Industry 4.0 Technologies: Managing the Future of Smart Retail

Abstract

The retail industry is undergoing a significant digital revolution. Emerging technologies are changing the way shoppers interact with companies and shops, causing a significant upheaval in the business. The primary purpose of the research is to recognise the concept of retail along with its service applications and novel technologies that will drive the future around the world. Retailers must keep up with the latest technological advancements to remain competitive as the supply chain grows more intricate and consumers become more astute, tech-savvy, and gadget-literate about using multiple channels. The analysis indicates technologies including artificial intelligence (AI), smart labelling, beacons, augmented reality (AR), virtual reality (VR), drone deliveries, and Internet of Things (IoT) have emerged as future trends. It has been found that retailers need to have strong digital relationships to engage and interact with consumers as well as to mould and influence experiences. They can create connections to assist customers in making decisions that are beneficial to them. India’s retail industry is well-positioned to prosper in the dynamic market environment by adopting innovation and transformation and also centred on omnichannel tactics, which offer customers a seamless experience by giving them a comprehensive, single glance at each retail business from the comfort of their home or place of business. The application of literary works to explain the notion of Industry 4.0 in the retail sector while recognising and comprehending pertinent technological developments. This chapter establishes the groundwork for upcoming research on technologies that will eventually be utilised in retail management.

Citation

Kumari, R. and Singh, V.P. (2024), "Industry 4.0 Technologies: Managing the Future of Smart Retail", Verma, B., Mittal, A., Raman, M. and Sindhav, B. (Ed.) Augmenting Retail Reality, Part A: Blockchain, AR, VR, and the Internet of Things, Emerald Publishing Limited, Leeds, pp. 59-82. https://doi.org/10.1108/978-1-83608-634-520241009