Electronic Shelf Label (ESL) Market growth in commercial segment will generate massive gains over 2018-2024 owing to increasing customer base, the rising penchant for spending on consumables worldwide and the need for improving the bottom line of businesses. Increasing availability of automation solutions for the commercial sector has boosted the electronic shelf label (ESL) market revenue, which surpassed USD 450 million globally in 2017 in conjunction with the growing number of retail outlets. Products such as groceries or seasonal fruits can witness price fluctuations while the stacking of new products also raises difficulties for retail staff to manage and update the pricing tags.
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The continuously growing retail sector in addition to the increasing security concerns regarding theft is propelling the electronic shelf label market growth. The retailers are adopting these components for asset and merchandise tracking as these products offer benefits such as real-time tracking, re-programmability, and simultaneous identification.
RF-enabled electronic shelf label (ESL) market will witness significant growth due to increasing adoption of radio frequency. Low cost of the technology is encouraging the small retailers to adopt the RF-enabled solutions. Also, RF technology is flexible and allows fast & easy rectification of issues. NFC-enabled electronic shelf label market will grow due to ease of use of these devices with other handheld devices by simply bringing the devices closer. Also, the technology enables communication between labels and tags.
Further innovations in the electronic shelf label (ESL) market will initiate the product penetration into less modernized commercial businesses, where people will realize the need for speedy product identification and pricing. To elaborate, the Findbox solution being offered by ESL specialist French company SES-imagotag represents a new take on making shopping easier and more convenient for consumers. When a used product is placed in Findbox, the system recognizes the right product and locates it on the store shelves, where LED on the digital price tags start flashing.
All-in-all, in order to give rise to strategic business opportunities in this era of e-commerce, most of the retailers have been adopting ESL systems which will propel electronic shelf label industry size. The advent of new wireless technologies and continuous advancement in mobile devices and payment facilities will have a favorable influence on the product demand over the years ahead as well. For the record, in accordance with the growing retailers’ business chain, electronic shelf label (ESL) market is set to exceed USD 1 billion by 2024.
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