The global electronic shelf label market has been touted to experience a positive growth pattern in the ensuing years, pertaining to the fact that informative in-store tools pave the way for attracting consumers. These small display units used to depict the product price, mostly in retail stores, also find usage to depict new offers or promotional messages for buyers. ESL may seem less important compared to other elements in a retail store, but seldom do consumers appreciate a product displayed without its price tag. The significance of these systems is rather profound from the latest report by Global Market Insights, that claims the electronic shelf label market to register a double-digit CAGR of 16% over 2018-2024, in terms of shipments alone.
The adoption of technologies such as ESLs, provides retailers the opportunity to set themselves apart from their competitors. The rising competition among retailers has encouraged key players to implement differentiation strategies like automation to appeal to customers and enhance the in-store experience. According to Russell and Mehrabian’s Journal of Consumer Research, a store’s environment is never natural, but it comprises of cues, suggestions, and messages indirectly prompting a consumer under the assumption that creating a positive attitude among users can transform into positive consumer behavior and a higher willingness to pay, resulting in a store’s success.
These mini display units also offer better price visibility, a reduction in pricing errors and promotional capabilities, which help improve a store’s accountability and profit margins, that can be aptly credited to the increasing ESL market share from the retail sector.
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Leading retailers like, Tesco, Walmart, Metro, and Carrefour are expanding their operations to other regions in order to acquire more industry share. For example, back in 2013, the French supermarket chain Carrefour entered a joint venture with CFAO to receive exclusive distribution rights in countries including Congo, Cote d’Ivoire, Ghana, Cameroon, Senegal, Nigeria, and Gabon. In a similar example, the Japanese owned American store 7-Eleven is growing its presence in the United States by launching more stores.
These devices will find high demand among retail stores owing to reasonable prices of these products and its ability to consume less power. Additional features like scalability, enhanced security, robustness, and high operations speed will also attract consumer focus. As a result, as new retailers continue to utilize ESLs on a large scale, global electronic shelf label market is likely to accrue substantial proceeds in the ensuing years.
As per a report by Global Market Insights, Inc., commercial applications dominated the ESL market with an overall revenue share more than 80% in 2017. The products will witness a high penetration rate in the retail sector, due to the rise in new stores that provide an extensive range of products under one roof. For example, Germany’s Kaufland Group chose DisplayData’s enterprise ESL solution to find a more agile way to advertise offers, protect margins and react to competitors changes. The adoption of DisplayData’s ESL solution allowed Kaufland react swiftly to competitors offers and graduate markdowns as sell-by dates to protect margins and incentivize sales.
Most of the leaders partaking in ESL market share are often known to deploy unique growth strategies like product development, acquisitions, partnerships and mergers to garner increased remuneration and expand their business. The latest example is the partnership between SES-imagotag, a global leader in ESL and retail IoT solutions, and Ossia Inc, the acclaimed innovator of Cota Real Wireless Power. The two companies signed a MoU to design the next-generation wireless ESLs for retailers. This premium technology is set for launch in the next couple of years.