The Electronic Shelf Labels (ESL) 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 are digitally controlled displays attached to retail store shelves that display product and pricing information without the need for printed paper labels. These wireless displays help retailers change prices, manage inventory, and track promotions in real-time from a central management system. With their ability to update prices remotely and flexibility, electronic shelf labels help retailers optimize operations and enhance the shopping experience.
Market Dynamics:
The increasing adoption of automated shelf labeling technology in the retail sector is expected to drive market growth over the forecast period. Automated shelf labeling systems help synchronize pricing updates across physical stores and online channels. This helps retailers avoid pricing errors, in turn fueling their adoption. Moreover, electronic shelf labels allow for frequent and dynamic pricing based on demand, which has emerged as a key strategy for retailers to attract customers and boost sales.
Market key trends:
The electronic shelf labels market is witnessing high growth due to the growing focus of retailers on improving product management and shopper experience. Electronic shelf labels allow dynamic and efficient price updates at stores and help reduce pricing errors. They also enable targeted promotions and pricing strategies based on consumer behaviour data analytics. With electronic shelf labels, retailers can better manage inventory levels and out-of-stock products in real-time. This reduces manual efforts and improves operational efficiency.
SWOT Analysis
Strengths:
– Provide effective inventory management and reduces pricing errors
– Enable targeted digital promotions and dynamic pricing
Weaknesses:
– High initial installation and maintenance cost
– Require technical support and regular software updates
Opportunities:
– Scope for integration with IoT and edge computing technologies
– Growing adoption of automation in retail stores
Threats:
– Availability of substitute technologies like printed paper labels and digital signage
– Risk of technology obsolescence
Key Takeaways
The global Electronic Shelf Labels market size is expected to witness high growth, exhibiting a CAGR of 16.06% over the forecast period of 2023 to 2030, due to increasing focus on automating retail store operations. The market was valued at US$ 1,025.4 Mn in 2022.
Regional analysis:
North America dominated the market in 2022 due to rapid digitalization of retail stores in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by rising organized retail and penetration of supermarkets/hypermarkets in developing countries like India and China.
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
