Smart shopping carts are the newly implemented carts that have been integrated with state-of-the-art technology to simplify the shopping experience for customers. Smart shopping carts use artificial intelligence and are equipped with a touch screen and a camera that facilitate the shopping experience by recognizing and recording the products added to the cart. The main feature of the smart shopping cart is the ability to track the location of the cart. It also offers different features such as the ability to notify customers when they reach the chosen items on their list, provide them with the prices of products in store, receive updates of the products offered and allow them to pay through the screen. Various retail stores, shopping malls and supermarkets are replacing normal shopping carts with Smart Shopping Cart to improve customer experience and attract more customers. These 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 of the Smart Shopping Cart Market:
- Microsoft Corp.
- IBM Corp.
- Media Cart Holdings Inc.
- SK Telecom
- Shanghai Qixin Automation Systems Co.Ltd
- Engage in store
- Compaq Computer Corporation
Market Dynamics and Drivers:
Technological advancements, rising demand for efficiency and convenience in supermarkets and retail stores, and rising awareness about the benefits of using smart carts have enhanced the growth of the global smart cart market. In addition to this, the emerging trend of online retailing is also expected to boost the demand for smart shopping carts over the estimated period. Smart AI features, including an integrated scale to weigh products, a barcode scanner and a display screen to display product information, are revolutionizing the shopping experience for customers, driving following the growth of the smart cart market. Furthermore, social distancing measures in the post-pandemic era, customer inclination towards digitalization, and increased demand for contactless shopping are the other factors driving the market growth. The global smart shopping cart market can grow rapidly by using the Multiple Payment Methods option as well as providing fulfillment offers. Due to limited retailer adoption and high initial cost of carts, this may hamper the growth of the smart cart market in the forecasted years.
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Smart Shopping Cart Market Report Highlights:
- By solution, the RFID segment is expected to hold the maximum market share in the smart shopping cart market over the projected period. With its ability to read at a greater distance than barcodes and its high level of security, this segment is in high demand and contributing to the growth of the global smart shopping cart market.
- By application, the supermarket segment is expected to grow the most in the smart shopping cart market over the forecast year. This segment is expanding its growth as it attracts more shoppers to one place to make their daily shopping experience easier and convenient.
- By region, North America is expected to dominate the smart shopping cart market over the projection period. The key factors enhancing the growth of the market are the increasing adoption of technology by customers and the presence of prominent players in this region.
Industry key development:
- In January 2021, The Kroger Co., America’s largest supermarket operator tested a “smart” shopping cart powered by artificial intelligence (AI) from Caper Inc. Caper announced the partnership with Kroger and mentioned that this technology enables Shoppers scan items and pay directly through the shopping cart, ending the need to queue at checkout.
- In October 2019, Caper, the world’s first AI-powered go-kart, has deployed its Smart Cart technology with Sobeys, one of North America’s largest grocery chains. This partnership makes Caper the first independent, independent self-checkout company with direct business readiness with a major retailer.
smart shopping cart market Segmentation:
- Shopping centers
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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 rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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The report encompasses all of the market size analysis in previous years for major segments and countries, along with future estimates. The Smart Shopping Cart Market study takes an in-depth look at the competitive landscape of the global market. The study also provides the names of the major market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics, and drivers, as well as 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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