Electronic Shelf Labels Empowering Retailers to Adjust
Pricing Strategies with Precision and Enhance Operational
Efficiency
ROCKVILLE, Md., June 20,
2024 /PRNewswire/ -- According to a revised industry
report by Fact.MR, valuation of the global electronic shelf
label market size is estimated at US$ 1.4
billion in 2024 and is thereafter projected to increase at a
CAGR of 18.3% from 2024 to 2034. Ongoing automation trends in the
retail industry for price optimization and real-time positioning
are boosting the adoption of electronic shelf labels across the
world.
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When it comes to dynamic pricing adjustments, electronic shelf
labels are a new technology in the retail industry that offers more
effective interoperability than paper labels. The market for
electronic shelf labels is expanding at a noteworthy pace as
companies need to alter the prices of commodities and goods at a
dynamic pace, even if promotions are essential for increasing sales
and brand value.
Electronic shelf labels make it easier and more comfortable to
upgrade prices more quickly, giving you seamless control over
pricing. In addition, electronic shelf labels lessen pricing errors
in retail establishments, contributing to the growth of the market.
It is essential to implement pricing variations to supplement
commodity sales as the retail sector grows more competitive. As a
result, there is a growing need in the goods sector for
easy-to-use, less complex, and economical solutions like electronic
shelf labels.
Key Takeaways from Market Study
- The global market for electronic shelf labels is projected to
reach US$ 7.53 billion by
2034-end.
- Western Europe is estimated to
hold 27.8% of the global market share in 2024.
- Worldwide sales of LCD electronic shelf labels are forecasted
to reach US$ 3.11 billion by the end
of 2034.
- The North American market is set to generate revenue worth
US$ 363.3 million in 2024.
- The market in Germany is
forecasted to expand at a CAGR of 18.3% through 2034.
- Under technology, ZigBee is evaluated to hold 44.1% of the
global market share by 2034.
- The market in the United
States is calculated to generate revenue of US$ 1.62 billion by 2034.
"Demand for electronic shelf labels increasing globally at
a significant pace as they improve customers' shopping experiences
by displaying specials, in-depth product information, and real-time
inventory levels. Consumers can make informed selections about what
to buy due to the accurate and up-to-date information this
technology offers," says a Fact.MR analyst.
Preference for LCD Electronic Shelf Labels over e-Ink
LCD electronic shelf labels are preferred over e-ink labels due
to their brighter color displays and better visibility. LCD ESLs
offer vivid, attention-grabbing images that effectively entice
clients, making them ideal for marketing and highlighting special
offers.
Animations and films are among the types of information that LCD
panels display that e-ink displays often cannot. LCD ESLs are more
attractive to retailers looking to provide a more dynamic and
engaging shopping experience because of their growing visual
attractiveness and versatility.
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Recent Developments:
Key participants in the electronic shelf label market are
shifting their focus towards improving distribution networks and
developing active marketing tactics. They are concentrating on
improving the usefulness and dependability of ESL systems by using
new technologies like as ZigBee for effective wireless
communication and energy savings.
Walmart said in June 2024 that it
would roll out digital shelf labels (DSLs) across 2,300 of its
sites over the next two years, following the success of a trial
programme at one of its Texas
facilities. The business will be able to utilise a mobile app to
alter pricing on the shelf using labels designed by Vusion
Group.
In April 2024, E Ink, the business
that makes ePaper technology, collaborated with a number of its
ecosystem partners to create the next generation of electronic
shelf label (ESL) technology. In addition to working with system
integrator SOLUM to develop ESL technology, E Ink is collaborating
with Realtek Semiconductor (Realtek), Integrated Solutions
Technology (IST), and Chipbond Technology Corporation (Chipbond) to
build a System on a Panel architecture.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of
the electronic shelf label market, presenting historical demand
data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on
product type (LCDs, e-ink), technology (ZigBee, BLE, Wi-Fi), and
application (supermarkets & hypermarkets, convenience stores,
departmental stores, specialty stores, pharmacies), across
seven major regions of the world (North
America, Western Europe,
Eastern Europe, East Asia, Latin
America, South Asia &
Pacific, and MEA).
About Fact.MR:
Fact.MR is a distinguished market research company renowned for
its comprehensive market reports and invaluable business
insights. As a prominent player in business intelligence, we
deliver deep analysis, uncovering market trends, growth paths, and
competitive landscapes. Renowned for its commitment to accuracy and
reliability, we empower businesses with crucial data and strategic
recommendations, facilitating informed decision-making and
enhancing market positioning. With its unwavering dedication to
providing reliable market intelligence, FACT.MR continues to assist
companies in navigating dynamic market challenges with confidence
and achieving long-term success. With a global presence and a team
of experienced analysts, FACT.MR ensures its clients receive
actionable insights to capitalize on emerging opportunities and
stay ahead in the competitive landscape.
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