Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Global Smart Shelves Market Overview
Smart shelves refer to the shelf that is transistorized with a radio frequency identification reader (RFID) sensor which is equipped inside, above or behind the shelves. Nowadays, hypermarkets are opting for smart shelves as they help in optimization and increase their sales. Consumers prefers to go to smart shelves equipped hypermarket because smart shelves offers discounts or offers as the consumer picks up a product. The market share of the smart shelves has constantly been rising due to the increasing adoption of smart shelves as they provide benefits to both customers as well as hypermarkets and offers various advantages over the normal shelves. The evolutionary advantages that smart shelves offer over normal shelves are automatic low end stock alert, better operations management, observing consumer preferences and theft identification. Further, the normal shelves do not offer these features and result in decreased efficiency of hypermarket staff and low sales figure.
However, the smart shelves are integrated systems offering better control and connectivity of hypermarket inventory. The smart shelves are meshed with weight sensors which send notification to the back end system when an item is lifted. Further, these shelves do send a message as misplaced items to the back end system when it detects a product that does not relate to that segment. Smart shelf gives various information to the retailers which they use to increase their customer service. The retail sector is expected to be more addressable to the consumer demands and provide better shopping experience by digitizing the stores and hypermarkets.
Market Size and Forecast
The market is anticipated to witness a robust growth over the forecast period. Increasing consumer expectation is resulting in the increased demand for digitized retail stores. Further, profit maximization of the retail stores is one of the key factors anticipated to fuel the demand for smart shelves market.
North America held the largest market of smart shelves market till 2016 and is expected to continue its dominance over the forecast period as they are early adopters of new technologies. Moreover, roughly 90% purchase is done in offline stores such as retails and hypermarket which is expected to provide a robust growth to the smart shelves market in North America.
North America is the largest market of smart shelves followed by Europe and Asia-Pacific. Moreover, Europe is the second largest market and expected to witness a significant growth over the forecast period. Rising consumer expectation for personalization and customization need and increasing share of the economy is anticipated to fuel the demand for smart shelves in the European countries. CLICK TO DOWNLOAD FREE SAMPLE REPORT
Further, Asia-Pacific is expected to show a rise in the demand for smart shelves market owing to the increasing population and rising disposable income.
Market Segmentation
Our in-depth analysis segmented the global smart shelves market in the following segments:
By Type of Retail Outlet
By Region
Global smart shelves market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Disruptive technology and increasing customer personalization and customization is expected to drive the global smart shelves market over the forecast period i.e. 2017-2024. Moreover, the benefits of smart shelves such as profit maximization of the retailer and delivering customized shopping experience are expected to positively shape the global smart shelves market. In addition to this, increased level of customer satisfaction is projected to escalate the global smart shelves market.
However, the higher cost of smart shelves is likely to dampen the growth global smart shelves market. Moreover, shifting of customers to online retail store is anticipated to slow down the demand of smart shelves.
Key players
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The Global smart shelves market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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