Digital Shelf Market - Introduction
- Digital shelf is the latest solution for price management and inventory in the retail sector, based on the use of advanced IT technology. The digital shelf market is expected to gain momentum, as digital shelf offers several benefits such as low labor cost and time efficiency.
- Digital shelf uses wireless communication networks, such as radio frequency and infrared technology, to communicate with back-end database. It is an emerging system, which has replaced conventional methods used in supermarkets, hypermarkets, and department stores. High-speed updates on pricing, promotional messaging, increase in readability, and contrast of distinct digital products also help improve product uplift and store margins.
- Digital shelf allows automatic price updating, thus reducing labor and staff costs significantly. Furthermore, proliferation of IoT technology in the retail sector is positively impact the adoption of the digital shelf system.
- Of late, leading players have shifted focus toward updating hardware and software of digital shelf systems in order to increase the in-store maintenance and efficiency of operations. Additionally, companies are developing customized solutions to meet specific needs of retailers.
Growth in Adoption of Store Automation in Retail Sector Driving Digital Shelf Market
- Store automation is the new trend, as retailers have started adopting wireless digital shelf system in order to improve store maintenance and operational efficiency. Retailers are gradually adopting cost-efficient, fast, and reliable price labeling systems due to the development in infrastructure in the retail industry.
- Digital shelf is used in various retail stores such as hypermarkets and supermarkets. With the help of digital shelf, retail outlet owners can minimize labor costs, retain price integrity, and optimize inventory costs. This has boosted the adoption of digital shelf in the retail industry.
- Thus, rise in adoption of store automation and expansion of the retail sector are likely to boost the digital shelf market during the forecast period
Technological Advancements for Customer Experience Enhancements Boosting Digital Shelf Market
- Technological progression has a strong impact on the global digital shelf market. Digital shelf is equipped with advanced features, such as indoor mapping, long battery life, real-time two-way responsive system, and merchandising accessories, to enhance operational quality, security, and latency. These attributes are expected to propel the large-scale adoption of digital shelf across the globe.
- Customers are increasingly becoming digitally conscious. Digitization of the shopping environment helps provide better customer experience. This, in turn, is augmenting the market. Digitization initiatives taken by various countries across the globe are also driving the digital shelf market. However, lack of awareness about the benefits of the digital shelf system and high initial investment associated with it are anticipated to hamper the market in the near future.
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North America to Hold Major Share of Global Digital Shelf Market
- In terms of region, the global digital shelf market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is expected to account for prominent share of the global digital shelf market during the forecast period, due to advancements in technology and introduction of digital shelf applications with enhanced customer experience in the region
- Europe and North America are anticipated to account for key shares of the global digital shelf market during the forecast period. However, the market in Asia Pacific and Middle East & Africa is estimated to expand at a faster pace in the near future.
Global Digital Shelf Market - Competitive Landscape
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Key Players Operating in Global Digital Shelf Market:
- Edge by Ascential
- SFD Systems
- shelfPoint and Cloverleaf Media, LLC
- Altierre Corp
- Pricer AB
- Teraoka Seiko Co., Ltd.
Global Digital Shelf Market: Research Scope
Global Digital Shelf Market, by Component
Global Digital Shelf Market, by End-user
- Organized Retail Stores
- Supermarkets & Hypermarkets
- Drug Stores/Pharmacies
- Consumer Electronics (Standalone)
- Other Specialty Stores
- Multi-brand Stores
- Company-owned/Brand Stores
Global Digital Shelf Market, by Communication Technology
- Radio Frequency (RF)
- Infrared (IR)
- Near Field Communication (NFC)
Global Digital Shelf Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.