by Electronic shelf labels (ESL) help retailers easily update pricing and other product information on shelves in real-time through an in-store network infrastructure. ESL improve shelf edge management, enhance inventory accuracy and provide enhanced customer experiences.
The global Electronic Shelf Labels Market is estimated to be valued at US$ 97.92 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Enhanced customer experience remains one of the key drivers behind the adoption of electronic shelf labels. ESL allow retailers to dynamically change product pricing and information based on time of day, location or other custom parameters directly from the back office. This eliminates the need for costly manual label changes and allows retailers to provide timely promotions and discounts to customers. ESL improve inventory management and help increase sales by enabling quick price adjustments. The ability of ESL to deliver a more engaging shopping experience through interactive and multimedia content is also boosting their demand across retail sectors.
SWOT Analysis
Strength: Electronic shelf labels (ESL) provide real time pricing updates and flexibility in pricing alterations which help retailers in managing inventories efficiently.
Weakness: High initial investment costs associated with ESL infrastructure deployment limits its adoption by small and medium retailers. Dependence on wireless network also poses connectivity challenges.
Opportunity: Growth of organized retail sector especially in developing markets of Asia Pacific presents large opportunities for ESL providers. Rapid expansion of retail automation also drives the need for advanced ESL systems.
Threats: Slow digitization pace of traditional retailers poses challenges. Technological obsolescence is also a threat as the industry rapidly evolves.
Key Takeaways
The Global Electronic Shelf Labels Market Size is expected to witness high growth over the forecast period. The global Electronic Shelf Labels Market is estimated to be valued at US$ 97.92 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The Asia Pacific electronic shelf labels market is expected to witness fastest growth over the forecast period driven by rapid growth of organized retail sector in countries like India and China. North America currently dominates the market backed by presence of large retailers rapidly adopting ESL solutions.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
