by The Electronic Shelf Labels Market is estimated to be valued at US$ 97.92 Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electronic shelf labels, also known as ESLs, are used in retail stores to display product and pricing information digitally. ESLs communicate wirelessly with a central server to ensure accurate and updated product pricing and information in real-time. They eliminate the need for printing and manually changing paper price tags. ESLs provide flexibility to retailers for frequent pricing and product updates and also enable innovative marketing techniques like variable pricing.
Market Dynamics:
Electronic shelf labels provide enhanced flexibility and efficiency to retailers. Dynamic pricing enabled by ESLs allows retailers to alter prices in real-time based on demand, supply, time of day or week, inventory levels etc. This helps optimize inventory management and sales. Secondly, ESLs eliminate errors from manual paper price tags like misplaced or misprinted tags. They ensure accurate pricing across all store locations and formats. This builds customer trust and enhances the in-store shopping experience. ESLs also reduce labor costs involved in printing and replacing traditional paper tags multiple times. They streamline retail operations and inventory management.
Segment Analysis
The major segments in the electronic shelf labels market are LCD displays and e-paper displays. The e-paper displays segment is expected to dominate the market during the forecast period. E-paper displays consumption less power than LCD displays and provide better readability during sunny conditions in physical retail stores.
PEST Analysis
Political: The regulations around electronic waste recycling are expected to push adoption of more sustainable electronic shelf label solutions in different countries.
Economic: High retail industry growth along with rising labor costs are encouraging retailers to adopt labor-efficient technologies like electronic shelf labels.
Social: Younger customers prefer experience-based shopping and electronic shelf labels can engaged them with real-time product information at shelves.
Technological: Advancements in low-power display technologies, Cloud connectivity and IoT are making electronic shelf labels more affordable and feasible for large-scale implementations.
Key Takeaways
The Global Electronic Shelf Labels Market Size is expected to witness high growth, exhibiting CAGR of 16.% over the forecast period, due to increasing adoption by large retailers to improve inventory management and enhance in-store experiences.
Regional analysis: Asia Pacific region is expected to dominate the electronic shelf labels market during the forecast period, with China and India being the major countries adopting the technology faster than Western economies. Growth opportunities are higher in Asia due to rapidly expanding modern retail sector.
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. SES-Imagotag and Pricer AB have the highest market share currently.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
