According to the Market Statsville Group (MSG), the global digital shelf optimization market size is expected to grow from USD 121.1 million in 2021 to USD 3,966.2 million by 2030, at a CAGR of 13.7% from 2022 to 2030.
Digital shelf optimization is the constant practice of optimizing the digital performance of any product catalog. It entails improving business search engine ranking, raising brand awareness, offering a better, more consistent customer experience, receiving higher ratings and reviews, and closing more sales. It also entails making the most use of the organization's advertising budget, grabbing timely opportunities (such as when competition is out of supply), and minimizing excessive spending. Various businesses will benefit greatly from digital shelf optimization. Organizations can make their products more discoverable, guarantee their brand makes the best impression, gain more sales, and pay attention to the digital shelf and capture the correct possibilities.
With the help of digital shelf optimization, brands can plan content that is more attractive and informative for social welfare and customer-centric, as well as deliver the content across various websites or platforms to maximize their interactions and can gain better customer responses. The growing trend of online shopping and brand comparison coupled with enhanced competition across every sector, has driven the demand for the digital shelf optimization market.
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Global Digital Shelf Optimization Market Dynamics
Drivers: Growing Competition among diversified vertical market players
The digital shelf allows marketers to exhibit their products and engage with customers at precisely the right time in the consumer journey - when they are researching or looking to buy a product. More customers will discover the targeted brand if it appears in search results and product pages, and the content organization provides should assist drive conversions. As a result, digital shelf optimization can impact sales and brand awareness - even among people who have never heard of new startup brands before. Thus, the intense competition on digital shelf platforms drives the market’s growth over the forecast period.
Restraints: Complexity on websites or bugging issues
Managing and maintaining a website is extremely difficult for entrepreneurs and small and medium-sized businesses (SMBs) who cannot afford to hire their web developers, SEO, designers, and others. The rise in popularity of mobile devices (over 50% of all internet traffic), it's become increasingly vital to optimize the site for mobile as well, however, it requires additional fees. Bugs and problems can come in all kinds and sizes and can be a nightmare for any website owner. They may occur as a result of the installation of new plugins and themes, updates, server or database failures, and so on. Bugs, for whatever reason, can range from bothersome to downright detrimental to a company’s website and business. Thus, such complexities and bugging issues may restrain market growth.
Opportunities: Adoption of smart technologies such as AI and machine learning in optimization tools
With the company's items being sold on hundreds of websites, it is impossible to maintain optimal product availability and the proper assortment mix across all websites at all times. Out-of-stock items result in missed sales and a poor shopping experience for customers. It also impacts digital shelf ranking and might lead to lower conversion rates. Organizations may track product availability across online marketplaces and sellers by using AI and machine learning technologies. They may also estimate demand based on sales velocity to prepare for optimal stock levels in advance and discover and ensure the availability of the best-selling SKUs across platforms. Furthermore, this intelligent technology analyses trends to provide the best assortment mix across stores, thereby creating a lucrative growth opportunity for various industries.
COVID-19 Impact on the Global Digital Shelf Optimization Market
The standards for product and inventory have fundamentally evolved as retail businesses have closed and supply networks have been disrupted. Historical data on what sells online vs. offline is no longer relevant. Companies now have a large amount of merchandise in retail shops that they need to figure out how to get online.
Businesses that have traditionally invested in digital commerce sales tools have likely found it simpler to shift to this new, digital-first economy, whereas those that have just made minor progress will be more severely affected. The digital shelf optimization market has witnessed a tremendous boom during COVID-19 as marketers and businesses are in a hurry to bring their products and brand recognized on top of search engines, third-party platforms, and others.
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Scope of the Global Digital Shelf Optimization Market
The study categorizes the digital shelf optimization market based on organization size and vertical at the regional and global levels.
By Organization Size Outlook (Sales, USD Billion, 2017-2030)
- Small and Medium-Sized Enterprises
- Large Enterprises
By Vertical Outlook (Sales, USD Billion, 2017-2030)
- Banking, Financial Services and Insurance
- Telecom
- Government and Defense
- Transport and Logistics
- Travel & Tourism
- Manufacturing
- Consumer Goods & Retail
- Media & Entertainment
- Energy & Utility
- Healthcare & Life Sciences
- Education
- Information Technology (IT)
- Others
By Region Outlook (Sales, USD Billion, 2017-2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
Consumer Goods & Retail segment accounts for the largest market share by Vertical
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Based on the vertical, the market is bifurcated into Banking, Financial Services and Insurance, Telecom, Government and Defense, Transport and Logistics, Travel & Tourism, Manufacturing, Consumer Goods & Retail, Media & Entertainment, Energy & Utility, Healthcare & Life Sciences, Education, Information Technology (IT) and Others. The consumer goods and retail segment accounts for a larger revenue share in 2021. The growing demand for consumer goods and daily necessities has fostered segmental market growth. Further, the growing startups and rising retailers' adoption of online selling has upsurged the demand for the digital shelf optimization market.
North America is projected to account for the highest market share by Region
Based on the regions, the global digital shelf optimization market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is expected to witness the highest market share in 2021, owing to technological advancements and the introduction of digital shelf applications with improved customer experience in the region. The United States has been driven by retail titans such as Walmart, expanding activity and contributing to the region's market expansion. Furthermore, promising measures by the US government toward product modernization and technology innovation across all industry verticals, particularly in retail automation, is the major factor driving the demand for digital shelf optimization.
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Key Market Players in the Global Digital Shelf Optimization Market
The digital shelf optimization market is extremely cutthroat, and significant competitors in the sector are using tactics including product development, collaborations, acquisitions, agreements, and growth to bolster their market positions. Most sector businesses focus on growing their operations worldwide and cultivating long-lasting partnerships.
Major key players in the global digital shelf optimization market are:
- Intelligence Node
- OneSpace.com
- e.fundamentals (Inc) Ltd
- Pacvue
- Nielsen Consumer LLC
- Edge by Ascential
- Gepard
- Syndigo LLC
- Profitero, Inc
- PickFu
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