PUBLISHER: 360iResearch | PRODUCT CODE: 1470595
PUBLISHER: 360iResearch | PRODUCT CODE: 1470595
[183 Pages Report] The Smart Shopping Cart Market size was estimated at USD 1.76 billion in 2023 and expected to reach USD 2.24 billion in 2024, at a CAGR 27.59% to reach USD 9.74 billion by 2030.
The smart shopping cart is becoming popular to avoid the hassles related to billing at shopping places and improve overall customer experience. These smart shopping carts are equipped with technologies such as product scanners and touchscreen, enabling customers to easily checkout and connecting them to the platform's shopping list recommendations and promotional offers. Using smart carts makes shopping more comfortable for consumers and enhances their shopping experience. The smart cart solution deployments in stores aid in bringing more footfalls for retailers and increases sales. However, the high cost of smart carts is one of the hurdles retailers face in deploying them at their stores. Startups in the smart shopping cart are growing worldwide with the favorable ecosystem and offering improved smart shopping cart functionality with new technology integration.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 1.76 billion |
Estimated Year [2024] | USD 2.24 billion |
Forecast Year [2030] | USD 9.74 billion |
CAGR (%) | 27.59% |
Technology: Rising inclination toward barcode technology for easy information scanning
Barcode technology, renowned for its simplicity and cost-efficiency, is extensively utilized, enabling easy scanning of product information that facilitates expedited checkout and effective inventory management. Radio Frequency Identification (RFID) is a technology that surpasses barcodes by allowing items to be read wirelessly without direct line-of-sight, offering shoppers a seamless experience and retailers a tool for enhanced operational efficiency and theft prevention. Furthermore, ZigBee technology, tailored for the Internet of Things (IoT) applications, is emerging as an innovative solution. It provides smart shopping carts with secure, low-energy communication capabilities, supporting advanced features such as real-time inventory tracking, personalized promotions, and accurate in-store cart location tracking.
Application: Widening use of smart shopping carts in shopping malls for cohesive shopping
At shopping malls, smart shopping carts provide a cohesive shopping journey across varied outlets, enabling customers to easily access product information, avail discounts, and effortlessly locate stores, all while facilitating streamlined checkout processes in collaboration with the mall's payment infrastructure. Supermarkets leverage smart carts to catalyze the shopping process, enriching consumer engagement with real-time updates on purchases, nutritional facts, and special offers. Supermarket operators require smart shopping carts for the agile management of stock and to enhance loss prevention measures. Integrating mobile payments further expedites check-out, significantly diminishing wait times and bolstering customer contentment.
Regional Insights
In the Americas region, the smart shopping cart market is highly evolving with the rising adoption of smart carts by supermarkets, hypermarkets, and other retail stores, along with the emergence of startups developing innovative smart shopping carts. In addition, countries including China, Indonesia, Japan, Singapore, South Korea, and India have large-scale retail sectors with a large consumer base creating the potential for the penetration of the smart shopping cart in the Asia Pacific region. Retailers in European countries are increasingly investing in smart shopping carts to enhance the retail sector's customer appeal and purchasing patterns.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Smart Shopping Cart Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Smart Shopping Cart Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Smart Shopping Cart Market, highlighting leading vendors and their innovative profiles. These include AiFi Inc., Caper Inc., Cart Technologies, LLC, Cust2mate Ltd., Focal Systems Inc., Fujitsu Limited, Grabango Co., IMAGR Limited, International Business Machines Corporation, Microsoft Corporation, Mitsui & Co., Ltd., Pentland Firth Software GmbH, Retail AI, Inc., SAP SE, SK Telecom Co., Ltd., Smart Cart (Pty) Ltd., Standard Cognition, Corp., Tracxpoint, Inc., V-Mark Enterprise Limited, Veeve Inc., Walmart Inc., Wanzl India Pvt Ltd., and ZooZ by PayU Company.
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Smart Shopping Cart Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Smart Shopping Cart Market?
3. What are the technology trends and regulatory frameworks in the Smart Shopping Cart Market?
4. What is the market share of the leading vendors in the Smart Shopping Cart Market?
5. Which modes and strategic moves are suitable for entering the Smart Shopping Cart Market?