Smart Shopping Carts Market Size, Share, Growth, And Industry Analysis By Type (Zigbee, RFIDs, Bar Codes), By Application (Supermarket, Shopping Malls, Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

Report Overview

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The global smart shopping carts market size was USD 4280.18 million in 2021. As per our research, the market is expected to reach USD 6342.84 million by 2027, exhibiting a CAGR of 6.78% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the smart shopping carts market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Shopping carts, or carts, are carts offered to customers by supermarkets and hypermarkets that carry products at the same time while shopping or at the checkout. With a cart, it is easier for the customer to transport a large amount of goods at the same time and avoid damage to the purchased goods. These carts are used to travel short distances, usually inside a building.  The growth of this market is driven by the growing demand for automatic checkout systems and the proliferation of smart shopping carts in supermarkets and retail stores.

The shopping cart market has shown significant growth due to the revival of retail trade and the increase in shopping trends in supermarkets and hypermarkets. With the growth, many new players are entering the market. Growing urbanization and the growing preference of consumers to shop from supermarkets and hypermarkets is fueling the market for shopping carts.

COVID-19 Impact: COVID-19 pandemic halted production hence impede market growth

The COVID-19 pandemic has been one of the most devastating disasters of recent times. This has had a detrimental effect on several industries. It was also a turning point for many people and changed the economic status of many communities. Most of the market was affected as production of several products was halted, leading to supply chain problems worldwide. In addition, the imposed restrictions caused the loss of many people's livelihoods and jobs. This lockout law ensured that only essential workers continued to work, and it also put many lives at risk. The smart cart/intelligent cart industry along with other industries have suffered losses due to supply chain issues and manufacturing issues. But beyond that, it also saw an explosion. Smart carts in most supermarkets ensure that customers do not have to pay, but can pay themselves. This helps because the store needs fewer employees to man the counter, which was the goal during the pandemic. So the market has had both a boom and a little dip because of the pandemic, but it's just expected to keep growing.

Latest Trends

"Appearance of smart carts is an important trend in the market "

The growing demand for in-store advertising and communication systems such as cart display devices is driving the demand for smart shopping carts. Smart shopping carts scan and weigh products using artificial intelligence. These carts have a touch screen near the handle that shows the total number of products placed in the cart and their corresponding prices. Market vendors are introducing new technologies with the primary goal of improving the customer's shopping experience, making it one of the critical trends in the shopping cart market. IMAGR has already introduced a smart shopping cart that uses artificial intelligence and computer vision to automatically scan products as shoppers place them in their carts. These factors drive the smart shopping carts market growth. The global smart shopping cart market will grow rapidly during the forecast period due to the adoption of smart technology and the increase in the number of mass shoppers. Customers face many problems at checkout, such as waiting and whether their purchase fits within the decided budget. This solution improves the consumer experience and shortens the time spent shopping, as well as reduces the use of labor and space at checkouts, which reduces effort and investment.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into Zigbee, RFIDs, Bar Codes. Zigbee will be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Supermarket, Shopping Malls, Others. Supermarket is anticipated to be the dominating segment.

Driving Factors

"Rising number of retail stores is driving the growth of the market  "

One of the key factors in the growth of the shopping carts market is the growing retail space. Globally, the increase in the number of retail stores, especially hypermarkets and hypermarkets, is supporting the growth of the global consumer cart market. The global retail market continues to grow due to strong economic growth and urbanization. Most consumer shopping cart manufacturers offer their products through a number of global and regional supermarkets and hypermarkets. SPAR, 7-eleven, Walmart, Aldi and Carrefour are the largest supermarket and supermarket chains that offer consumers a shopping basket. Some of these merchants are trying to expand their global presence. Sales of consumer carts should grow significantly as retail channels expand. This is expected to boost the global smart shopping carts market growth rate during the forecast period.

"Increasing development of the automation sector leading to smart checkout is driving the growth of the market  "

Most markets, products, devices, technologies and applications are moving towards automation. AI or artificial intelligence is said to be taking over the world and ensuring that all the mundane tasks that are done day by day can be replaced by artificial intelligence or intelligent system so that human power can be used for better opportunities. Smart checkout may not be automation per se, but it is directly related to it. With a smart shopping cart, customers go to the location and don't have to worry about long queues. The cashier makes sure everything the user brings is paid for before the user leaves the store. It ensures the safety of products in the store, reduces the use of labor as a cashier and more, and ensures accuracy. Human errors can be completely eliminated. Therefore, it is a very important and key factor to promote the growth of the market.

Restraining Factors

"Privacy and security issues and the risk of technological disruption "

Privacy and security concerns are a key factor that can hold back market revenue. Data collection functions and integration with customer shopping habits in smart shopping carts lead to data protection issues. Because these carts collect information about customer preferences, purchase history and shopping habits, there is a risk of unauthorized access or misuse of sensitive information. Authorities have also enforced various laws and regulations on data breaches and data theft. For example, the General Data Protection Regulation is a comprehensive data protection rule of the European Union that sets strict rules for the collection, processing and storage of personal data. This applies to all organizations that process the data of EU citizens, including data collected through smart shopping carts. In addition, retailers using shopping carts in the EU must ensure GDPR compliance to protect customer privacy.

Regional Insights

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"North America hold the dominant market growth due to growing demand for contactless shopping"

North America holds the largest smart shopping carts market share in the global smart shopping cart market. This is because the number of obese people is increasing in this region, which is also a major factor in diabetes and other obesity-related diseases. The North American market is expected to account for the largest share of the global smart shopping cart market during the forecast period. This is due to the growing demand for contactless shopping, the growing population of tech-savvy millennials and Gen Z, and the rapid adoption of retail automation and digital transformation. Big companies are also making various investments to bring new advancements in smart strollers and strollers. Shopic's innovative technology uses computer vision algorithms to identify products as soon as customers place them in the shopping cart. In addition, the smart cart shows shopper product offers and discounts on related products. In addition, the Shopic system functions as a self-service checkout interface that allows customers to avoid the inconvenience of standing in line to pay for daily groceries.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. Key industry players in the antacid tablet market have a significant impact on market dynamics. These companies are at the forefront of research and development, consistently introducing innovative formulations and product variations. Their focus on convenience and effectiveness sets industry standards and influences market growth.

List of Market Players Profiled

• Xi'an Chaohi Network Technology Co., Ltd. (China)
• Klever-Kart, Inc. (U.S.)
• SmartCart S.A. (U.S.)
• WALMART APOLLO, LLC (U.S.)
• Focal Systems Inc. (U.S.)
• Caper Inc. (U.S.)
• Media Cart Holdings; Inc. (U.S.)
• Vmark, Inc. (U.S.)
• Mitsui & Co., Ltd. (Japan)
• Microsoft Corp (U.S.)
• TRACXPOiNT (U.S.)
• Fujitsu Limited (Japan)
• International Business Machines Corporation (U.S.)

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.