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Smart Shelves Market Size To Grow At A CAGR Of 23.1% In The Forecast Period Of 2024-2032

05-21-2024 04:29 PM CET | IT, New Media & Software

Press release from: Expert Market Research

Smart Shelves Market Size To Grow At A CAGR Of 23.1% In The Forecast

According to a new report by Expert Market Research titled, "Global Smart Shelves Market Share, Size, Report and Forecast 2024-2032″, the global smart shelves market size reached a value of USD 3.97 billion in 2023. Aided by the enhanced inventory management and efficient space utilisation, the market is projected to further grow at a CAGR of 23.1% between 2024 and 2032 to reach a value of USD 25.78 billion by 2032.

Smart shelves, also known as intelligent shelving systems or digital display shelves, incorporate advanced technologies such as RFID (Radio Frequency Identification), NFC (Near Field Communication), IoT (Internet of Things), and AI (Artificial Intelligence) to enhance retail operations, optimise inventory management, and deliver personalised shopping experiences. These intelligent shelves can detect, track, and manage product inventory in real time, providing valuable data insights to retailers and enhancing the overall shopping experience for consumers.

Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/smart-shelves-market/requestsample

As per the smart shelves market analysis, smart shelves enable retailers to track product inventory levels, monitor stock movement, and identify out-of-stock items in real-time, reducing inventory shrinkage, minimising stockouts, and improving supply chain efficiency. RFID-enabled smart shelves automate inventory counting, replenishment, and order management processes, enabling retailers to streamline operations and optimize inventory turnover.

As per the smart shelves market outlook, smart shelves offer interactive digital displays and dynamic pricing capabilities that enable retailers to deliver personalised marketing messages, targeted promotions, and contextual advertising based on customer preferences, demographics, and purchase history. AI-powered recommendation engines analyse customer data to suggest relevant products, cross-sell and upsell opportunities, and tailor promotions, enhancing engagement and drive sales conversion.

Smart shelves optimise retail space utilisation by dynamically adjusting product placement, shelf layout, and display configurations based on sales data, customer traffic patterns, and seasonal trends which fuels the smart shelves market growth. Adjustable shelving systems and modular display units enable retailers to adapt to changing merchandising needs, accommodate new product launches, and maximise shelf capacity, ensuring a visually appealing and organised shopping environment. Advanced analytics and machine learning algorithms enable predictive analytics and demand forecasting capabilities in smart shelf solutions. By analysing historical sales data, consumer trends, and external factors such as weather patterns and seasonal events, predictive analytics algorithms anticipate future demand, optimise inventory levels, and recommend stocking strategies.

Smart shelves generate actionable data insights and analytics that enable retailers to make informed business decisions, track sales performance, measure marketing effectiveness, and identify emerging trends in consumer behaviour which can propel the smart shelves market expansion. Real-time dashboards, performance metrics, and predictive analytics tools empower retailers to optimise pricing strategies, assortment planning, and inventory allocation, driving profitability and competitiveness in the market.

Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/smart-shelves-market

Augmented reality technologies are being leveraged to enhance the shopping experience with smart shelves. AR-enabled smart shelves overlay digital information, product details, and interactive content onto physical products, enabling consumers to access product reviews, demonstration videos, and virtual try-on experiences directly from the shelf. This immersive shopping experience enhances engagement, facilitates informed purchasing decisions, drives sales conversion, and can boost the smart shelves market share.

Smart shelves equipped with environmental sensors and energy-efficient technologies contribute to sustainability initiatives in the retail sector. These sensors monitor environmental conditions such as temperature, humidity, and light levels to ensure optimal product storage conditions, minimise food waste, and reduce energy consumption. Energy-efficient LED lighting, eco-friendly materials, and recyclable components further enhance the eco-friendliness of smart shelf solutions, aligning with retailers' sustainability goals and environmental commitments.

To maintain a competitive edge, manufacturers in the smart shelves market focus on product innovation, technology integration, strategic partnerships, and market expansion strategies. Collaborations with retailers, technology partners, and stakeholders facilitate solution customisation, integration with existing IT systems, and deployment of scalable and interoperable smart-shelf solutions across diverse retail environments and geographic regions.

Market Segmentation

The market can be divided based on component, application, and region.

Market Breakup by Component

• Hardware
• Software
• Services

Market Breakup by Application

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

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart shelves market. Some of the major players explored in the report by Expert Market Research are as follows:

• Samsung Electronics Co. Ltd.
• Intel Corporation
• Huawei Technologies Co. Ltd.
• Trax Technology Solutions Pte Ltd.
• Amazon.com, Inc.
• Lenovo PCCW Solutions Limited
• SoluM Europe GmbH
• NEXCOM International Co., Ltd.
• Pricer AB
• Dreamztech Us Inc.
• Others

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Contact Person: John Walker, Corporate Sales Specialist - U.S.A.
Email: sales@expertmarketresearch.com
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Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: https://www.expertmarketresearch.com
Aus Site: https://www.expertmarketresearch.com.au

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