Smart Shelves Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2027
MarketsandMarkets forecasts 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.
What is Smart Shelves?
According to SciTech Patent Art Services (P) Ltd, “Smart shelves, which are also known as ‘intelligent shelves,’ are electronically connected shelves which are designed to automatically keep track of inventory in any retail establishment. Manufacturers can collect real-time data about their products usage and get sales data. Smart shelves use a combination of sensors, digital displays, and RFID tags to provide detailed product information, marketing, and cross-selling suggestions, while providing retailers invaluable insights into customer preferences and shopping patterns”.
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Competitive overview:
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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