Global Smart Shelves Market Report 2023: Increasing Customer Personalization and Customization Drives Growth
DUBLIN, May 9, 2023 /PRNewswire/ -- The "Smart Shelves Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the market.
The global smart shelves market is expected to grow from $2.75 billion in 2022 to $3.32 billion in 2023 at a compound annual growth rate (CAGR) of 20.6%. The smart shelves market is expected to grow to $6.92 billion in 2027 at a CAGR of 20.2%.
Major players in the smart shelves market are Happiest Minds Technologies Pvt. Ltd., Intel Corporation, PCCW Solutions, Avery Dennison, Honeywell International Inc., Huawei Technologies Co. Ltd., NXP Semiconductors N.V., E Ink Corporation, Samsung Electronics Co. Ltd., Software AG, NEXCOM International Co Ltd., Dreamztech Solutions, Trax Retail, and Minewtag.
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Smart shelves refer to electronically connected shelves that keep track of inventory and provide product information, cross-selling recommendations, and marketing ideas using a combination of sensors, digital displays, and RFID tags. They also give businesses priceless insight into the preferences and purchasing habits of their customers. The smart shelves are used to automatically track inventory in retail stores.
The main components in smart shelves are hardware, software and services. Hardware refers to the tangible, touchable, physical parts of a computer system. The most crucial hardware elements are the motherboard, CPU, RAM memory, IO system, power supply, video display controller, bus, and hard drive. The major enterprise size are SMEs and large enterprise. The different applications include planogram management, inventory management, pricing management, content management and others that are used by departmental stores, supermarkets, specialty stores and other end-users.
The smart shelves market research report is one of a series of new reports that provides Smart shelves market statistics, including smart shelves industry global market size, regional shares, competitors with smart shelves market share, detailed Smart shelves market segments, market trends, and opportunities, and any further data you may need to thrive in the smart shelves industry. This smart shelf market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Technological advancement is a key trend gaining popularity in the smart shelf market. Major market players in the smart shelves market are focused on technological innovations to sustain their position in the market.
For instance, in October 2022, Unified Natural Foods Inc., a US-based natural and organic food company introduced a smart shelf tag initiative based on new technology Eli QR codes, which will allow consumers to obtain product information as they shop in stores. ELi QR Codes are an improved, more secure variation of a QR code that can be scanned to give customers more information about a product and rich digital content on their smartphones without the need for an app.
The ELi QR Code's content will be obtained from the provider and automatically filled in for each unique UPC to provide information on nutrition, allergens and promotional offers, customer reviews, traceability details, and brand stories which will leverage customers' shopping experience.
North America was the largest region in the smart shelves market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart shelves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the smart shelves market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Increasing customer personalization and customization is expected to propel the growth of the smart shelf market going forward. Personalization refers to the process of designing or altering a product to better suit a customer's wants and needs. When a customer manually alters an item to match their demands or specifications, this is called customization. Smart shelves help increase customer personalization and customization through the benefits of smart shelves, such as retailer profit maximization and the provision of a tailored shopping experience, which are anticipated to favorably impact the global market for smart shelves.
For instance, according to IBM Watson Advertising, a US-based AI-powered advertising solution, in January 2022, 56% of customers want all of their interactions with brands to be customized. And in exchange for a better-personalized shopping experience, 70% of millennials are willing to let companies monitor their browsing and purchasing habits. Further, 59% of customers feel it's crucial to engage them in a customized way based on previous interactions if you want to win their business. Therefore, increasing customer personalization and customization is expected to drive the growth of the smart shelf market.
Key Topics Covered:
1. Executive Summary
2. Smart Shelves Market Characteristics
3. Smart Shelves Market Trends And Strategies
4. Smart Shelves Market - Macro Economic Scenario
4.1. COVID-19 Impact On Smart Shelves Market
4.2. Ukraine-Russia War Impact On Smart Shelves Market
4.3. Impact Of High Inflation On Smart Shelves Market
5. Smart Shelves Market Size And Growth
5.1. Global Smart Shelves Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Smart Shelves Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Smart Shelves Market Segmentation
6.1. Global Smart Shelves Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Hardware
- Software
- Services
6.2. Global Smart Shelves Market, Segmentation By Enterprise Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Small and Medium Enterprises (SMEs)
- Large Enterprise
6.3. Global Smart Shelves Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Planogram Management
- Inventory Management
- Pricing Management
- Content Management
- Other Applications
6.4. Global Smart Shelves Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Departmental Stores
- Supermarkets
- Specialty Stores
- Other End-Users
7. Smart Shelves Market Regional And Country Analysis
7.1. Global Smart Shelves Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Smart Shelves Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/c6vqrz
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