Market Overview:
Smart Shopping Carts are the newly implemented carts that have been integrated with advanced technology to make the shopping experience simple for the customers. Smart Shopping Carts uses artificial intelligence and are equipped with a touch screen feature and a camera which eases the shopping experience by recognizing and registering the products added to the cart. The major feature that the Smart Shopping Cart possess is the ability to track the location of the cart. It also provides different features like the ability to notify the customers when they reach the chosen items on their list, provide them with the prices of the products in the store, receive updates of the products that are on offer, and allows them to pay via the screen. Various Retail stores, Shopping malls, and Supermarkets are switching the normal carts to Smart Shopping Cart to improve the customer experience and attract more customers. Such advanced features and increasing adoption of technology are enhancing the growth of the Global Smart Shopping Cart Market.
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Major Key Players for Smart Shopping Cart Market:
- Microsoft Corp
- IBM Corp
- Fujitsu
- Media Cart Holdings Inc.
- SK Telecom
- Shanghai Qixin Automation Systems Co.Ltd
- Toshiba
- Engage In-Store
- Compaq Computer Corp
- V-Mark
- Oracle
Market Dynamics and Factors:
The technological advancements, rising demand for efficiency and convenience in supermarkets and retail store and increasing awareness regarding the benefits of using smart shopping carts have enhanced the growth of the Global Smart Shopping Carts Market. In addition to this, emerging online retail trend is also expected to boost the demand for smart shopping carts during the estimated period. The smart AI features including a built-in-scale for weighing products, a barcode scanner and a display screen for showing the product information revolutionizes the purchasing experience of the customers, thereafter, leading to the growth of the Smart Shopping Carts Market. Also, the social distancing measures in the post pandemic era, customer’s inclination towards digitalization, and increased demand for contactless shopping are the other driving factors for the market growth. The Global Smart Shopping Carts Market can grow rapidly by availing the Multi-payment modes option as well as by providing Runtime offers. Owing to limited adoption amongst the retailers and high initial cost of the carts may hinder the growth of Smart Shopping Carts Market in the forecasted years.
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Smart Shopping Cart Market Report Highlight:
- By Solution, the RFID segment is expected to have the maximum market share in the Smart Shopping Cart market during the projected period. With its ability to read from a greater distance than the barcodes and high level of securities, this segment is high in demand and helps in the growth of the Global Smart Shopping Cart Market.
- By Application, the Supermarket segment is predicted to expand the most in the Smart Shopping Cart market during the forecasted year. This segment is expanding its growth as it attracts more buyers at one place to make their daily purchasing experience easier and convenient.
- By Region, North America is expected to dominate the Smart Shopping Cart market, during the projection period. The key factors that are enhancing the growth of market are increasing adoption of technology among the customers and presence of leading players in this region.
Key Industry Development:
- In Jan, 2021, The Kroger Co., the largest U.S. supermarket operator tested an artificial intelligence (AI)-powered “smart” shopping cart from Caper Inc. Caper announced the partnership with Kroger and mentioned that this technology enables buyers to scan items and pay directly via the cart, terminating the need to wait in line at the checkout area.
- In Oct, 2019, Caper, the world’s initial AI-powered go-cart deployed its Smart Cart technology with Sobeys that is one of the largest grocery chains in North America. This partnership makes Caper the first independent and primary freelance automatic checkout company with a live business preparation with a major retailer.
Smart Shopping Cart Market Segmentation:
By Solution
- RFIDs
- Bar Codes
- ZigBee
By Application
- Supermarkets
- Shopping Malls
- Others
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For this report, Introspective Market Research has segmented the Smart Shopping Cart Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Smart Shopping Cart Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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