NEW YORK, Aug. 23, 2021 /PRNewswire/ — The rapid digitalization and automation in the retail industry, growing demand for faster shopping and higher profits, burgeoning requirement for price optimization, and need for enhanced functional efficiency with real-time product positioning are the key factors driving the expansion of the global electronic shelf label market. Because of these factors, the ELS market is predicted to register rapid expansion during 2021–2030, since valuing ~$800 million in 2020, according to P&S Intelligence.
The COVID-19 pandemic has caused massive disruptions in the electronic shelf label market. This was because of the imposition of lockdowns and other restrictions on the transportation of goods and people and the opening of retail outlets by the government of several countries. Moreover, these lockdowns and the high risk of virus transmission have completely transformed the buying behavior of consumers, which is visible from the growing consumer preference for buying products online over visiting brick-and-mortar stores. This shift is negatively impacting the sales of ELS systems.
The ESL market is classified into supermarkets, non-food retail shops, specialty stores, hypermarkets, and others, based on retail end user. Out of these, the hypermarkets category held the largest share in the market in the past years on account of the existence of several hypermarkets in Europe and North America. Hypermarkets are rapidly adopting ESLs in order to improve their productivity and operational efficiency. Furthermore, the several technological advancements being made in ESL systems are aiding hypermarkets in reducing the query response times, which is, in turn, helping them improve the customer experience.
Browse detailed on Electronic Shelf Label Market Outlook and Growth Forecast to 2030
Globally, Europe is predicted to exhibit the fastest growth in the market during the forecast period. In this region, retailers account for nearly one-third of all the ESLs currently in use. The labels are majorly used in retail stores in France, Germany, and the U.K. The incorporation of advanced technologies in the regional countries is fueling the growth of the market in this region. In addition, the early adoption of ESL solutions is also propelling the expansion of the European ESL market.
In 2020, North America held the largest share in the ESL market. This was primarily because of the existence of big retail stores that are actively focusing on customer-centric practices, abundant availability of processing machinery, and surging requirement for full-graphic e-paper displays in the region.
The players operating in the electronic shelf label market are focusing on expanding their client pool in order to gain an edge in the industry. For example, Pricer AB was selected by the Canadian Tire Dealer Association (CTDA) in July 2020 as its exclusive supplier of ELS systems. The infrared ESL technology and fully graphic three-color ESLs developed by Pricer were selected by the CTDA for attaining large-scale deployment across Canada. With the help of these systems, CTDA intends to support its dealers in improving customer service and effectively managing their outlets.
Pricer AB, Displaydata Limited, SES-imagotag, Diebold Nixdorf Incorporated, Samsung Electro-Mechanics Co. Ltd., SoluM Co. Ltd., NCR Corporation, E Ink Holdings Inc., Panasonic Corporation, CLEARink Displays Inc., and Altierre Corporation are some of the leading players operating in the global electronic shelf label market.
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