Unmanned Convenience Store Market Size was valued US$ 67.48 million in 2019 and is expected to reach US$ 1,640.32 million by 2027 with a CAGR of 51.9% during the forecast period.
Market Size Value in – US$ 67.48 Million in 2019
Market Size Value by – US$ 1,640.32 Million by 2027
Growth rate – CAGR of 51.9% from 2020-2027
Forecast Period – 2020-2027
Base Year – 2020
No. of Pages – 116
No. Tables – 35
No. of Charts & Figures – 51
Historical data available – Yes
Segments covered – Offering; Type
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Development of fully automated convenience stores
Several retail innovations are demonstrating the future of retail sector both in offline and digital market. For instance, a touchscreen corridor, developed the Inspiration Corridor, utilizes image recognition and purchase histories for suggesting and locating items to the customers. Another instance, Foodstuffs developed SMARTCART, which uses computer vision technology for recognizing products as they are put inside the basket. The consumers can then automatically pay for the products utilizing the mobile application, in which the customers are required to link their payment details. Further, a new startup, known as DeepMagic, also utilizes digital innovations for enhancing the experience of the physical stores. With the Deep Learning Artificial Intelligence (AI), DeepMagic is facilitating retailers to make unattended physical stores which are fully automated. Deep Magic offers the Qick Kiosk, which is a pop-up store that is fully automated deployed with image recognition software that allows these unattended mini-stores to function securely. Further, Chinese startup F5 Future Stores that operates 24-hour unmanned convenience stores, which are entirely managed and control by robotic arms. Moreover, this company has closed its Series B round of financing and has collected approximately RMB 100 million (USD 14.5 million), with which it is focusing to open 50 more unmanned convenience stores that are fully automated. Thus, with the new technologies such as image recognition, robots, and artificial intelligence, the market players can further focus on investing in developing fully automated stores.
Impact of COVID-19 Pandemic on Unmanned Convenience Store Market
The pandemic COVID-19 continues to enforce the temporary closure of retail stores in the countries of North America, signaling an unprecedented disruption of commerce. Retailers and brands are facing various short-term challenges regarding health and safety, supply chain, labor force, cash flow, consumer demand, and marketing. In North America, stores started closing at the beginning of March, and this trend is expected to continue as cities and states battle to contain the spread of the virus. For instance, out of 26 Amazon Go, the unmanned convenience store, 22 stores have been shut down as people have been asked to not leave their houses. Furthermore, COVID-19 pandemic is rapidly accelerating the tradition of digital commerce. As people are being told to follow social distancing, e-commerce orders for essentials and groceries have become a survival tool for the people in America. Many families are trying digital grocery services. This has significantly impacted retailers. Owing to high order picking and delivery costs, digital grocery orders are less profitable for the retailers than traditional in-store shopping trips.
Strategic Insights:
- In Feb 2020, Amazon.com, Inc. opened its first grocery store to pilot the use of the retailer’s cashier-less “Just Walk Out” technology that has previously been used in 25 Amazon Go convenience stores, which are located in major U.S. metro cities. This Amazon Go Grocery store is based in Seattle, that allows customers to shop for every day groceries products such as fresh produce, seafood, meat, bakery items, dairy, household essentials, ready-to-cook meal options, beer, wine & spirits, and others. The size of the store is 7,700 square feet in the front of the house and 10,400 square feet overall. Same as the Amazon Go convenience stores, customers use the Amazon Go app to scan in as they enter the store. Further, the sensors and cameras track the items that are removed from the shelves which are then added to the customer’s virtual cart. As the customer leaves the store, their cart is checked out automatically using their payment card on file.
- In Jan 2019, Shenzhen Rakinda Technology Co., Ltd. launched Eco Mini Price Checker for Money Cashier Solution. It enables effective digital management through a built-in information management system. The Eco mini 10inch Price Checker is an Android POS machine that can be paired with a bar code machine. Its small size design is convenient for narrow places, such as small dining, shopping, etc., and its flexible and scalable structure makes it more suitable in the retail industry.
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