Pune, India, June 21, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Asia Pacific electronic shelf label (ESL) market is forecast to register its name in the million-dollar fraternity down the line of seven years, by exceeding a revenue of USD 800 Million by 2026.
The market growth is due to increasing trend for IoT technology and demand for real-time price accuracy. Retailers have exhibited profound traction for seamless inventory management and dynamic pricing. ESL is helping retailers communicate online; in store; and through its staff at point of sale.
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Shoppers are exploring opportunities to boost brand awareness through in-store technology innovation. The wider supermarket sector is adopting NFC and RF-technology-based ESL, the use of which has surged during the COVID-19 pandemic. The outbreak and containment measures compelled end-users in China, Japan and Australia to rethink their business strategies and adopt advanced technologies, including electronic labels. These factors are expected to drive Asia Pacific electronic shelf label market size to around USD 800 million by 2026.
With 2020 having been one of the toughest years for retailers, some of the trends that could help them adapt to shifting consumer behavior are elucidated below:
- NFC-enabled ESL boosts customer experience
Of late, NFC-enabled ESL has gained upticks to streamline transactions and data exchange, thanks to the trend for QR code. Additionally, penetration of NFC-integrated smartphones and growth of personalized marketing will augur well for industry growth. NFC technology will add value to standard ELS and streamline price indication, transparency, thereby boosting customer experience.
- Full graphic e-paper ESL gears for robust growth
Demand for full graphic e-paper has become pronounced to enhance viewing angle on top and bottom shelves. The product has become trendier to provide long battery life, ease of installation and bi-directional encrypted radio protocol. Industry players have upped investments to underpin price updates in POS terminals and bolter agility. Asia Pacific electronic shelf label (ESL) market share from full graphic e-paper segment is expected to witness a notable growth through 2026.
- Industrial sector adopts ESL to boost supply chain management
Amidst the COVID-19 pandemic, electronic shelf labels have emerged a lucrative value proposition for industrial sector seeking automation and product location management. Notably, the trend for interactive ESL has become noticeable to monitor temperature and humidity using inventory management applications and big data analysis. Industrial sector segment is likely to account for a considerable share of Asia Pacific ESL market in the forthcoming period.
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- Growing deployment in supermarkets
Shifting consumer preference and the penetration of IoT in supermarkets have played a pivotal role in driving the use of ESLs in emerging economies such as China. The use of e-paper displays to replace paper pricing labels has brought a paradigm shift as companies seek to cash in opportunities to digitize the retail environment. To illustrate, in November 2020, Walmart Inc., KKR & Co. Inc., and Rakuten, Inc. announced that KKR purchased a majority stake, while a new Rakuten subsidiary purchased a minority stake in Seiyu GK. They are likely to expedite investments in app-based shopping, payment and delivery services across Japan. The solutions could include the deployment of electronic shelf labels in stores regionwide.
The electronic version of price tags, with growing preference for seamless omnichannel experience, has brought a notable shift in display of in-store prices. The innate ability to engage in real-time dynamic pricing and connect stores and online have brought accurate pricing across channels to the fore. The upsides of reacting to competitors at the click of a switch could be the new norm as end-users focus on in-store marketing and efficiencies.
Browse Related Report:
North America Electronic Shelf Label Market Size By Application (Industrial, Commercial [Hypermarket, Supermarket, Non-Food Retail]), By Product (LCD ESL, Segmented E-Paper ESL, Full Graphic E-Paper ESL), By Technology (RF, IR, NFC), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1567/north-america-electronic-shelf-label-market
Europe Electronic Shelf Label Market Size By Technology (RF, IR, NFC), By Product (LCD ESL, Segmented E-Paper ESL, Full Graphic E-Paper ESL), By Application (Industrial, Commercial [Hypermarket, Supermarket, Non-Food Retail]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1117/europe-electronic-shelf-label-market
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
