ESLs are small wireless display systems which can replace traditional paper pricing used in retail stores. ESL links the shelf price to the store's scanning database directly and has a provision for changing the price of the items remotely. The growing requirement of retailers to automate their product pricing, using a centralised control system which increases accuracy and efficiency of store operation, will create ample growth opportunities for the market in coming years, says the consultancy.
Full-graphic ESLs are the most popular as they are energy-efficient and can reproduce logos and callouts for real-time product positioning. These labels are mostly used by tier I and II retailers.
Radio frequency-based ESLs will contribute to the largest share of the market based on wireless communication systems during the forecast period, MarketsandMarkets said. The technology is considered stable communication technology which can be integrated easily with electronic devices, such as ESLs, for fully automated data transfer.
High demand from non-food retail stores
The non-food retail sector is showing promising growth in terms of ESL adoption. The need to compete with online stores such as Amazon, especially for electrical products and mobile phones, has generated new growth avenues for vendors since price and model descriptions can change frequently. Further, these retailers want to compete with online stores where customers get hourly discounts and special offers on the purchase. ESLs help non-food retailers influence customers' decisions with price changes.
Radio frequency-based ESLs will contribute to the largest share of the market based on wireless communication systems during the forecast period, MarketsandMarkets said. The technology is considered stable communication technology which can be integrated easily with electronic devices, such as ESLs, for fully automated data transfer.
High demand from non-food retail stores
The non-food retail sector is showing promising growth in terms of ESL adoption. The need to compete with online stores such as Amazon, especially for electrical products and mobile phones, has generated new growth avenues for vendors since price and model descriptions can change frequently. Further, these retailers want to compete with online stores where customers get hourly discounts and special offers on the purchase. ESLs help non-food retailers influence customers' decisions with price changes.
APAC to grow fastest during the forecast period
In the Asia Pacific region (APAC), Japan used to be the only country to contribute to this market in the past. Demand for retail automation products has jumpstarted growth in the ESL market in other APAC countries such as China and South Korea. The ample scope for expansion in APAC market has led to expectations that the region will grow at the highest CAGR during the forecast period.
Major players mentioned in the report include Pricer (Sweden), Store Electronic Systems (France), Displaydata (UK), Imagotag (Austria), M2Communication (Taiwan), Samsung Electro-Mechanics (South Korea), Altierre Corporation (US), Advantech (US), Wincor Nixdorf (Germany), and E-ink Holdings (Taiwan).
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Read more about Electronic Shelf Labels Market by Product (LCD, Segmented, & Full Graphic E-Paper), Communication Technology (RF, IR, & Others), Components (Display, Battery, & Others), Store Type (Hypermarkets, Supermarkets, & Others), and Region - Global Forecast to 2020
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