The retailers are focusing on leveraging IoT technologies to deliver the omnichannel experience by bringing digital technologies to physical stores, which in turn is creating demand for various low-power IoT communication devices, including electronic shelf labels.
Electronic shelf label (ESL) is a technology solution predominantly used in retail settings to display and modify the price of items in the store without human intervention. The ESL system utilizes the IoT technology that automatically reflects the information/data regarding the changes in the central server. The adoption of ESL by retailers is dependent on capital investment and return on investment. The initial investment is solely dependent on the size of the shop and the types of tags used. The cost of the e-paper based electronic shelf label is relatively high when compared to LCD-based electronic shelf labels.
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The demand for electronic shelf labels is anticipated to increase significantly due to various factors that include rising focus on optimizing the retail workflow, government regulations on commodity pricing along with the rising labor cost and increasing focus on real-time price automation in retail settings. However, high capital investment along with the complexity in integrating with the existing infrastructure and concerns related to ROI are the factors identified as restraints likely to deter the progression of the global electronic shelf label market.
The global electronic shelf label market is segmented based on product type, component, end-user, and region & country.
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Asia Pacific is anticipated to be the fastest growing region in the electronic shelf label market due to rapid urbanization and expanding retail sector along with the increasing adoption of digital technologies such as IoT by vendors operating in the brick-and-mortar retail segment. Europe is dominating the global electronic shelf label market and is likely to maintain its dominance during the forecast period as well. The demand for ESL is driven by various factors including favorable retail regulations and high adoption of front-end technologies in brick-and-mortar retail segment to improve the quality of customer’s shopping experience.
Few of the prominent vendors in the global electronic shelf label market include SES-imagotag, Pricer AB, LG INNOTEK, Displaydata Limited, Teraoka Seiko Co. Ltd. (DIGI), SoluM, Hanshow, Altierre, Opticon, and SUNPAI INDUSTRIES LIMITED.