Digital transformation is impacting the way brick and mortar retail stores successfully conduct business. With this transformation come new pain points for retail brands surrounding the in-store shopping experience, but new and innovative technologies have emerged to address these challenges.
Electronic Shelf-Labeling (ESL) augments the in-store experience for customers, while delivering a flexible, scalable solution for retailers to stay competitive in today’s economy.
What is it ESL? Simply put, electronic shelf labeling is used by retailers to electronically display the pricing of products on their respective shelves. Typically, electronic display modules are attached to the front edge of retail shelving, and use electronic paper (E-paper) or LCD displays to show the current product price to the customer. A communication network allows the price display to be manually controlled or automatically updated at the business’ discretion. The wireless communication can be based on radio, infrared or even visible light.
Adoption of electronic shelf-labeling is increasing significantly among retailers, as the products become more available and more affordable. A recent report estimates the global ESL market will grow at over 15% CAGR between now and 2024, reaching USD $1.2 billion.
So what’s driving the use of Electronic Shelf-Labeling in retail, how are businesses benefitting from investment in these technologies?
ESL offers a cross-section of benefits to businesses and their customers, including:
The approximate ceiling of the ESL market is unclear, as well as how the functionality of these technologies will evolve. It is evident, is with the availability and sophistication of electronic shelf-label solutions increases while the cost of investment decreases, ESL technologies will be seen more and more across retail stores.
For more resources related to leveraging strategic technologies for enhancing the in-store shopping experience, be sure to check out the links below!