Also, the need to improve customer experience is driving the adoption of technological advancements in the retail industry. In addition, automation in retail is expected to play a significant role in transforming economic growth owing to factors such as a rise in consumer purchasing power, an increase in the efficiency of the retailing supply chain, and smart logistic management. The rise in digital transformation among various industries globally positively impacts the nation’s economic growth, as the increase in these transformations brings revolutionary changes in business operations. The Surge in Purchasing Power of Consumers and Economic Growth
#ELECTRONIC SHELF MANUAL#
Additionally, installing this system in a retail location offers a dynamic pricing solution, which lowers labor input by eliminating manual tasks. Additionally, electronic shelf labels are being adopted by all retail establishments, including supermarkets, hypermarkets, specialty shops, and non-food establishments. Retailers have significantly benefited from the technological revolution of automation in the sector. Retail automation is a collection of automated procedures for managing various aspects of the retail industry, including product management, workforce management, inventory management, store audits, etc.
#ELECTRONIC SHELF DRIVERS#
Market Dynamics Global Electronic Shelf Label Market Drivers Change in Trends in Retail Automation The market for electronic shelf labels is also anticipated to experience slow growth due to low return on investment. High installation and infrastructure costs, however, limit market expansion. Further, the market expanded due to improved operational efficiency and real-time product positioning brought about by electronic shelf labels. Additionally, the demand for less time-consuming, more cost-effective alternatives to paper labels drives the market's expansion. The market for electronic shelf labels is expanding due to the retail industry's trend toward automation.
Additionally, every electronic shelf label (ESL) system has an LCD or E-ink display that displays the product's price and UPC. It also provides flexibility to make quick price adjustments. In the world, shelf labels, an emerging technology that can replace paper labels and is changed automatically every week, are expanding quickly. Using low-power radio frequency (RF), this system sends the product information updated to the central server through the gateway. Retailers use electronic shelf labels (ESLs), a dynamic display system, to display product information in physical stores. The global electronic shelf label market size was valued at USD 975 million in 2021 and is estimated to reach an expected value of USD 3740 million by 2030, registering a CAGR of 16.1% during the forecast period (2022 – 2030).
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