Electronic Shelf Label Market Growth Rate and Revenue Forecast 2018-2028
Posted by Preet on February 21st, 2020
Electronic shelf labels are also known as electronic price tags, which are capable of setting up the facility of dynamic pricing with better customer communication. Electronic shelf labels are made from integrated software and display units, which are powered by technologies such as NFC and Wi-Fi. Such devices are normally used for supermarkets and hypermarkets, specialty stores, and department stores.
These devices are rapidly gaining popularity owing to reduction in mistakes for pricing, flexibility in operations, and reduced costs of labor. The global electronic shelf labels market is being projected to grow at an exponential CAGR of more than 20 per cent through the forecast period till the end of the forecast period in 2028.
Retail Industry to be Major Contributor to Growth
Electronic shelf labels have become an integral part of distribution processes, and further, retailing businesses have been witnessing an increase in terms of global presence, which includes but is not limited to various outlets including specialty stores, retail equipment, and devices such as the electronic shelf label.
The global retail industry is worth more than a trillion dollars, according to estimates of the International Labor Organization, which will be key in terms of strong growth in the years ahead. The trend is expected to be key in terms of avenues for growth through assessment periods, which will aid the growth of the electronic shelf labels market for the foreseeable future.
Super markets and hypermarkets in particular are expected to grow at a significant rate on the basis of greater adoption rates for automation in retail for these equipment and products. Electronic shelf labels have a greater level convenience for consumers for wide range of merchandise lines.
Consequently, sales figures for electronic shelf labels is expected to witness a major boost, and retail outlets such as supermarkets will continue to generate substantial lucrative opportunities of growth for the manufacturers in the near future.
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The business intelligence study of the electronic shelf label market covers the estimation size of the market both in terms of value (Mn/Bn USD) and volume (x units). In a bid to recognize the growth prospects in the electronic shelf label market, the market study has been geographically fragmented into important regions that are progressing faster than the overall market. Each segment of the electronic shelf label market has been individually analyzed on the basis of pricing, distribution, and demand prospect for the following regions:
The key players in the global electronic shelf label market report consist of
Each market player encompassed in the electronic shelf label market study is assessed according to its market share, production footprint, current launches, agreements, ongoing R&D projects, and business tactics. In addition, the electronic shelf label market study scrutinizes the strengths, weaknesses, opportunities and threats (SWOT) analysis.
On the basis of product type, the global electronic shelf label market report covers the footprint, and consumption of the segments including
The global electronic shelf label market covers the demand trends of application which includes
Reduction in Labor and Increased Accuracy Supports Growth
Electronic shelf labels offer numerous benefits to retailers and consumers in terms of accuracy in operations, while also cutting down on labor costs in comparison to that of conventional labels. In addition, the use of these devices also support the increased efficiency and productivity by almost eliminating all human error in retail sales processes.
Electronic shelf labels are still in a nascent stage for the retail industry, which offers greater scope for interoperability, especially in cases where dynamic price changes take place. Price changes have to be carried out at a fast pace in addition to the changes being made in terms of brand values and sales operations.
Electronic shelf labels allow for easy price upgrades, while keeping price management services in sync. With the intense levels of competition in the global retail industry, pricing variation activities are key for retailers to maintain their edge, which in turn has resulted in a demand for convenience, cost effectiveness and electronic shelf labels for various types of merchandise, which will sustain the growth in the near future.
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About the AuthorPreet
Joined: July 11th, 2019
Articles Posted: 812
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