 2020 due to the touch of technology.
According to the study, 53% of retail sales in the UK will be via the internet by 2029. Internet use could be via online retail stores or digitized physical spaces. Proptech is going to shape a better future for the physical retail environment. Personalization in the retail market using AI tools, IoT technology can improve the services. The use of facial recognition, location recognition, and biometric sensors will increase shortly. An excellent example of technology use in the retail market is in Asia. Malls in Asia have chatbots that allow users to ask questions, find locations and directions. These AI chatbots collect data from user’s interaction for analysis of future improvements. Shopping malls and retailers in Asia are increasingly using Facial recognition to track customer’s data. This data can be useful for the evolution of the retail industry.