Electronic Shelf Label Market Size, Share, Growth Analysis, By Type (E-Paper Displays, LCDs), By Application (Retail Applications, Industrial Applications), By Communication Technology (Radiofrequency, Infrared), By Region -Industry Forecast 2024-2031


Report ID: SQMIG20A2272 | Region: Global | Published Date: November, 2024
Pages: 174 |Tables: 0 |Figures: 0

Electronic Shelf Label Market Insights

Global Electronic Shelf Label Market size was valued at USD 1485.10 Million in 2022 and is poised to grow from USD 1719.75 Million in 2023 to USD 4802.02 Million by 2031, growing at a CAGR of 15.8% in the forecast period (2024-2031).

Since customers are shifting towards the e-commerce platforms according to the adaptation trend, retailers have been forced to add innovative and cost-effective solutions to the in-store shopping experience, such as ESLs. Since ESLs can offer customized information and offers according to the consumer's choice, most cherish the personal experience that ESLs deliver. One of the reasons the electronic shelf label industry has grown is because their marketing strategies can be deployed in real-time across the enterprise and pricing changed in real time. In addition, high adoption of digital technologies within the retail industry is substituting the newer electronic labels for the older paper-based labels, which is another factor contributing to the electronic shelf label market growth. Automation is an increasingly important trend in the US retail industry. As businesses move toward improving operational efficiency and attaining customer satisfaction, their focus on automation enhances the overall purchase experience and the streamlined process of managing inventory. One notable instance is the installation of a full automation system at Walmart's Fulfillment Centers (FCs) and Distribution Centers (DCs), particularly in its facility located in Cleburne, Texas, in March 2021. The program demonstrates enhanced performance in processes and engages customers through growing importance in the retail operations of technology and positions merchants to meet changing consumer needs.

Market Snapshot - (2024-2031)

Global Market Size

Largest Segment

Fastest Growth

Growth Rate

CAGR

Global Electronic Shelf Label Market By Geography ($ Bn)
Country Share for North America Region (%)

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Electronic Shelf Label Market Segmental Analysis

The global electronic shelf label industry is segmented into component, type, communication technology, application, and region. By component, the market is classified into displays, batteries, transceivers, microprocessors, and others. Depending on type, it is categorized into LCDs, e-paper displays, and graphic e-paper displays. According to communication technology, the market is divided into radio frequency, infrared, near-field communications, and others. As per the application, it is bifurcated into retail and industrial. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Analysis by Type

In 2023, e-paper displays had more than 62.0% in revenue share and dominated the electronic shelf label industry. Energy efficiency is one very notable characteristic of e-paper displays. Unlike typical backlit LCDs, e-paper displays only consume electricity when changing the content. This results in longer battery lives because no power is necessary to be maintained for the picture once the information has been displayed. The category is also predicted to grow at the fastest rate during the 2024-2030 period. Even in well-lit environments, e-paper displays offer outstanding contrast and readability. E-paper's reflective capabilities enable it to closely resemble regular paper, offering reduced glare, and ensure that customers can conveniently read price and product information, which also favors market expansion.

Due to their specific advantages, LCDs form a considerable portion of the electronic shelf label industry and thus are in great favor of the stores. Bright colors are the most important feature LCDs have to offer-the color visuals enhance the visual appeal of brand presence, marketing campaigns, and product details. Due to this technology, shopkeepers can display information in a much more engaging and interactive manner to capture the shoppers' attention and better educate them. Among other strengths of LCDs is flexibility. This can be used for anything from promotional offers to complicate product details. Retailers will continue using LCD-based electronic shelf labels as they strive to enhance the shopping experience and maximize promotions within the four walls of the store. It only leads to more innovation and market adoption.

Analysis By Application

In 2023, the retail application segment registered a revenue share of more than 83.0% and remained the market leader. Retail applications have been using ESLs increasingly due to the increasing demand from the retail industry for better customer experience, process optimization, and improved accuracy in prices. Large retail companies are adopting ESLs to curb their high operating costs since they are now focusing on automation of their businesses. The electronic shelf labels eliminate the necessity of updating paper label prices manually and make the management of pricing procedures easy as well as efficient. Retailers have been able to centrally control and change the pricing at many shelves and locations without losing time and labor used in changing paper label prices.

However, the electronic shelf label market will be dominated by the industrial sector during the forecast period due to increased requirements for improved operations management and proper inventory management. Several industries including manufacturing, logistics, and warehousing are opting for electronic shelf labels while striving for efficient monitoring and updated data accuracy in real-time and improving on faster processes with minimal chances of mistakes. Industrial is one of those markets where the electronic shelf label's ability to display real-time dynamic pricing and product information is critical since prompt decisions are usually required. Business calls to focus on supply chain streamlining are going to be a massive growth driver in the demand for electronic shelf labels in the industrial category, marking an important driver in the electronic shelf label market forecast.

