The global market for smart convenience stores, part of the consumer goods and retail sector, is forecasted to grow significantly over the next several years. Industry analysts predict the market will expand at a compound annual growth rate (CAGR) of 15% between 2025 and 2031, reaching a valuation of approximately $120 billion by 2031. This growth is driven by increasing adoption of advanced technologies in retail environments, including automation, AI, and IoT solutions.
Smart convenience stores use technology to enhance customer experience, streamline operations, and improve inventory management. Factors such as rising consumer demand for quick and contactless shopping, along with investments in digital infrastructure, are contributing to the market’s expansion. The trend is expected to continue as retailers seek to optimize efficiency and meet evolving shopper preferences.
**Why this matters**
The growth of smart convenience stores reflects broader shifts in retail toward automation and digital transformation. As these technologies become more widespread, they could reshape how consumers shop and how retailers manage their operations. This expansion also signals potential opportunities for technology providers, investors, and businesses aiming to innovate in the retail space.
Source: NewsData