Electronic shelf labels are electronic display systems used by retailers for displaying prices of products on shelves. They use e-paper or LCD modules and wireless communication platforms for displaying prices of products to customers. According to IGI Global, price tags used to display the accurate price of a product using an electronic linkage between shelves and central or checkout systems are known as electronic shelf labels. These labels make use of radio frequency, infrared, near-field communication, or WLAN for linking master systems with shelves. They are used in hypermarkets, supermarkets, departmental stores, superstores, non-food retail stores, and specialty stores.
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Electronic shelf labels are also used in several industrial applications. Electronic shelf labels are specifically used to display prices, promotional offers, and other details of products at retail outlets. These labels use e-paper displays, liquid crystal displays (LCD), or graphic displays to show information pertaining to products. They enable retailers to display accurate prices of a particular product, thereby leading to price optimization across various channels. Electronic shelf labels (ESLs) have been trending in the retail industry for the past few years.
MarketsandMarkets: The global electronic shelf label market is expected to grow to USD 2,092 million by 2026 from an estimated USD 826 million in 2021, at a CAGR of 20.4% during the 2021-2026 period.
An electronic shelf label uses e-ink to display the information pertaining to a product in a retail outlet and is connected to a central system and database. It offers several benefits to the retailers and enables them to offer a competitive price in real-time with the involvement of less human labor. The electronic shelf labels also provide an omnichannel experience for the consumers, enhance their shopping experience, and create customer loyalty. The other benefits associated with the installation of electronic shelf labels are to have accurate pricing across different sales channels and to take advantage of the shelf edge, which influences the buying behavior of the consumer. The use of electronic price labels can significantly increase the speed of updating the price of commodities in retail stores, reduce operating costs, and enhance the shopping experience. Electronic price tags may become the mainstream commodity price display tool in the years to come. Although the use of electronic price tags is of great benefit, their initial cost is high, and they are not suitable for all retail stores.
Electronic Shelf Label market with COVID-19 Impact -Global Forecast to 2026. Browse more than 185 tables, 67 figures, and an in-depth TOC on the electronic shelf label market report. Early buyers will receive 10% customization on the report.
Full-graphic e-paper segment is expected to witness the highest growth rate during the period 2021 and 2026
The full-graphic e-paper segment is projected to lead the electronic shelf label market from 2021 to 2026. The growth of this segment can be attributed to the increasing demand for price automation from tier I and tier II retailers that rely on these electronic shelf labels to a large extent, as they support graphic content and information. In addition, full-graphic e-paper based electronic shelf labels are a key to gain customer attention and make the in-store communication dynamic. Using graphic displays, retailers can carry out product positioning in real-time and enhance the shopping experience of customers. The key benefit of using full-graphic e-paper electronic shelf labels is their ability to project graphical objects, such as logos and callouts. They also support color displays. These labels are connected through high-speed radio frequency light touch infrastructures and are controlled by a suite of management and information software.
Hypermarkets held the major market share in the electronic shelf label market in 2020 and is expected to dominate the market during the forecast period
The presence of many hypermarkets in North America and Europe has fueled the adoption of electronic shelf labels by retailers in these regions to enhance their operational efficiency and carry out cost optimization, along with significant improvements in response time to customers. The hypermarkets segment is projected to account for the largest size of the electronic shelf market for retail from 2021 to 2026. The growth of this segment can be attributed to the complications associated with managing large stores manually. Thus, electronic shelf labels are being increasingly adopted in hypermarkets for simplifying store operations. The use of these labels allows hypermarkets to update the prices and other product-related information in less time. Electronic shelf labels support the real-time product positioning strategy that helps in the smooth functioning of giant retailers, such as Walmart (US), Kroger (US), Kohl’s (US), Tesco (UK), Carrefour (France), and Cora Hypermarkets (France).
APAC to grow at the highest CAGR of the electronic shelf label market during the forecast period
Ongoing globalization and flourishing organized retail sector in APAC are expected to contribute to the growth of the electronic shelf label market in APAC. The market in this region is projected to grow at the highest CAGR from 2021 to 2026. Additionally, the readiness of retailers (that is, end users of electronic shelf labels) in APAC to follow the trends prevailing in the global retail industry also leads to the growth of the electronic shelf label market in this region. Japan is a key adopter of electronic shelf labels in APAC. In Australia, labor costs are high. Thus, retailers in the country are spending significant amounts on price management of products to maximize the promotional activities of various products. The electronic shelf label market in APAC has been studied for China, Japan, South Korea, and the Rest of APAC. Presently, APAC is not a lucrative market for electronic shelf labels as only prominent countries such as China, Japan, Australia, Singapore, and South Korea are expected to be potential markets for these labels. The economic reform programs of various countries in APAC are creating growth opportunities for the manufacturers of electronic shelf labels. In addition, the expansion of large-scale retailers in this region is also responsible for the expected high growth rate of the electronic shelf label market in APAC. Several Southeast Asian countries are venturing into retail automation to improve customer experience in physical retail stores.
Study Coverage
The report details the drivers, restraints, challenges, and opportunities pertaining to the electronic shelf label market and forecasts the market till 2026. It also provides a qualitative and quantitative description of different segments considered for the electronic shelf label market. The report gives a detailed overview of the market across 4 geographic regions—North America, Europe, APAC, and RoW.
“Brief information on research methodology for the report can be found in the report description provided on the website.”
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