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The Electronic Shelf Label Market is expected to be worth USD 1,424.8 Million by 2023, at a CAGR of 23.98% from 2017 to 2023.
Why is transformation of the retail industry from manual to automated operations a key opportunity?
The retail industry has shown promising growth across the world due to its transformation from manual to automated operations. According to the MarketsandMarkets analysis, the global retail automation market is expected to be worth USD 18.99 billion by 2023, at a CAGR of 10.96% during the forecast period. Retailers in the developed countries such as Germany, France, the US, and Singapore have successfully adopted retail automation solutions to cater to the increasing number of consumer belonging to the middle class of economy.
Automated solutions such as electronic shelf labels are widely used in developed countries; however, a few developing or under-developed countries such as Sweden, Norway, and South Korea have begun to include ESLs in their retail sector, owing to the high growth opportunities in the retail automation market. Various countries including India, North Korea, and New Zealand are the untapped markets for ESLs and thus hold significant opportunities for these providers.
Furthermore, similar to the retail market, even the commodity market can be benefited from ESLs. For instance, the deployment of ESLs in jewelry shops can help in showing daily price fluctuations of metals, such as gold and silver, and make the store more customer-friendly with dynamic pricing.
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How is low labor cost in economically developing countries creating challenges in the market
The availability of labor at low prices in economically developing countries—such as India, South Korea, China, and South Africa—is significantly restricting the adoption of automation solutions in the retail industry operating in these countries. Automation of retail space has a little or no economic value in these countries, as cheap labor is abundant and readily available. The adoption of retail automation solutions, such as ESLs, in retail stores mandates the upgrading of existing infrastructure, thereby increasing the total installation expenses. In addition, the electronic shelf labels deployed in a retail space communicate through NFC, which is the preferable means of communication within the store among other communication technologies. The NFC-based apps and infrastructure are costly, and thus, retailers prefer the manual operation across their stores rather than upgrading the stores with electronic shelf labels.
Trending retail automation
The technological revolution, in terms of automation, across the retail industry has proved effectively beneficial for retailers. The inclination of this industry toward reducing the total operational costs by eliminating manual operations in stores is propelling the adoption of automation solutions across the retail industry. The trending retail automation is also fueling the adoption of electronic shelf labels (ESLs) across all type of retail stores, including hypermarkets, supermarkets, and specialty stores. Furthermore, the implementation of ESLs in retail stores enables dynamic and omnichannel pricing; it also helps reduce labor input by eliminating manual operations. Furthermore, the ESLs can also allow retailers to reuse the tags with low maintenance costs. These features can effectively accelerate the adoption of ESLs, thereby driving the growth of the market.
High expenses of installation and supporting infrastructure
Deployment of ESL technology might seem costly for the unorganized retailers, as a retailer needs to implement additional shelves that are electrified to accept the electronic shelf labels tags or be compatible with electronic shelf labels, which in turn increases the installation expenses. In addition, retailers/companies always analyze the benefits of any technology before deploying it, with regard to their investment and time taken for the return on investment (ROI). For an unorganized retail market in economically developing countries, such as South Korea and India, the cost of technology is a major restraint as the deployment of these labels also demands the supporting infrastructure, which calls for large investments for small- and medium-scale retailers.
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