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Global Smart Shopping Cart Market: Insights on Emerging Trends, Opportunities, and Forecasts to 2033 | Walmart Inc., Amazon.com Inc., Microsoft, Mitsui And Co. Ltd., Panasonic
Smart Shopping Cart Global Market
According to The Business Research Company's, the smart shopping cart market size has grown exponentially in recent years. It will grow from $1.33 billion in 2023 to $1.72 billion in 2024 at a compound annual growth rate (CAGR) of 28.7%. The growth in the historic period can be attributed to retail efficiency improvement, consumer convenience, contactless payments, enhanced security measures, competitive differentiation.
The smart shopping cart market size is expected to see exponential growth in the next few years. It will grow to $4.32 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%. The growth in the forecast period can be attributed to integration with AI and machine learning, rise of autonomous stores, global pandemic impact, sustainability focus, expansion of e-commerce integration. Major trends in the forecast period include technological advancements, data analytics integration, autonomous store development, smart cities initiatives, augmented reality (AR) features.
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Market Drivers and Trends:
The increasing retail sector is expected to propel the growth of the smart shopping cart market going forward. The retail sector refers to a segment of the economy where businesses sell goods or services directly to consumers. The rector sector growth is influenced by various factors, including changing consumer behavior, increased internet shopping, and challenging economic conditions. Smart shopping carts are primarily used in the retail sector to improve the shopping experience for customers, increase efficiency for retailers, and create a more modern, efficient, and customer-centric shopping environment. For instance, in March 2023, according to reports published by the National Retail Federation, a US-based retail trade association, US annual retail sales increased to $5.23 trillion in 2023 from $4.94 trillion in 2022, and it is anticipated that retail sales will expand between 4% and 6% in 2023. Therefore, the increasing retail sector is driving the growth of the smart shopping cart market.
Major companies operating in the smart shopping cart market are focusing on technologically advanced products, such as shopping carts, to deliver a personalized in-store shopping experience. Smart shopping carts are innovative shopping trolleys embedded with technology to enhance the grocery experience. They are equipped with various sensors, such as cameras, weight scales, and barcode scanners, allowing them to detect the items customers pick and display the price on a screen. For instance, in May 2022, Albertsons Companies Inc., a US-based grocery company, launched the smart shopping carts in partnership with Veeve Inc., a US-based company that focuses on shopper engagement in the retail sector. These innovatively powered shopping carts allow shoppers to scan items directly in the cart, weigh produce, and keep track of the total cost in real time. They also integrate with loyalty accounts, providing access to promotions and savings while shopping. The goal of these AI-powered carts is to increase personalization, with the potential to recognize shopping habits and recommend products or recipes. Additionally, they aim to streamline the checkout process.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Walmart Inc., Amazon.com Inc., Microsoft , Mitsui And Co. Ltd., Panasonic, International Business Machines Corporation, Oracle Corporation, SAP SE, Fujitsu Limited, SK Telecom Co. Ltd., Check Point Software Technologies, Veeve Systems, Toshiba Global Commerce Solutions Inc., Carttronics LLC, Zippin Inc., Focal Systems Inc., Mashgin Inc., Nourish Technology, Inc., Imagr Ltd., Wheelys Café AB, Pentland Firth Software GmbH, Grabango Co., SuperSmart, Sensei Technologies Inc., Standard Cognition Corporation
Smart Shopping Cart Market 2024 Key Insights:
• The smart shopping cart market is expected to grow to $4.32 billion in 2028 at a compound annual growth rate (CAGR) of 25.9%.
• Surge In Retail Sector Drives Growth Of The Smart Shopping Cart Market
• Revolutionizing In-Store Grocery Shopping With Enhanced Personalization And Efficiency
• North America was the largest region in the smart shopping cart market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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