Electronic shelf label is a type of dynamic display system utilized by the retailers to display product data in retail store. This system communicates the product information that is updated in the central server utilizing low power radio frequency (RF) through the gateway.
According to the report analysis, ‘Electronic Shelf Label Market’ states
that the global electronic shelf label (ESL) market is predicted to witness
significant growth throughout the forecast period. In terms of responding
better to the augmenting competition from the online retail channels,
traditional retailers (i.e., brick-and-mortar) are aiming on developing
strategies that use the cutting-edge technologies (IoT) to close the gap,
specifically ascending from the difference between store price and online
price. Closing the price gap in real time will remain a foremost factor
underwriting to the growth of the global electronic shelf label market during
the review period. Other aspects contributing to the growth of the market
entail increasing aim on real-time price automation in retail stores, improving
the retail workflow, government regulations on commodity pricing, and growing
labor cost. The brick-and-mortar retail segment is observing a key shift toward
digital technologies to propose the superior shopping experience to the
customers. The retailers are aiming on enlarging their IT capabilities that
propose the seemingly improved shopping experience for customers right from the
product recognition to the contactless payment.
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Additionally, the companies functioning in the retail sector, particularly in developed economies, are mandated to encounter the certain guidelines and standards to eradicate the misleading product price and other information of the product, which is further accelerating the requirement for the electronic shelf labels.
The digitalization of stores and pervasiveness
of retail automation trend, cost-effective and less time-consuming alternative
to paper labels, high requirement for price optimization among retail stores,
augmented the operational efficiency with real-time product positioning are
some of the prominent aspects for the growth of the market around the globe.
Although, the Shelf label is
experiencing speedy growth and is an emerging technology globally, which can
eradicate the paper labels and is automatically changed every week. In
addition, it also allows the flexibility to make immediate price changes.
Furthermore, each electronic shelf label (ESL) system has the LCD or E-ink
display that presents the price and UPC of the product.
The trending automation in the
retail industry is the foremost factor that propels the growth of the
electronic shelf label market. Moreover, the requirement for more
cost-efficient and less time-consuming alternative to the paper labels propel
the market growth. In addition, augmented the operational efficiency with
real-time product positioning owing to utilization of electronic shelf label
increases the market growth.
The Asia-Pacific electronic shelf
label market is anticipated to augment at the highest CAGR during the forecast
duration, due to high existence of retail giants with higher customers
interest, and easy accessibility of processing machinery, high growth of full
graphic e-paper display, and non-food retail store that are obtaining the
popularity in this region.
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Global Electronic Shelf Label Market
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