Smart Shelves Market likely to Witness Phenomenal Growth Ranging from 10% - 15%
Global smart shelves production is set to experience noteworthy growth during 2021-2031. Disruptive technology and increasing customer personalization & customization is expected to drive the sales over the upcoming years. In addition, the benefits of smart shelves such as profit maximization of the retailer and delivering customized experience are expected to positively shape the demand.
What is Driving Demand for Smart Shelves?
The advent of electronic labels is likely to eliminate the use of paper and will ease out the process of changing the prices in the entire store in minutes. Most of the supermarkets are starting to adopt smart shelves with digital displays as more and more retailers are making use of advanced technologies to replace paper labels.
For instance, Kroger, an American retail company, has now started using EDGE, a cloud-based display solution. The software displays advertisements, prices, coupons, videos, and nutritional data. This is estimated to significantly boost the sales over the forecast period.
Moreover, this technology enables retailers to check inventory levels and know when a product is out of stock. Smart shelf technology can also alert retailers to the theft of goods, thus minimizing the loss and maximizing the profits. Also, key benefits such as correct product positioning, low stock alerts, real-time shelf tags update, real-time stock information, customized product information, optimized store performance, and enhanced customer service are likely to flourish the demand in the near future.
How are RFID Technology and IoT Sensors Contributing towards the Market Potential?
A radio frequency identification reader (RFID) uses radio waves to identify items and transmit information about them. It usually contains a tag that comprises of a reader, microchip, and an antenna to receive and transmit data. RFID tags on every item combined with robotic checkouts can automatically scan purchases and make shopping faster. RFID technology help retailers track and manage inventories in supermarkets. RFID tags may also alert store owners/associates if in case someone has mistakenly placed wrong items on a shelf or when the shelves are empty and need restocking.
Additionally, Internet of things (IoT) sensors’ one of the most potential uses is temperature control. It can check temperatures in cases and freezers to ensure whether they are appropriate before any fluctuation makes all the frozen food turn bad or ruins all the ice cream. Moreover, the IoT technology help supermarkets comprehend which items are mostly bought by consumers and can affect the way stores displays their products. The technology is also capable of collecting data and conveying it to store associates for analysis.
India Smart Shelves Market Outlook
In India, foreign direct investment (FDI) has been increasing over the past few years especially in sectors such as e-commerce, retail, travel, and hospitality. The rapid technological growth in the e-commerce and retail businesses has progressively engrossed attention from key international players from ecommerce, retail, and other sectors who have opened up for strategic investment in India. This is expected to majorly uplift the sales in the country.
Furthermore, the economic reform programs in emerging country like India are creating lucrative growth opportunities for the manufacturers. Also, the expansion of large-scale retailers in India are also responsible for the probable high growth scenario of the market. The change in consumer preferences coupled with the introduction of IoT to counter online problems related to ecommerce and retail, is expected to increase the demand for smart retail products, such as smart shelves.
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Europe Demand Outlook for Smart Shelves
The growth scenario in Europe is projected to hold significant market share and is expected to continue its dominance, during the forecast period. This growth is attributable to the existence of key players such as Pricer, SES Imagotag, Opticon Sensors, and Cicor. High penetration of electronic shelf labels in the regional retail business, especially in the countries such as France, Italy, Belgium, Germany, and other European countries, is likely to garner the region with highest market share.
Europe is estimated be followed by Asia Pacific and North America, in terms of market value. Several factors such as the requirement for highly interactive retail environment and advanced and fast retail processes in Europe are contributing towards the regional growth.
Who are the Key Manufacturers and Suppliers of Smart Shelves?
Some of the leading manufacturers and suppliers include
- Happiest minds
- Avery Dennison
- Huawei Technologies Co. Ltd
- PCCW Solutions
- Honeywell International Inc.
- NXP Semiconductor
- Samsung Electronics
- E-Ink Holdings
- Software AG
- Pricer among others.
Companies developing smart shelves rely on various expansion strategies to make their presence felt across lucrative markets. These strategies include collaboration with key players, product launches, acquisitions, partnerships, and enhancement of distribution networks at regional and global levels.
An Adaptive Approach to Modern-day Research Needs
Smart Shelves Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Interested to Procure The Data
- RFID Tags and Readers
- Electronic Shelf Labels (ESL)
- Smart Shelves Software
- Integration & Deployment
- Support & Maintenance
- Inventory Management
- Pricing Management
- Supply Chain Management
- Departmental Stores
- Specialty Stores
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Pacific
- Australia & New Zealand
- Rest of South Asia & Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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