Robotic Automation and the Future of Retail Trade
Overview
In the highly competitive retail industry, robotic automation offers a transformative solution, enhancing efficiency, decreasing labor costs, and providing a unique shopping experience. With research showing that the global retail automation market is set to reach approximately $19.17 billion by 2027, while the investment in robots is predicted to rise to $7.4 billion in the retail sector by 2022, the role of robotics is fast evolving from a futuristic concept into an everyday reality.
The Rise of Robotic Automation in Retail Trade
In today's ever-changing retail landscape, the prevalence of robotic automation is increasingly becoming hard to ignore. The use of robotics in retail is predicted to grow by 32% by 2027, ensuring smoother operations and more efficient customer service. For example, with labor costs amounting to 20%-35% of revenue in regular retail operations, automation can cut those expenses by up to 60%. Predictive analytics powered by Artificial Intelligence (AI) also enable retailers to proactively respond to inventory management issues, a major concern considering that nearly $1.1 trillion tied up in inventory is lost or wasted annually.
Transforming Customer Experience Through Robotic Automation
Robotic automation doesn't just drive efficiency and minimize costs; it is also key in creating novel and engaging customer experiences. Retailers are using service robots to interact with customers, show products, and guide them through the store. According to a Sanford Bernstein survey, more than 68% of consumers are comfortable with service robots assisting in their shopping. As per Global Market Insights, the Global Intelligent Vending Machine Market size exceeded $11 billion in 2020 and is estimated to grow at over 15% CAGR between 2021 and 2027.
Enabling Uninterrupted Operation and Safety with 3Laws
Thanks to companies like 3Laws Robotics, safety and uninterrupted operation of robots are not just feasible; they are integral elements of advanced robotic systems. 3Laws' groundbreaking software, the 3Laws Supervisor, enables robots to virtually eliminate unnecessary e-stops or collisions. This software provides an advanced level of safety, beyond traditional e-stop methods — a proactive approach to safety that prevents accidents before they occur. As such, the software can ensure the reliable performance of robots, increasing their operational efficiency.
Key Takeaways - Robotic automation in retail is set to grow by 32% by 2027, transforming various aspects of the retail industry. - Labor costs can be significantly reduced by up to 60% with robotic automation. - Robotic automation can enhance customer experience, with over 68% of consumers open to service robots assisting them in stores. - 3Laws Robotics' safety software enhances the reliability and safety of robotic systems, ensuring their uninterrupted operation.
About 3Laws Robotics
3Laws Robotics is developing innovative software to enhance safety and reliability for robotics systems. A primary focus of 3Laws is addressing the significant pain point of certification in the industry. 3Laws software, 3Laws Supervisor, aims to simplify the certification process of robot systems by offering robust safety features. In doing so, their technology contributes to improving operational efficiency by minimizing downtime caused by unnecessary e-stops or collisions. This software, built on Control Barrier Functions (CBFs), a technology developed at Caltech, allows for mathematically provable safety. 3Laws Robotics delivers dynamic, predictive safety, which is adaptable and compatible with a range of platforms including mobile robots, cars, drones, and manipulators. This innovative software has the potential to transform the utilities and capabilities of robotics, acting as a next-generation safety solution.