Global Smart Shelves Market By Based on Component Type (RFID Tags & Readers, ESL, IoT Sensors, Software, Solutions), By Application (Inventory Management, Pricing Management, Content Management) By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Smart Shelves Introduction

A transistorized shelf with a Radio Frequency Identification Reader (RFID) sensor installed above or behind the shelf is called a smart shelf. Retailers commonly use electronic Shelf Labels (ESLs) to display product pricing on shelves. When a price is adjusted from a central control server, the product’s price is automatically updated. It tracks inventory in retail stores using RFID technology (e.g., RFID tags, RFID readers, and antennas). Weight sensors are inserted within or beneath shelves to create Smart Shelves. Sensors are used to track how many goods are on the shelves. Retailers use smart shelves to monitor inventory levels and determine when a product is out of stock. Retailers can also be alerted to the theft of items using smart shelf technology.

Smart shelves can communicate with apps on a client’s cellphone, saving purchase history data. Retailers can deliver customized offers to customers as they travel down an aisle based on previous purchases of similar products. If a customer creates a shopping list on the app, smart shelves can alert customers to where products are located.

The benefits of smart shelves are represented below:

• Inventory management and real-time stock information
• Low-stock warnings to avoid out-of-stock situations and missed sales chances
• Correct product placement and warnings if products are moved
• Improved customer service and improved store performance

Detailed Segmentation

The global smart shelves market is segmented based on – Component, Application, and Region. Represented below is a detailed segmental description:

Based on Component:

• RFID Tags & Readers
• ESL
• IoT Sensors
• Cameras
• Software
• Solutions

Based on Application:

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

Market Dynamics

A surge in need for enhanced inventory management by retailers to make wiser restocking decisions and real-time engagements, as well as the usage of automation and intelligence solutions by retailers to provide a better shopping experience to customers, are elements driving the revenue growth of the global smart shelves market. Retailers have better visibility and control thanks to improved inventory management solutions and digital shelves. It also aids in the tracking of in-store inventory levels, allowing businesses to improve inventory management and restocking decisions. Smart shelf technology, according to Wise shelf, reduces the risk of missed sales, which occurs when buyers cannot locate a needed item.

It also allows for automated inventory tracking and alerts retail businesses when a certain item’s supply is running low or has been stolen from its original location, preventing theft and shrinkage. When linked to the internet, a smart Shelvestion provides useful data about client habits and the essential information to improve the in-store experience. These are major factors influencing the further expansion of the global smart shelves market.

Concerns regarding consumer privacy have been a stumbling block to adopting smart-shelf technologies. Before it was installed, Walmart terminated testing for an RFID shelf inventory control system in 2003.

According to CNET, Walmart worked with Gillette to test smart-shelf technology by tracking data implanted in Gillette’s product packaging. Walmart’s goal was to use technology to notify store management of stock shortages and potential theft. Owing to privacy concerns, consumer privacy groups were opposed to the scheme. Consumers questioned whether product tracking tags could be exploited or hacked and whether they could be used to track people from retailers to their homes. In addition, Walmart’s app that allowed shoppers to scan things as they removed them from shelves failed in January 2017.

Competitive Landscape

Some of the key players in this market are

• Honeywell International Inc.
• Huawei Technologies Co. Ltd. (Huawei Investment & Holding Co. Ltd.)
• Intel Corporation, Samsung Electronics Co. Ltd. (Samsung Group)
• Avery Dennison Corporation
• BOE Technology Group Co. Ltd. (SES-Imagotag)
• E Ink Holdings Inc. (YFY Inc.)
• Pricer AB, Trax Technology Solutions Pte. Ltd.
• Nexcom International Co. Ltd.

Key developments

2020:Pricer announced in July 2020 that the Canadian Tire Dealer Association (CTDA), a dealer network with about 500 locations across the country, signed a Master Framework Agreement with Pricer as its exclusive supplier of Electronic Shelves Label (ESL) systems.

Pricer Plaza, a new and improved architecture for smart retail in-store services and business models, was unveiled in February 2020. This product launch would make Pricer’s retail automation offerings more sophisticated.

For the Smart Shelves Market research study, the following years have been considered to estimate the market size: