At 51.9% of CAGR, Unmanned Convenience Store Market Growth is Booming with Rise in Demand for Self-Checkout Systems by 2027

According to the new research report published by The Insight Partners, titled "Unmanned Convenience Store Market -- Global Analysis and Forecast to 2027", the global Unmanned convenience store market is expected to reach US$ 1,640.32Mnin 2027, registering a CAGR of 51.9%during the forecast period 2019-2027.

An unmanned convenience store is an advanced concept of the retail industry. These stores do not require the presence of service personnel or cashiers in store. The transactions done in these stores are managed with the help of a mobile application. Unlike an automated store, the unmanned store technology mainly depends on artificial intelligence and technologies including machine automation, IoT, facial recognition, and others. The landscape of the convenience stores is set to transform with the retailers making superior use of high-end technology for piloting unmanned kiosks.

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Impact of COVID-19 outbreak on Unmanned Convenience Store Market -

The epidemic, which has infected more than 800,000 in China and killed over 3,200, had kept hundreds of millions stuck at home since late January. Retail sales for the world's second-largest economy shrank by a fifth in the first two months of 2020 from a year earlier. Further, it is also affecting the unmanned convenience store market, In an effort to contain the spread of virus that causes COVID-19, health authorities in China have been encouraging people to avoid all human interaction. Offline shopping has thus become risky business for both customers and clerks. To minimize human contact in ecommerce delivery, companies including Meituan and JD.com are experimenting with "contactless" end-to-end solutions deploying unmanned vehicles & drones. Some hospitals also use robots to guide the patrons or transport the medical supplies within their facilities. This could be an opportunity for the companies to develop technology that could automate tasks in a public setting.

The impact of e-commerce, the constant changes in consumer preferences, and an outdated business model are some of the major reasons behind the stagnant performance of the traditional retail industry across the globe. In the same time, several e-commerce companies are vigorously expanding their offline business operations to seize market share, whose business model and technology have transformed the landscape of traditional retail industry.

As the e-commerce market players teeming in the retail market, convenience store retailers/companies are required to prioritize their customers' requirements through integration of digital technology in their day-to-day operations so as to offer high-quality service continuously. The retailers operating worldwide are constantly looking for strategies which support them to drive profitable growth. Until the introduction of automation, the retailers faced the pressure to surpass customer expectations, outmaneuver the competition, improve organizational efficiency, and increase revenue opportunities. All these factors have thereby flourished the adoption of automation tools and services in the retail industry as these technologies provide ability to overcome all the challenges that are faced by the retailers.

Top Players in Unmanned Convenience Store Market are-
- Amazon, Inc.
- BingoBox
- CYB-ORG
- F5 Future Store
- Shenzhen Rakinda Technology Co., Ltd.

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This release was published on openPR.