Smart Shelves Market 2022 | Present Scenario and Growth Prospects 2031

Smart shelves are electronically connected shelves that are used for tracking inventory in retail outlets. Smart shelves use combination of digital displays, RFID tags, and sensors for providing detailed information about the product, cross-selling suggestions, and marketing and smart shelves also provide retailers valuable insights about customer shopping patterns and preferences.

Smart Shelves Market Forecast and CAGR

According to latest research, Metal Air Batteries market is estimated to reach around 10 Bn in 2031 with an expected CAGR of 25%. Technological advancement and increasing customer customization & personalization is driving the sales of smart shelves in forecast period.

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What is Driving Demand for Smart Shelves?

The advent of electronic labels are 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 enable 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 for identifying the products and provide information about them. It usually contains a tag which comprises of a reader, microchip, and an antenna to receive and transmit data. RFID tags on products combined with robotic checkouts helps to automatically scan the products 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 items on a wrong shelf or when the shelves are empty and need restocking.

Additionally, Internet of things (IoT) sensors are used for controlling temperature. 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 customers can affect the way stores displays their products. The technology is also capable of collecting data and data is provided to the associates for analysis.

APAC Smart Shelves Market Outlook

The demand for smart devices such as RFID tags & labels, smart shelves, mobile computers, POS terminals, signal-receiving devices, customer service appliances include shopping guide robots and self-service terminals are increasing in the retail industry in the region. These smart devices are used to track and identify items and control of inventory applications. Retailers are using smart shelves to upgrade and check inventory levels over its stores across the globe. These factors responsible for an impact on the inventory accuracy reportedly updated to 98%. Moreover, smart devices offer different features for smart retail, such as improve operational efficiency, increase store quality, and enhanced end-user consumption experiences. These features creating potential growth opportunities for the smart shelves vendors in the region.

Europe Demand Outlook for Smart Shelves

The retail industry in Europe is witnessing high growth in last few years. 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 drive the growth of smart shelves in the region.

Several factors such as the requirement for highly interactive retail environment and advanced and fast retail processes in Europe are contributing towards the growth of smart shelves market.

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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
  • Intel
  • Honeywell International Inc.
  • NXP Semiconductor
  • Samsung Electronics
  • E-Ink Holdings
  • Software AG
  • TraxRetail
  • Pricer among others.

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
Key Segments of Smart Shelves Market

By Component:

  • Hardware
  • Smart Shelves Software
  • Service

By Application:

  • Inventory Management
  • Pricing Management
  • Content Management
  • Planogram Management

By End-user:

  • Departmental Stores
  • Supermarkets
  • Specialty Stores
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa

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