Electronic Shelf Label Market Estimated to Soar Higher During 2018 to 2028
Increasing proliferation of Internet of Things (IoT) coupled with growing digitization in the retail sector continue to influence the growth of the electronic shelf label market. Persistent growth in the retail sector has resulted in a meteoric expansion of retail outlets, particularly supermarkets and hypermarkets across key developed and emerging economies worldwide. Fact.MR foresees that the demand for electronic shelf label is projected to expand at a stellar pace with a CAGR of 21.5% in terms of value throughout the period of forecast, 2018-2026. Sales of electronic shelf label are estimated to cross US$ 1,700 Mn by end of 2026 on the back of surging growth in the retail sector worldwide, says the report.
There is a direct correlation between several macroeconomic factors, most notably increasing urbanization, growth in GDP per capita and economic growth, and overall sales of goods and commodities, which is likely to fuel the demand for electronic shelf label. Moreover, expanding retail infrastructure is likely to offer potential growth avenues for manufacturers of electronic shelf label in the forthcoming years.
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Being the final step in the distribution process, retailing has witnessed significant traction across the globe since the past decade. Retail industry has largely influenced the growth of various retail outlets including but not limited to hypermarkets, supermarkets, convenience stores and specialty stores, in turn pushing the demand for retail equipment and devices such as electronic shelf label. According to International Labor Organization (ILO), the trillion dollar retail industry is expected to remain pervasive maintaining strong growth in the coming years. This factor is expected to present potential growth avenues for manufacturers of electronic shelf label throughout the period of assessment, in turn contributing to the overall growth of the electronic shelf label market.
Sale of Electronic Shelf Label in Hypermarkets and Supermarkets to Increase at a Significant Rate
Demand for electronic shelf label in hypermarkets and supermarkets is expected to rise at a significant pace on the back of higher inclination of these retail outlets toward automation products and equipment. Electronic shelf label offer higher convenience quotient for hypermarkets and supermarkets across the entire merchandise line. Meteoric growth of the retail sector worldwide has resulted in a momentous increase in the number of hypermarkets and supermarkets since the last decade. The sales of electronic shelf label in hypermarkets and supermarkets since the past few years have witnessed a significant boost, and the trend is likely to continue in the years to follow. Against this backdrop, hypermarkets and supermarkets are likely to remain a lucrative business opportunity for key stakeholders during the period of forecast.
Stellar Growth in Demand on the Back of Improved Price Management
Electronic shelf label, a novel technology in the retail industry, offers efficient interoperability as compared to paper labels during dynamic price change. While promotions play a vital role in enhancing sales and brand value, companies need to carry out changes in the prices of commodities and goods at a dynamic pace. With electronic shelf label it becomes convenient to carry out price up gradations at a rapid pace providing seamless control on pricing management. Moreover, electronic shelf label reduces pricing errors in stores. With increasing competition in the retail sector, it becomes imperative to carry out pricing variations to complement sales of commodities. This has resulted in increasing demand for convenient, less complicated and cost efficient solutions such as electronic shelf label in the merchandise space, consequently fuelling demand for electronic shelf label.
Increased customer and employee satisfaction to Complement Sales
Sales of electronic shelf labels are largely influenced with enhanced customer satisfaction during store shopping. Errorless pricing coupled with optimization in store workflow has resulted in increased employee and customer satisfaction which has pushed retail stores to adopt these novel devices in a bid to increase customer footfall every day. Moreover, with electronic shelf label and other display solutions, promotional offers are easily communicated to customers, which is influencing their purchasing decision. This aspect has fuelled the demand for electronic shelf label on the back of efficient customer service they deliver, making them a vital sales funnel for retailers worldwide.
Electronic shelf label offers advantages in terms of high accuracy and reduction in additional labor costs as compared to conventional label changing. Adoption of electronic shelf label has significantly reduced the risk of human error in turn ensuring potential pricing compliances. Moreover, use of electronic shelf label has eliminated the dent in customer confidence, consequently resulting in increasing sales. This factor has resulted in an increase in the number of electronic shelf label installments in retail stores, in turn supporting the growth of their market worldwide.
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The research report on electronic shelf label market provides a thorough understanding on competitive landscape. This section covers analysis on various companies participating in the electronic shelf label market along with several aspects such as mergers and acquisitions, product portfolio analysis, company overviews, marketing strategies, key financials such as market shares and revenues. The report also delivers a complete SWOT analysis along with recent developments and innovations and information on research and development activities carried out by major players in the in the electronic shelf label space. For instance, Pricer AB developed and launched a large number of electronic shelf label in stores in France in 2017 owing to its efficient HDT and HD150 label sizes. Likewise, Altierre Corporation launched “One Price Auto Tags as-a-service” for automotive dealers in 2018. Key companies profiled in the electronic shelf label report include Pricer AB, Altierre Corporation, SES-imagotag, DisplayData Ltd., Solum Co. Ltd., Teraoka Seiko Co. Ltd., and Hanshow Technology Co. Ltd., to name a few.