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Electronic Shelf Label Market Overview
Electronic shelf label is an electronic version of the price tag that uses e-ink to display a label and is linked to the database of a computer, making it easier to adjust the in-store prices. It gives retailers the ability to update the information on the shelving signage wirelessly, more easily, and efficiently. As a result, it helps in reducing the requirement for humans to print and update the price tags manually. The major benefits it provides are the flexibility to engage in real-time, dynamic in-store pricing and create an omnichannel platform to improve buyer loyalty.
The major factors driving the global electronic shelf label market are the increasing awareness about these systems in the retail industry, rising rate of retail automation, and the fact that it improves the operational efficiency, with real-time product positioning. The changing lifestyle, economic growth, and retail industry evolution have led to an increase in the demand for storage automation, which eventually has led to the rising demand for electronic shelf labels. These labels enable the complete automation of weekly price changes, which is considered one of the most challenging in-store jobs. Additionally, the demand for electronic shelf labels would be augmented by the wider adoption of the internet of things (IoT) technology in the retail industry.
Based on product type, the electronic shelf label market is categorized into liquid crystal display (LCD), segmented e-paper, and full-graphic e-paper. Of these, the LCD category held the largest share in 2019, and it is further expected to account for the largest share over the forecast period (2020–2030). These systems are being widely adopted by small retailers, due to their low cost and low maintenance requirements. LCD have many advantages, such as high image quality, low power consumption, attractive design, and quick response time. Moreover, LCD offer higher resolution, higher brightness, and longer life than their counterparts. The incorporation of advanced technologies, such as Wi-Fi, radio frequency (RF), near-field communication (NFC), and Bluetooth low energy (BLE), and the increasing demand for LCD from retailers are expected to drive the growth of this category.
The cost of the components in the LCDs are getting reduced considerably, hence, lowering the total cost of electronic shelf label. As a result, the full-graphic e-paper category is predicted to register the highest growth rate in the electronic shelf label market during the forecast period. An advanced version of segmented e-paper, it provides various advantages, including high energy efficiency and real-time product positioning, because of its ability to project graphical objects, such as callouts and logos.
Based on store type, the electronic shelf label market is categorized into hypermarkets, supermarkets, non-food retail stores, specialty stores, and other store types. The non-food retail store category is projected to witness the highest growth rate during the forecast period, as the worldwide growth of supermarkets, grocery stores, and online shops has created a high demand for electronic shelf labels. The key advantages of using electronic shelf labels in stores include superior product management and automated price tagging. Currently, hypermarkets hold the largest market share, followed by supermarkets and specialty stores. Urbanization, technological enhancements, and the rising disposable income of the population in developing countries, such as China and India, have led to a sudden growth in the network of giant retail stores, where everything is easily accessible.
Based on communication technology, the electronic shelf label market is categorized into RF, infrared, NFC, and other communication technologies. The RF category is expected to grow at the highest rate over the forecast period, due to the easier integration of these products with other technologies, such as BLE, Wi-Fi, Zigbee, and Z-wave. The low cost of these products and a high degree of security would drive the adoption of RF-enabled electronic shelf labels. For instance, Altierre Corporation and several other market players have developed products based on the RF mixed-signal chip technology that have multiple layers of security and provide secured low-power wireless products, such as display tags and sensors.
Further, with the growing adoption of the NFC technology in multiple devices, such as point-of-sale (POS) systems and smartphones, its penetration in the electronic shelf label market is expected to gain traction over the forecast period. It helps retailers combine these products with their existing handheld devices, thus reducing the total cost of installing these labels.
Electronic Shelf Label Market Dynamics
Electronic shelf labels are gaining huge traction in the retail industry, with technological advancements, in terms of automation, proving to be beneficial for the overall sector. The industry's desire to reduce the overall operating costs, by reducing manual processes in the stores, propels the deployment of automation technologies, especially electronic shelf label, across all kinds of retail stores, including hypermarkets, supermarkets, and specialty stores. The adoption of electronic price tags in such places reduces the need for manual operations and enables the dynamic and omnichannel pricing of products. In addition, features such as low maintenance costs, due to reusability of electronic shelf label are effectively speeding up the adoption, thus driving the electronic shelf label market.
Electronic Shelf Label Market Competitive Landscape
The electronic shelf label market consists of a large number of players, making it highly competitive in nature. Major players in the market are developing and incorporating new technologies to reduce expenditure and increase operational efficiency and rapidly launching new products to increase their presence and business growth potential. For instance, in 2019, Panasonic India Pvt. Ltd. announced its collaboration with E Ink Holdings Inc. to offer electronic shelf label solutions to the retail industry in India. It is allowing retailers to enhance customer experience and improve their operational efficiency.
Some of the key players operating in the global electronic shelf label market are Ses-Imagotag, Advantech Co. Ltd., Altierre Corporation, Pricer AB, Samsung Electro-Mechanics, E Ink Holdings Inc., Opticon Sensors Europe B.V., Displaydata Limited, M2communication Inc., Diebold Nixdorf Inc., Opticon Sensors Europe B.V., and New Zealand Electronic Shelf Labelling.
The report will also provide a country-wise analysis. Some of the major countries that are covered in the report are the U.S., Canada, the U.K., Germany, France, Russia, China, Japan, Australia, Singapore, South Korea, Mexico, Brazil, South Africa, the U.A.E., and Saudi Arabia.
Electronic Shelf Label Market Segmentation
Market Segmentation by Component
Market Segmentation by Product Type
Market Segmentation by Store Type
Market Segmentation by Communication Technology
Market Segmentation by Region