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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Ankur Gupta, Head Marketing & Communications