Arizton publishes the latest research report, Electronic Shelf Label Market – Global Outlook & Forecast 2023-2028.
The global electronic shelf label market will reach USD 3.29 billion by 2028, growing at a CAGR of 16.84% from 2022 to 2028.
The report considers the present scenario of the electronic shelf label market and its market dynamics for 2023−2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the industry. It also profiles and analyzes leading companies and several other prominent companies operating in the industry.
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The global adoption of ESLs is limited to a broader aspect for several reasons. Still, the growth was three times over the past five years, which also validates the opportunity for expansion in the coming years. Furthermore, France, Germany, and Sweden quickly approach the inflection point, propelling the adoption pattern. It is closely followed by Australia, the US, the UK, and Brazil, where the significance of adoption is higher. Real-time promotions and inventory management are other major factors driving growth in underpenetrated markets.
Players in the retail industry identified the advantages provided by the point of sale (POS), coupled with the e-commerce experience that consumers value the most. This trend, which is more to as omnichannel convergence, can be achieved by electronic labels, providing a digital experience in the physical store. The electronic label market also witnessed various shifts in phases, right from segmented and monochrome variants to multicolored labels. ESL players who offer less sophisticated but cheaper products might have a high probability of success in highly competitive markets.
Supermarkets and hypermarkets tend to have the highest adoption rate for ESLs. In 2022, the segment accounted for a 51.85% market share in revenue. One of the major reasons for the adoption can be associated with the huge stocking of commodities on display, which makes it more difficult to facilitate dynamic pricing. The buying power in the retail format is also more significant owing to the economies of scale and efficient supply chain management within the in-store premises. Adopting ESLs in the retail format is also highly beneficial and convenient, saving labor costs and time. The average range of SKUs can also range between 40,000 and 65,000 units, where implementing the traditional paper price displays is not feasible for everyday operations. As the manual operations are limited with the installation of ESL, the margin of error in pricing is less despite the high SKU proliferation. Moreover, ESLs for supermarkets and hypermarkets must be highly effective, with powerful batteries ideal for multiple prices updated daily.
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Key Company Profiles
Market Segmentation
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