May 19, 2020 7:01 PM ET
iCrowd Newswire – May 19, 2020
Significant technological development initiatives by several leading companies to provide growth opportunities for unmanned convenience store market
Latest market study on “Unmanned Convenience Store Market to 2027 by Offering (Solution and Services); Type (Fully automated and Semi-automated);and Geography”, the unmanned convenience store marketis estimated to reach US$ 1,640.32 Mn by 2027 from US$ 67.48 Mn in 2019. The report includes key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
With the sustainable growth and recent capital and policy support, the convenience store sector is attracting several leading e-commerce as well as giant retailers. Various e-commerce companies such as Amazon, Jingdong and Alibaba are significantly planning to promote their Omni-channel business model by operating convenience stores, and meanwhile, enterprises possessing well-known brands such as Laiyifen and Wahaha are also focusing to extend their direct retail channels through unmanned convenience stores.Therefore, several new players are expected to become an essential force in restructuring the convenience store industry. In this new retail era, the combination of offline and online sales channels is reorganizing the competitive order in the industry. With the purpose of managing offline convenience stores in a better manner, Alibaba has launched the Lingshoutong Retail Sourcing Platform and Jingdong has invested significant amount in the convenience store smart management system for enabling the convenience stores to improve their business performance with digitization and resource integration. Further, in 2018, Amazon announced its plan of opening its second Amazon Go convenience store in Seattle, which focused on featuring a variety of ready-to-eat food items for breakfast, dinner, lunch, and other snack options, along with Amazon’s Meal Kits.
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Impact of COVID-19 outbreak on Unmanned Convenience Store Market
The epidemic, which has infected more than 800,000 in China and killed over 3,200, had kept hundreds of millions stuck at home since late January. Retail sales for the world’s second-largest economy shrank by a fifth in the first two months of 2020 from a year earlier. Further, it is also affecting the unmanned convenience store market, In an effort to contain the spread of virus that causes COVID-19, health authorities in China have been encouraging people to avoid all human interaction. Offline shopping has thus become risky business for both customers and clerks. To minimize human contact in ecommerce delivery, companies including Meituan and JD.com are experimenting with “contactless” end-to-end solutions deploying unmanned vehicles & drones. Some hospitals also use robots to guide the patrons or transport the medical supplies within their facilities. This could be an opportunity for the companies to develop technology that could automate tasks in a public setting.
In addition, Alibaba opened a pop-up coffee shop in 2018, which is called as Tao Cafe and, more recently, it also opened a convenience store within its headquarters in Hangzhou called Futuremart. Futuremart, which is similar to that of Amazon’s first few Go stores, appears to be designed mostly at nearby company employees so that the company can fine-tune the technology while eventually planning for the country-wide expansion. Thus, all the above mentioned initiatives that are taken by several leading companies are expected to significantly boost the growth of the unmanned convenience store market in the coming years.
Geographically, Asia Pacific region holds the largest share followed by the North America and Europe region in the unmanned convenience store market for the current year. Further North America region is also projected to witness the highest growth rate over the forecast period 2020 to 2027.The market for unmanned convenience store has been segmented on the basis of offering, type, and geography. Based on offering, the market is segmented into solution and service. The solution segment represented the largest share of the overall market throughout the forecast period and it is also expected to be the fastest growing unmanned convenience store offering owing to the increasing number of technology advancements in machine vision, facial recognition, shelf sensors, barcodes, quick response (QR) codes, and RFID tags. Based on type, the unmanned convenience store market is segmented into fully automated and semi-automated. In 2019, semi-automated type held a substantial share in the global unmanned convenience store market. While, fully automated type is anticipated to grow at the highest CAGR from 2020 to 2027.
The major companies offering unmanned convenience store market include Amazon, Inc., Bingobox, CYB-Org, F5 Future Store, and Shenzhen Rakinda Technology, Co., Ltd. among others. Several other companies are also offering these unmanned convenience stores, which is facilitating the market to propel over the years.
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