• Stacy Lawlor

Global Unmanned Convenience Store Market Size to reach USD 1,640.32 million by 2028.

The Global Unmanned Convenience Store Market Size was valued at USD 67.48 million in 2021 and is expected to reach USD 1,640.32 million by 2028 with a CAGR growth rate of 51.9% during the forecast period.


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Unmanned Convenience Stores are department stores without manned cashiers or operands. These stores are fully automated due to the ICT technologies. To eliminate traditional store features, the design depends on smartphone-related technologies and the addition of Artificial Intelligence-based solutions.

Global Unmanned Convenience Store Market Size

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Traditional retailers are being pushed to rearrange their store networks in every way, from style and layout to size and scale, by increasing competition from online companies. Technology has never been more essential in stores, allowing retailers to present customers with a number of checkout alternatives to fit their tastes. Customers today expect instant service and are increasingly turning to automated technologies to lessen their manual operational tasks. As a result, self-service technologies are gradually changing the way customers interact with businesses in order to get service results.


COVID-19, the virus that has swept North America, has forced the temporary closure of retail outlets, heralding an unprecedented disruption of trade. Brands and retailers are facing various short-term challenges such as health and safety, labor force, supply chain, consumer demand, cash flow, and marketing. Stores began closing in North America at the beginning of March, and the trend is anticipated to continue as towns and states fight to curb the virus' spread. For instance, 26 Amazon Go's unmanned convenience stores have been shut down because residents have been asked not to leave their homes. Furthermore, the COVID-19 pandemic is rapidly accelerating the digital commerce tradition. People in America have turned to e-commerce orders for goods and groceries as a survival mechanism while they are instructed to maintain social distance. Many households are experimenting with computerized grocery delivery services. This has had a major influence on merchants. Digital grocery orders are less profitable for retailers than traditional in-store shopping excursions due to high order picking and delivery expenses.


Development of Fully Automated Convenience Stores


COVID-19 sharpened market trends, resulting in an increase in the number of existing customers for E-commerce and omnichannel purchases. The shift in consumer purchasing behaviors amongst individuals served as one of the key drivers for e-commerce websites. Customers' expectations for unmanned convenience stores have risen as a result of the increasing simplicity of purchase linked with e-commerce sites. Following the pandemic, Morrisons, a supermarket chain in the United Kingdom, plans to open an unmanned store. A Japanese convenience store business, FamilyMart Co., aims to open 1,000 unmanned outlets by 2024.


Increase in Adoption of New Technologies in The Retail Industry


Digitalization is continuing to revolutionize a number of industries, impacting the global economy, environment, and society. The retail industry is no exception. One of the most recent advances in this industry is the development of unmanned convenience store designs. These innovative business strategies are mostly used in the grocery store industry to decrease check-out lines and boost efficiency throughout the shopping experience. The expansion of digitization in the convenience store industry is expected to improve a customer's shopping experience and satisfaction with it. In addition, from a B2C standpoint, the usage of unmanned systems in grocery stores and other general department stores minimizes consumer wait times. This factor is expected to boost the market demand during the forecast period.


North America is the largest market for unmanned shopping stores due to the strong presence of market players in this region and they are actively investing in this sector. For instance, Amazon Go has opened its first full-fledged cashier-less supermarket. With a fresh vegetable department, a bakery, and an alcohol section, the supermarket currently has around 5,000 goods and 10,000 square feet of space. This type of investment has a growing presence of unmanned stores and raising awareness about the benefits of the stores in North America during the forecast period.

Global Unmanned Convenience Store Market Size

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The Asia Pacific is the second-largest market for unmanned shopping stores due to the world's fastest-growing economies such as India and China. Furthermore, Japan is the region's most technologically developed country, allowing for the development of new and improved solutions. Companies in these regions are going toward automation to better their businesses, boosting the growth of the convenience store market in the region. Japan has the highest density of vending machines in the world, owing to the Japanese people's positive attitude toward innovation and technology, as well as the busy, fast-paced work ethic culture, which provides an opportunity for companies that can provide ease, flexibility, and convenience in retail.


KEY INDUSTRY PLAYERS

Some of the key players operating in the global unmanned shopping store market which are profiled in this market study include Amazon, Inc., BingoBox, CYB-ORG., F5 Future Store, and Shenzhen Rakinda Technology Co., Ltd. among others. In addition to these players, there are several other important players operating in the unmanned convenience store market which were studies analyzed during the course of this market research study, such as Walmart., and JD.com.


KEY INDUSTRY DEVELOPMENTS:


In February 2021, AiFi, a company that produces autonomous, data-driven retail platforms, announced a partnership with Wundermart, a firm that offers autonomous shopping experiences powered by AI, to launch 20 autonomous convenience shops in Q1 of 2021.


in August 2018, JD.com, an e-commerce platform based in China, established its first foreign unmanned store, JD.ID X-Mart, an AI-powered experiential store in Jakarta, Indonesia. Customers may grab what they need and walk out of the store without having to wait in lines or make payments.


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https://extrapolate.com/Retail/unmanned-convenience-store/25652

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