Tue, 24 Nov 2020

An unmanned convenience store is an advanced concept of the retail industry. These stores do not require the presence of service personnel or cashiers in store. The transactions done in these stores are managed with the help of a mobile application. Unlike an automated store, the unmanned store technology mainly depends on artificial intelligence and technologies including machine automation, IoT, facial recognition, and others. The landscape of the convenience stores is set to transform with the retailers making superior use of high-end technology for piloting unmanned kiosks.

The impact of e-commerce, the constant changes in consumer preferences, and an outdated business model are some of the major reasons behind the stagnant performance of the traditional retail industry across the globe. In the same time, several e-commerce companies are vigorously expanding their offline business operations to seize market share, whose business model and technology have transformed the landscape of traditional retail industry.

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As the e-commerce market players teeming in the retail market, convenience store retailers/companies are required to prioritize their customers' requirements through integration of digital technology in their day-to-day operations so as to offer high-quality service continuously. The retailers operating worldwide are constantly looking for strategies which support them to drive profitable growth. Until the introduction of automation, the retailers faced the pressure to surpass customer expectations, outmaneuver the competition, improve organizational efficiency, and increase revenue opportunities. All these factors have thereby flourished the adoption of automation tools and services in the retail industry as these technologies provide ability to overcome all the challenges that are faced by the retailers.

According to the new research report published by The Insight Partners, titled "Unmanned Convenience Store Market - Global Analysis and Forecast to 2027", the global Unmanned convenience store market is expected to reach US$ 1,640.32 Mn in 2027, registering a CAGR of 51.9% during the forecast period 2019-2027.

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.

Strategic Insights

Merger & acquisition strategy is commonly adopted by companies in unmanned convenience store market to expand their footprint worldwide and meet the growing demand. This strategy in unmanned convenience store market is mostly observed in North America, Europe and Asia-Pacific. The players present in the unmanned convenience store market adopt the strategy of expansion and investment in research and development to enlarge customer base across the world, which also permits the players to maintain their brand name globally. Few of the recent acquisitions in unmanned convenience store market are listed below.

2019: F5 Future Stores closed its Series B round of raising US$ 14.5 million. TCL Capital and Peakview Capital invested in the company's venture to open 50 new stores. These stores will be built in the factories, universities, and central business districts in Guangzhou, Foshan, and Shenzhen, all in China's Guangdong province. The company estimates that the cost of each store is at about US$ 26,208 and that it takes between 3 months to 15 months to collect back the investment.

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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See Campaign: http://www.theinsightpartners.com/reports/unmanned-convenience-store-marketContact Information:The Insight Partners

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Amanora Chambers, East Block, Amanora Township,

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Email :sales@theinsightpartners.com

Phone : +1-646-491-9876Tags:, Reportedtimes, iCN Internal Distribution, Research Newswire, Englishimage

Contact Information:

The Insight Partners

533, 5th Floor,

Amanora Chambers, East Block, Amanora Township,

Kharadi Road, Hadapsar, Pune-411028

Email :sales@theinsightpartners.com

Phone : +1-646-491-9876

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