The Electronic Shelf Labels Market is estimated to be valued at US$ 1,025.4 Mn in 2022 and is expected to exhibit a CAGR of 16.06 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electronic shelf labels (ESL) are displays that are attached to shelves in retail stores to display product and pricing information. ESLs receive pricing and product information wirelessly from a central server and dynamically update themselves without the need for expensive relabeling. They provide various benefits such as flexibility in price changes, reduced labor costs, and improved inventory management to retailers.
Market Dynamics:
Increased retail automation and growing adoption of Internet of Things (IoT) technologies are driving the demand for electronic shelf labels globally. IoT-enabled ESL systems provide advanced features like integration with inventory management systems, analytics, and easy updating of product and pricing data from remote locations in real-time. Moreover, ESL help retailers reduce labor costs associated with manual label changes and printing/installing new labels during sales or pricing adjustments. They allow retailers to be agile and respond quickly to pricing and promotional changes. Retailers are increasingly adopting ESL as they enable effective management of inventory and planogram compliance through integration with ERP systems.
SWOT Analysis
Strength: Electronic shelf labels allow for dynamic, real-time price updates which improves pricing accuracy and reduces human errors. ESL systems also provide improved inventory management and planogram compliance. ESL are environment friendly as they reduce paper waste.
Weakness: High initial investment costs associated with the purchase and installation of an ESL system. Technical issues such as network disruptions can cause price label updates to fail.
Opportunity: Growth of IoT and adoption of advanced technologies by retailers provides opportunities for ESL vendors. Increasing focus on providing optimized shopping experience to customers also drives the demand for ESL.
Threats: Availability of cheaper alternatives such as paper price tags poses threats. Economic slowdowns can negatively impact retailers' capital expenditure on new technology adoption.
Key Takeaways
The electronic shelf labels market is expected to witness high growth, exhibiting a CAGR of 16.06% over the forecast period, due to increasing focus of retailers on providing seamless shopping experience to customers.
Regional analysis: North America dominates the global electronic shelf labels market, holding more than 30% of the overall market share in 2022. This is attributed to high technology adoption rate and presence of major retailers in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising retail automation in countries such as China and India.
Key players: Key players operating in the electronic shelf labels market are SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, Diebold Nixdorf, Altierre, Teraoka Seiko, Advantech US, E Ink, Toshiba Global Commerce Solutions, SESimagotag, E-Ink, Wuxi Wei Feng Technology, and Cicor. These players are focusing on new product launches and partnerships with retailers for business expansion.
Read More:
https://www.dailyprbulletin.com/emerging-frontiers-of-the-electronic-shelf-labels-market/
