The global smart shelves market size is expected to reach USD 14.88 billion by 2030, according to a new study by Polaris Market Research. The report "Smart Shelves Market Share, Size, Trends, Industry Analysis Report, By Components (Hardware, Software, Services); By Enterprise Size (SMEs, Large Enterprise); By Application (Planogram Management, Inventory Management, Pricing Management, Others) By Region; Segment Forecast, 2022-2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing adoption of smart pricing and inventory management system for making smart restocking decisions and rising demand for supply chain optimization are collectively drives the market growth.
Electronic labels are anticipated to minimize the need for paper and make it easier to change the prices throughout the entire store quickly. As more and more businesses use cutting-edge technologies to replace paper labels, most supermarkets are beginning to embrace smart shelves with digital displays.
For instance, American retailer Kroger recently began utilizing the cloud-based display technology EDGE. The software shows prices, coupons, movies, and nutritional information together with adverts. Over the projected period, it is anticipated that this will significantly increase sales.
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Retailers can also use smart shelf technology to detect theft of goods, minimizing losses and increasing profits. Furthermore, essential advantages including product placement, low stock warnings, shelf tag updates, stock information, product information, store performance, and customer service.
Additionally, businesses can use this technology to check inventory levels and determine when a product is out of stock. Technology for electronic shelves can also notify shops of product theft, lowering waste and increasing revenues.
Smart Shelves Market Report Highlights
Polaris Market Research has segmented the smart shelves market report based on component, enterprise size, application, and region:
Smart Shelves, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Shelves, Enterprise Size Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Shelves, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Smart Shelves, Regional Outlook (Revenue - USD Billion, 2018 - 2030)