According to the Market Statsville Group (MSG), the global digital shelf market size is expected to grow at a CAGR of 18.2% from 2022 to 2030. The digital shelf is the segment e-commerce companies are focusing on and hence highly investing in it. The adoption of digitalization in the retail industry has increased recently at a significant rate attributed to the growing competition, introduction of new channels to supply goods, increasing investments in the e-commerce market, and others. In addition, retailers worldwide are providing high flexibility to the shoppers in the entire buying process, and people are also using the online platform to compare the products according to various parameters to get the best deal possible. On the other hand, the digital shelf allows people to compare and choose products from vast categories of products available. Hence the surging e-commerce industry is a major driving factor for the global digital market.
Global Digital Shelf Market Definition
The digital shelf is an online version of how a person shops at a physical store. Some of the digital components may include product assortment, product availability, images and videos, description, ratings, reviews, pricing, promotions, and more. It’s the collection of digital experiences that the consumers use to find, learn about, compare, and purchase products. Everything from search engines and product pages to your website and other online material falls under this category. The digital shelf spans the entire online buying experience from research and discovery to checkout and beyond. For e-commerce brands and retailers, monitoring, analyzing, and reacting to what’s happening on the digital shelf is crucial for success. Some of the e-commerce sites using digital shelves are Flipkart, Amazon shopping, and more. The digital shelves help the brands to level up their playing field. When used with accurate, up-to-date content, they help the company connect with its customers more personally and meaningfully.
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The covid-19 pandemic created havoc worldwide and led to the downfall of many industries. However, industries with a technological base, such as e-commerce, experienced a sudden boom. People started relying on online shopping, first due to fear of the virus, later, some of them fully switched to preferred online platforms for purchasing products. Owing to the ease and online availability of a wide range of products, e-commerce sites are becoming more demanding by customers. Seeing the positive nature of the conusmers towards e-commerce sites, digital shelf market is expected to grow exponentially during the forecast period.
The study categorizes the digital shelf market based on type and application at the regional and global levels.
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Based on component, the global digital shelf market is divided into software and service. In 2021, the service segment accounted for the highest market share in the global digital shelf market. The highest market share results from the increasing demand for services by e-commerce sites compared to the whole software. Some e-commerce companies get their websites or applications developed independently and later look for add-on services for digital shelves on their platforms.
APAC accounts for the highest CAGR during the forecast period
Based on the region the market is segmented into North America, Europe, APAC, South America, and the Middle East & Africa. APAC is estimated to hold the highest CAGR in the global digital shelf market during the forecast period. The highest market share by the region owes to economic reform programs of various countries, creating growth opportunities for manufacturers. Moreover, there is an expansion of large-scale retailers in the region, which is expected to boost the digital shelf market in the forecast period.
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