Electronic Shelf Label Market Revenue Growth Predicted by 2018 to 2028 | Significant Key Players are Pricer AB, Altierre Corporation, SES-imagotag, DisplayData Ltd., etc.
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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.
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.
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.
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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.
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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