Electronic shelf labels Market are used by various retailers as an indicator that displays the price product and offers related to the product. There are number of electronic shelf labels in a retail store that are basically controlled by a server, which further makes use of wireless communication network to communicate with the ESL. Shelf label is experiencing fast growth and is emerging advanced technology worldwide. Shelf label allows flexibility to make urgent price changes. Furthermore, every shelf label system consists of E-ink or LCD display that displays the price and UPC of the product. The growing digitalization of retail automation and stores, less-time consuming, cost effectiveness, high demand for price optimization among various retail stores are some of the major factors for the positively uplifting the market growth.
Electronic Shelf Label Market Dynamics
Digitalization of stores and prevalence of retail automation has driven market growth. The acceptance of automation in the retail sector has significantly increased due to growth in competition, increased investments in the e-commerce sector along with introduction of new channels to supply various goods and rising wages. Various technologies such as self-checkout terminals, electronic self-labels, automated backroom unloading and self-checking robot’s technology are serving a successful rate in the retail industry and supply improved results to the retailers. Store digitalization technology is in a long run as various companies are investing in technologies to improve consumer shopping experiences. The retailers are providing high flexibility to the customers in the entire buying procedure along with smooth transition between physical shopping and digital platforms is gaining importance. Moreover, price sensitivity, has increased the urge to make daily price adjustments for the store owners. Furthermore, high installation expenses and non-supporting infrastructures are restraining the market growth. Although, the usage of electronic price tags in very beneficial, but the basic cost of electronic price tags is quite expensive and not appropriate for installation purpose in all retail stores. Therefore, high installation charges are negatively impacting the market growth.
COVID-19 Impact on Electronic Shelf Label Market
Covid -19 pandemic has led to closure of many facilities and needs proper decontamination before operation starts. The key manufacturers of electric shelf labels are highly impacted due to outbreak and spread of coronavirus. The impact of the coronavirus on small enterprises of electronic shelf labels was harsh during the during the time period of first two quarters of year 2020-2021. Furthermore, the market is anticipated to observe gradual recovery from 2020 as governments across the globe have lifted lockdown restrictions also the economic activities have restarted in various part of the world, which included retail sector as well.
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Electronic Shelf Label Market Segmental Overview
The report analyses of the electronic shelf label market is based on component, product type, store type, communication type and by geography.
Electronic Shelf Label Market by Component
The electronic shelf label (ESL) market can be segmented by component into three categories: hardware, software, and services.
- Hardware: The hardware component of ESLs includes electronic displays, communication devices, and other related components. Electronic displays are the most critical component of ESLs, as they are responsible for displaying product information such as prices, promotions, and product descriptions. The communication devices facilitate the transfer of data between the electronic displays and the backend systems, enabling retailers to remotely update pricing and inventory data.
- Software: The software component of ESLs includes the backend systems and applications that enable retailers to manage and update pricing and inventory data. These systems typically include pricing management software, inventory management software, and point-of-sale (POS) software. The pricing management software enables retailers to set and update prices, while the inventory management software enables them to track inventory levels in real-time. The POS software facilitates transactions at the checkout counter and integrates with the backend systems to ensure accurate pricing information is displayed on the electronic displays.
- Services: The services component of ESLs includes installation, maintenance, and support services provided by ESL vendors. Installation services include the installation of electronic displays and communication devices in retail stores. Maintenance services include ongoing support and repair services to ensure that the ESLs are functioning correctly. Support services include technical support and training for retailers to ensure they are getting the most out of their ESL systems.
Electronic Shelf Label Market by Product Type
The electronic shelf label (ESL) market can be segmented by product type into two categories: LCD ESLs and e-paper ESLs.
- LCD ESLs: Liquid crystal display (LCD) ESLs use a backlight to illuminate the display and typically offer a higher resolution and color display compared to e-paper ESLs. LCD ESLs are commonly used in large retail chains and supermarkets, where product information needs to be displayed in a clear and eye-catching manner. They are also preferred for displaying dynamic content such as product images and videos.
- E-paper ESLs: Electronic paper (e-paper) ESLs use electronic ink technology that mimics the appearance of printed ink on paper. They offer a low-power consumption and can maintain an image without power, making them ideal for applications where power consumption is a concern. E-paper ESLs are commonly used in small and medium-sized retail stores, where simplicity and cost-effectiveness are critical. They are also preferred for applications where only text-based information needs to be displayed.
Both LCD ESLs and e-paper ESLs offer several advantages over traditional paper-based pricing systems, including real-time updates, improved accuracy, and reduced labor costs. However, the choice between the two types of ESLs depends on the specific requirements of the retailer, including the size of the store, the type of products being sold, and the desired level of functionality.
In summary, the ESL market can be segmented by product type into LCD ESLs and e-paper ESLs, with each type offering unique advantages and suitable for different types of retail applications.
Electronic Shelf Label Market by Store Type
The electronic shelf label (ESL) market can be segmented by store type into four categories: hypermarkets and supermarkets, convenience stores, specialty stores, and others.
- Hypermarkets and Supermarkets: Hypermarkets and supermarkets are the largest users of ESLs. These stores have a large number of products and require frequent price updates. ESLs enable these stores to update pricing and product information in real-time, reducing the need for manual updates and eliminating pricing errors. Hypermarkets and supermarkets also benefit from the ability to implement dynamic pricing strategies, which can improve sales and margins
.
- Convenience Stores: Convenience stores are typically smaller than hypermarkets and supermarkets and offer a more limited range of products. However, they still require price updates and accurate product information. ESLs can help convenience stores reduce the time and labor required to update prices manually and improve the accuracy of pricing information.
- Specialty Stores: Specialty stores typically sell a narrow range of products, such as electronics, clothing, or cosmetics. ESLs can help these stores provide accurate pricing information and update pricing quickly and efficiently. Specialty stores may also benefit from the ability to display product information, such as product features and customer reviews, on the ESLs
Electronic Shelf Label Market Key Players
Some of the major players operating in this market include SES-imagotag (France), E Ink Holdings (Taiwan), Displaydata (UK), Opticon Sensors Europe (Netherlands), Pricer (Sweden), M2Communication (Taiwan), Diebold Nixdorf (US), Teraoka Seiko (Japan), Samsung Display Solutions (South Korea), and NZ Electronic Shelf Labelling (New Zealand).
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