Global forecast: Quantities of smart cart companies are increasing 

In the physical retail industry, it was forecasted that the quantities of smart cart companies are increasing. The main reason behind this is obvious, due to low efficiency and Covid-19 restrictions, both retailers and customers are calling for new technology products to improve shopping efficiency and shopping experience.

So what are the main reasons that more and more startups want to develop smart carts? And what are the factors that accelerate their steps to develop smart carts?

(1) Smart shopping cart market is promising.

The Global Smart Shopping Cart Market is projected to reach USD 4,646.39 million by 2027 from USD 1,103.41 million in 2021, at a CAGR of 27.07% during the forecast period.

This forecast indicates that the smart shopping cart market has a very large market volume and is still growing year by year. Usually, when an industry is in the first stage of rapid development, more and more groups will join in, as every group knows that they can earn a profit if they enter.

Surely, the smart shopping cart industry is now in the first stage of rapid development. Many retailers regard the smart shopping cart project as an ROI + project.

(2) Artificial intelligence 、RFID and computer vision technology are developing rapidly, which contributes to smart cart development.

Smart shopping cart companies usually adopt different technologies based on their self-developed system, while almost all smart cart startups adopt artificial intelligence 、RFID and computer vision technology.

Take Superhii smart shopping cart as an example, Superhii smart cart system adopts computer vision technology as well as a weight sensor to recognize items as customers align items’ bar codes to the bar code scanner. RFID technology was applied to the checking-out process, if customers have finished the payment process, the smart gate releases the smart cart based on RFID technology, otherwise, the smart gate asks customers to pay.

Artificial intelligence, computer vision, RFID, and weight sensors technologies are becoming more and more mature in recent years, which has accelerated the development of the smart cart industry.

(3) Smart shopping cart helps increase shopping efficiency and decrease manpower cost.

Superhii.com renews its slogan to “ More efficiency, Less manpower .” This is exactly what a smart shopping cart brings with retailers and customers.

Manpower cost is increasing year by year, especially in developed countries. Shopping efficiency has always been very low in the physical retail industry due to long queues at the cash counter.

Compared to other grab-and-go technologies, smart shopping carts have obvious advantages, smart shopping carts use computer vision, sensor fusion, and deep learning to automatically recognize items, thus customers don’t need to wait in line anymore.

This solution also keeps track of customers’ shopping data in the whole shopping process, based on this data, smart carts then send promotional information and coupons to customers. This will greatly increase shopping efficiency.

Due to these obvious product benefits, the quantities of smart cart companies increase.(Author :Superhii ,Cindy Xin )