Electronic Shelf Label Market is expected to double by 2030!
Over the last few years, there’s been a strong focus on automation in the retail industry, which is one of the major contributing factors behind the anticipated surge of Electronic Shelf Label (ESL) adoption in the coming years.
With ESLs becoming more common place, confidence has grown within the broader retail sector, increasing appetite for the technology.
A recent research study found that the global Electronic Shelf Label market is estimated to reach USD 4.2 billion by 2030 (up from USD 1.2 billion in 2021).
They attributed this surge to retailers looking to streamline their processes and gain efficiencies in their pricing management. Other factors identified were, the quest for enriched customer experiences and increased visibility of inventory.
Efficiencies in Pricing Management
Automate pricing updates.
Reduce human errors and increase compliance.
Align price changes with market trends, demand and currency fluctuations.
Deliver timely promotional messaging via clear callouts.
The report concludes that by automating these functions, retailers experience “heightened operational efficiency and augmented profitability.”
Enriched Customer Experiences
ESLs enable a connection with mobile applications, which opens the door to a range of new customer experiences.
Customers can access accompanying information, such as reviews and specs.
Customers can receive incentives to purchase, such as offers and digital vouchers.
The research report highlights that it’s this integration with mobile devices that effectively “bridges the gap between offline and online shopping, enabling seamless omnichannel experiences.”
Increased Visibility of Inventory
ESLs help retailers to monitor stock levels.
Track product flow.
Optimise replenishment strategies.
Out of stock messaging will show automatically when an item’s inventory reaches 0.
Staff can also access inventory information via the ESL, for the purpose of responding to customer questions in a more timely and comprehensive manner.
The report summarises that “this aids in mitigating stock shortages, minimizing overstock situations, and refining supply chain efficiency.”
FutureShelf is the most established Australian Electronic Shelf Label Solutions provider, helping retailers nationwide for the last 10 years.
For more information on our Digital Pricing Solutions please download our brochure.
