The global Smart Shelves market size is expected to grow from an estimated value of USD 3.0 billion in 2022 to USD 8.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 22.4% from 2022 to 2027. Increased use of technologies like IoT and RFID in retail and adoption of enhanced inventory management to make smarter restocking decisions and real-time engagements are driving the market growth.
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By Hardware, Electronic Shelf Labels to grow at higher CAGR during forecast period
Electronic shelf labels (ESLs) are electronic devices used to automatically display product information and price in retail stores. They are small wireless display systems that are capable of replacing traditional paper pricing systems used in retail stores. ESL provides labels for ordinary shelves, fresh food areas, freezers, and chillers, as well as for areas that require larger displays such as fruits and vegetables. Traditionally, ESL solutions have been viewed as an alternative to manual label processes within the retail location. These solutions allow enterprises to reduce labor costs and eradicate pricing errors. They have the added advantage of improving sales conversions and margins by making it easier to alter prices in response to competitors and supplier price changes.
The ESL system comprises individual electronic shelf labels, which are supported by wireless communication infrastructure and software. For instance, a communication network, either centralized or manually operated, automatically updates the revised price of an article on display.
By Region, Europe to hold the largest market size during the forecast period.
Europe accounted for largest market share in terms of revenue in 2022 for the global electronic smart shelves market and is expected to continue its dominance in the forecast period. The growth in this region is mainly due to the presence of key players such as SES Imagotag, Pricer, Cicor, and Opticon Sensors. High penetration of ESL in the regional retail business, especially in the countries such as France, Italy, Belgium, Germany, and other countries in Central Europe, is expected to garner the industry with around 23.4% CAGR over the forecast period. Various factors such as the requirement for advanced and fast retail processes and a highly interactive retail environment in Europe contribute to the growth of the electronic smart shelves market in the region. Recently in Austria, three bakery shops of Merkur Hypermarkets have been equipped with smart-shelf technology by Rewe Group. This smart shelf system uses artificial intelligence (AI) to evaluate collected data and provide precise weighing system and dynamically adjust product prices. This way the local market is adopting the smart shelf technology driving the overall smart shelves market in Europe.
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Unique Features in the Smart Shelves Market
Smart shelves are an advanced retail technology designed to enhance inventory management, improve customer experience, and optimize store operations. Utilizing a combination of sensors, RFID technology, IoT, and real-time data analytics, smart shelves offer unique features that traditional shelving cannot match.
One of the standout features of smart shelves is their ability to provide real-time inventory tracking. Sensors and RFID tags on products allow retailers to monitor stock levels continuously. This helps in reducing out-of-stock situations, minimizing overstock, and ensuring that shelves are always optimally stocked. The real-time data also aids in accurate demand forecasting and efficient restocking processes.
Smart shelves significantly enhance the customer experience. Equipped with interactive displays and sensors, these shelves can provide personalized product recommendations, offer detailed product information, and even facilitate self-checkout. Some smart shelves are integrated with mobile apps, allowing customers to locate products quickly and receive personalized offers and discounts based on their shopping history.
Another crucial feature is improved loss prevention and security. Smart shelves can detect when items are removed and track their movement within the store. This capability helps in reducing theft and shrinkage, as the system can alert store personnel to suspicious activities. Additionally, smart shelves can identify misplaced items, ensuring products are always in their correct locations.
Operational efficiency is greatly enhanced through the use of smart shelves. These shelves streamline the restocking process by providing staff with precise information about which products need replenishing and where they are located. This reduces labor costs and improves overall store efficiency. Moreover, the data collected can be analyzed to optimize store layouts, product placements, and promotional strategies.
Major Highlights of the Smart Shelves Market
The smart shelves market is witnessing significant growth due to increasing adoption across various retail sectors, including supermarkets, convenience stores, and specialty stores. Retailers are recognizing the value of smart shelves in enhancing inventory management, customer experience, and operational efficiency. This widespread adoption is driven by the need to stay competitive in an evolving retail landscape.
Technological advancements are a major highlight in the smart shelves market. Innovations in IoT, RFID, and sensor technologies have made smart shelves more efficient and cost-effective. These advancements enable better real-time tracking, data collection, and analytics, allowing retailers to optimize their operations and improve decision-making processes.
The integration of AI and machine learning with smart shelves is transforming the retail experience. AI algorithms analyze data collected from smart shelves to provide insights into consumer behavior, predict demand, and optimize inventory levels. Machine learning models continuously improve the accuracy of these predictions, helping retailers reduce costs and increase sales.
Smart shelves are enhancing customer engagement by providing interactive and personalized shopping experiences. Features such as digital displays, product recommendations, and mobile app integrations allow retailers to connect with customers on a more personal level. This improved engagement leads to higher customer satisfaction and loyalty.
Sustainability is becoming a key focus in the smart shelves market. Retailers are using smart shelves to reduce waste and improve energy efficiency. By optimizing inventory management and minimizing overstock, smart shelves contribute to more sustainable retail practices. This focus on sustainability is appealing to environmentally conscious consumers and helps retailers meet their sustainability goals.
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Top Companies in the Smart Shelves Market
The Smart Shelves market is led by some of the globally established players such as SES-Imagotag(France), Pricer (Sweden), Trax (Singapore), Avery Dennison (US), Samsung (South Korea) these players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions and product developments to increase their market presence.
SES-imagotag provides several solutions to retailers across the world, which include smart shelf labels, price optimization solutions, and other hardware devices and infrastructure which makes it one of the leading players providing IoT and digital solutions to the physical stores in the world.. The company provides ESLs and associated software for retail businesses. Company uses a network of distributors and resellers in Europe, Asia, Australia, North America, and South America to sell its porducts. In 2014, the company formed a strategic financial alliance with Store Electronic System (France), and currently, it is operating as a subsidiary of Store Electronic System, SES (France). The company has presence in over 60 countries and operates in various markets, including food, consumer electronics, do-it-yourself (DIY), gardening, cosmetics, drugstore, fashion, digital signage, and industrial. Company offers ESLs, store management software, infrastructure, accessories and mountings, and cloud platform.
The company helps retailers to solve key-challenges, which arise in stores, such as meeting the new retail demands, improving store operations, and task management. It has helped Pricer to be a leading player in the retail automation market. It provides in-store digital shelf-edge solutions used for the electronic display of product information in retail stores. A communication platform is offered by Pricer that supports both segment-based and pixel-based ESLs. Services for intelligently communicating, managing, and optimizing the price and product information on the retail floor are also offered by the coampany. The company’s core offering is built around the smart shelves label technology using a unique and advanced optical wireless network system. Pricer’s caters to retailers operating in Europe, Latin America, Africa, and Japan. Pricer improves its customers’ profitability by offering price optimization and margin control tools that help reduce personnel and printing costs. The company serves to various sectors including DIY, electronics, groceries, and pharmacies. The company has an installed base of ~200 million smart shelves labels installed in almost 17,000 stores across the world in more than 50 countries.
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