Electronic Shelf Label Market Report Key Players: Advantech U.S., Altierre, CEST Ltd., Displaydata, E Ink Corp, Herbert Ltd., LG Innotek, 3M, COMM, Mirador Marketing, Opticon, Pricer AB, Samsung Electro-Mechanics, SES-imagotag, SoluM, Teraoka Seiko Co. Lt

The electronic shelf label market will see tremendous demand from big supermarket and hypermarket companies for eliminating manual errors in updating prices, freeing up the staff's time to increase productivity and to implement strategic pricing decisions. Groceries from a major part of everyday spending by billions of people around the globe, and supermarket chains undergo daily shelf rotation of essential items. In 2017, it was found that there were a total of 38,581 supermarkets in the U.S., indicating the growth potential for the electronic shelf label market.

The International Grocery Research Organization has projected that the global grocery retail market will be adding sales of nearly USD 2.7 trillion by 2022, driven by growing population and higher spending on grocery products. Subsequently, multinational hypermarket chains have targeted global expansion for catering to the incessant demand for groceries as well as non-food retail items. SPAR, for instance, has been able to build lean practices and supply chain networks, and has over 12,500 stores in 44 countries throughout 4 continents.

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The company has been known to use ESLs for guaranteeing efficient pricing integrity and reducing costs, while letting consumers take advantage of visible prices for all kinds of products. SPAR has demonstrated the immense benefits to be accrued from switching to ESLs for product display, inventory management and warehousing, propagating the scope of the electronic shelf label market for the commercial segment.

Reportedly, Kaufland operates more than 1200 grocery stores across multiple European countries comprising Romania, Croatia, Czech Republic, Poland, Bulgaria, and Slovakia. In addition, this German grocery chain has been working constantly to massively adopt electronic shelf label systems which will help the firm expand business by attracting more customers and improving its existing customer base.

The advent of new technologies and automated ESL systems have imprinted a considerable influence on the business approach of retail giants and grocers. The development of Near Field Communication (NFC) technology is one of the breakthroughs that has transformed the approach of retailers as well as customers toward shopping. With the help of NFC-enabled electronic shelf labels, retailers can share more data and additional information with the customers who can access that information with the help of their NFC-enabled smartphones. In this regard, the surging adoption of smartphones across the globe will favorably promote the use of NFC technology in electronic shelf label market.

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Considering the effectiveness of NFC technology on the overall business scenario, many supermarkets have found to have adopted this technology - the world's largest retailer and French supermarket giant, Carrefour, and the Swedish supermarket, ICA Nära Norrviken, can be quoted as valid instances in this context. In 2015, ICA Nära Norrviken had used NFC tags to educate the customers about its promotional deals, competitions, discounts, and detailed product information. It also had deployed NFC smart posters outside the stores to allow customers to buy packaged grocery bags from their smartphones directly. Carrefour, in 2014, had also decided to equip its hypermarket with nearly 55,000 NFC shelf-edge labels that could help consumers to interact with products. The deployment of NFC technology at these hypermarkets have also been proving to be rather beneficial for shoppers to make payments at POS terminals.

With the rising frequency of innovations in connectivity, IoT and smart technologies, the electronic shelf label market can be expected to transform significantly, supported by better accessibility to AI and cloud-based services. SES-imagotag, LG Innotek, M2Communication, CEST, Displaydata, Price AB and Teraoka Seiko Co. Ltd. are come key participants in the global electronic shelf label market, which is projected to exhibit a 13% CAGR from 2018 to 2024.

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