The market value of smart retail has reached USD10 billion in 2018 and is expected to increase to USD38.5 billion by 2023, with a compound annual growth rate of 24.12%. Currently, China's new retail market is growing vigorously. According to the research from Analysys, the compound annual growth rate of the new retail market from 2017 to 2019 has reached 115%, and the new retail market value is expected to reach CNY1.8 trillion in 2022.
Although physical stores will not disappear in the foreseeable future, the impact of e-commerce and the change in consumers' shopping preferences have forced physical stores to upgrade themselves. They must employ technologies to meet consumers' expectations for a simple and smooth shopping experience, and to create digitalized management systems that can reduce costs and boost business growth.
In response to the high standardization required for branded chain stores and the costly on-site inspections, Tuya Smart provides retailers with one-stop, video-based remote store inspection solutions. Focusing on operational data analysis, digitalized management, store security, and smart marketing, Tuya provides the smart retail solutions based on a business management backend in collaboration with professional retail partners. The solutions employ AI+IoT (AIoT) technologies to provide a digitalized management system that can reduce operational costs and boost business growth.
Tuya's AI+IoT underlying capabilities back up the Tuya ecosystem. Our powerful P2P video streaming services meet global security compliance standards. The stability, security, experience, and scalability have been fully proved. Our open architecture and systems fully assist in implementing smart security, marketing, and stores.
Out-of-Box Wireless Product Suites
The out-of-box store security systems and remote store inspection systems significantly reduce the cost of device installation and deployment, facilitating the reconstruction and operation of stores.
Digitalized Management for Stores
Based on AIoT technologies and P2P video streaming service capabilities, Tuya provides one-stop, video-based remote store inspection solutions that significantly improve the efficiency and digitalization of store management.
Unified Control Capabilities
Tuya Cloud allows a retail group to easily manage hundreds of physical stores in a centralized manner. The solutions ensure that standard operating procedures (SOPs) are implemented, effectively guarantee consistent user experience in different stores, and help highlight the brand value.
PaaS Infrastructure Capability
Tuya provides massive open APIs to help implement IoT infrastructure and integrate resources of the retail industry, including external solution providers. One-stop solutions cover from the connection layer to the service layer and efficiently empower the full cycle from product development to implementation.
Environment Data Monitor
With the mobile app or PC, visually inspect stores in real-time through video streaming. Check and manage goods display, staff performance, and in-store environment.
Product rack arrangement and placement; label information; perishable product expiration.
Dress code; service attitude; conversation engagement.
Clean and tidy; room temperature, lighting, broadcast, and TV program; marketing display.
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