Global Electronic Shelf Label Market
Global Electronic Shelf Label Market By Store Type, By Product Type, By Geography, Size and Forecast
According to Verified Market Research, The Global Electronic Shelf Label Market was valued at USD 462.34 Million in 2018 and is projected to reach USD 1,638.39 Million by 2026, growing at a CAGR of 17.47% from 2019 to 2026.
Electronic shelf labels used by retailers have an indicator that displays the price of the product and the offers related to the product. There are several electronic shelf labels in a retail store that are controlled by a server, which uses a wireless communication network to communicate with the ESL.
If the price of a product is changed, the ESL server sends the price change data to an ESL displaying that product. On receiving the changed price data, the ESL changes the price information and updates it on the database. An ESL is usually attached on the front edge of a retail shelf and the product price displayed on an ESL is automatically updated whenever a price is changed. This change can be made with the help of a communication network based on infrared, radiofrequency, or visible light technology.
With the development in retail digitalization comes the advent of new products and services that are easy to use, adopt and scale, increasingly benefiting customers in a fully connected world. Electronic shelf labels (ESLs) have been widely adopted by retail stores such as hypermarkets, supermarkets as well as other retail outlets.
The electronic shelf system is typically used by retailers to display the price of the product on the shelf and information related to it. On top of the benefits that ESLs pose to customers, the product provides advantages to retailers as well through the minimization of labor costs, retaining of price integrity as well as being able to focus on optimizing the inventory costs.
There are various factors that are driving the growth of the market, which includes factors such as the transformation of the retail industry from manual to automated operations and the increased operational efficiency that ESLs provide with real-time product positioning. Factors that are acting as an opportunity for the market include trending retail automation.
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