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(Publishing-NewsWire.com, March 07, 2023 ) The electronic shelf labels market is estimated to be worth USD 1.5 billion in 2023 and is projected to reach USD 2.8 billion by 2028, at a CAGR of 13.8% during the forecast period. Benefits offered by electronic shelf labels (ESLs), the ability of ESLs to facilitate reduced labor efforts, advent of 5G, and increasing demand for price optimization from retailers are the key factors driving the market growth.
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ESLs are retail automation solutions that facilitate the dynamic pricing of products in retail stores and offer an enhanced shopping experience to customers. These labels have been widely used by retailers in hypermarkets, supermarkets, non-food retail stores, and specialty stores. Electronic shelf labels are being extensively deployed globally to enhance the operational efficiency of retail stores and reduce costs. Electronic shelf labels are wireless and can replace traditional paper pricing systems in almost all retail stores globally. These labels link the shelf prices directly to scanning databases of stores. They also offer a provision to change the prices of products remotely.
The traditional revenue sources for market players offering advanced retail solutions include conventional retail solutions, paper labels, cameras, and traditional checkout systems. However, the integration of advanced technologies such as IoT and AI has facilitated the development of advanced retail solutions such as point-of-sale (PoS) systems, ESLs, and other automated retail solutions that not only improve process efficiency in retail stores but also reduce operational costs. In recent years, market players are extensively focusing on developing advanced retail solutions such as PoS systems, interactive kiosks, LCD-based ESLs, fully graphic e-paper ESLs, segmented e-paper ESLs, automatic storage and retrieval systems, autonomous guided vehicles (AGVs), and automated conveyors.
The surge in adoption of fully graphic ESLs can be attributed to the increasing demand from tier I and tier II retailers that rely on these ESLs to a large extent, as they facilitate displaying graphic content and information. Moreover, fully graphic e-paper-based ESLs are key to gaining customer attention and enhancing in-store communication. Using graphic displays, retailers can carry out product positioning in real time and enhance the shopping experience of customers. The key benefit of using fully graphic e-paper ESLs is their ability to project graphical objects, such as logos and callouts.
The constantly thriving retail sector is facilitating the increased adoption of ESLs in hypermarkets, supermarkets, non-food retail solutions, specialty stores, warehouses, concept stores, single-brand stores, and industries. The growing trend of retail automation is expected to provide ample growth opportunities for market players offering ESLs globally.
News Also Covered: https://www.prnewswire.com/news-releases/electronic-shelf-labels-market-worth-2-8-billion-by-2028---exclusive-report-by-marketsandmarkets-301749606.html
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