Global Electronic Shelf Label Market By Application

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Electronic Shelf Label Market Regional Insights

As per the electronic shelf label market forecast, North America gained the most market share in ESL in 2023. This is primarily due to growing applications of store automation and relentless changes in the supply of paper caused by a rise in demand for packaging materials. Real-time pricing and product information updates are among the prime advantages that have prompted the North American merchants to gradually change from traditional paper labels to ESLs. There is also increasing pressure from the retailers to cut the labor cost to unreasonably elevated levels, yet they continue to elevate customers' experience and convenience. Two regional ESL implementations are the recent rollout of SmartTAG Color ESLs by Associated Grocers-one of the western Canada's largest grocery wholesalers-which have teamed up with JRTech Solutions as of 2023-10.

The largest share in the European market in 2023 was taken by electronic shelf labels at around 37.0%. The competitive nature of the retail market in Europe promotes innovation and the adoption of innovative technologies. Retailers are predicted to buy ESLs for a competitive advantage in improving business processes and service delivery to the customers. European supermarket chains are installing self-checkout kiosks in large numbers, and ESLs may be needed based on this trend. A large European supermarket group and Sweden-headquartered ITAB Shop Concept AB agreed in January 2024 to deploy 7,200 self-checkout kiosks in stores in Germany, Belgium, Slovakia, Slovenia, Switzerland, Austria, the Czech Republic, the Netherlands, and Spain. The ESLs may therefore become more in demand as clients will want to be sufficiently well-informed.

Global Electronic Shelf Label Market By Geography
  • Largest
  • Fastest

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Electronic Shelf Label Market Dynamics

Drivers

Increasing Demand for ESL-Assisted Intelligent Inventory Management

  • Increasing complexity in the operation of the big warehouse or retail shops has fueled the demand for intelligent inventory management. ESL is turning out to be a viable remedy for the out-of-stock menace afflicting the retail industry. As per research studies published by Institute of Grocery Distribution and IGD Services, the industry-wide out-of-the-stock rate is approximately 4.5%. Improvements in the more sophisticated ESLs, which are linked to customers' cellphones and supported by advanced analytics, should streamline the smart inventory management process. Similarly, market participants should look forward to new opportunities because VMI and SKU are predicted to be used much more widely in the future.

Retailers Increasing Efforts Toward Better Customer Experience in Store

  • Consumers are specifically demanding much better digital and interactive physical buying experience, as e-commerce continues on its trajectory. According to the study from Displaydata, pricing is the thing that has to have the greatest influence on shelf-edge decisions. The survey reveals that, on the premises of wanting to be presented by consumers, pricing is considered the most important. Hence, this will lead the companies to form new strategies for interaction with the customers by getting accurate price and promotion amounts across all the outlets. There may be a possibility that it will augment the usage of electronic shelf labels by retailing organizations.

Restraints

High Implementation Costs Upfront

  • An important hindrance to the electronic shelf label market is the significant amount of upfront expenditure required for implementation. Electronic shelf labels can be costly in terms of purchase, installation, and integration into current retail systems, especially for smaller stores with tighter budgets. This could deter some companies from implementing ESL technology, which would restrict the electronic shelf label market growth and hinder widespread adoption across different retail categories.

Incompatibility Issues with Technical Issues

  • Technological issues and incompatibility with existing systems is the other market barrier. Technical problems may be associated with the fact that retailers cannot integrate ESLs on their existing point-of-sale or inventory management systems. Issues of confidence in the use of electronic shelf labels by retailers will also be threatened by issues of software update, maintenance and reliability of wireless communication which may impact the overall electronic shelf label market outlook.

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Electronic Shelf Label Market Competitive Landscape

The electronic shelf label market boasts fragmentation and consolidation characteristics. On one hand, the great presence is significant globally. Furthermore, local players exist with specific country or regional focus. Most of these companies typically have a strong customer base, market share, and scope of products. The development of new products, and cooperation with end consumers, are the principal activities carried out by market participants.

Top Player’s Company Profile

  • VusionGroup
  • Zkong Networks
  • SOLUM
  • Pricer AB
  • Teraoka (Pty) Ltd.
  • Displaydata Ltd.
  • M2COMM
  • Opticon
  • RAINUS
  • SUNMI Technology Co., Ltd.
  • ComQi
  • Hanshow Technology
  • SUNLUX IOT TECHNOLOGY(GUANGDONG) INC
  • Minewtag
  • MINEW

Recent Developments

  • In September 2023, Shenzhen Minew Technologies Co., Ltd. launched its electronic shelf label, named the STag58P. The product was a retail-focused, smart office, medical, and warehouse product that it unveiled with a collaboration with Nordic Design Partner. Thousands of product prices could be updated at the same time in this innovation because of the Bluetooth 5.4 nRF52833 SoC.
  • In April 2023, Walmart stated that 65% of its stores will be full and automated by the end of 2026. Walmart announced its plan to roll out ESL for all its 500 stores within the next 18 months in May 2023; it follows the trend and could help the market grow.
  • In January 2023, VusionGroup, the erstwhile SES-imagotag Group initiated takeover talks within the Memory. It is a data analytics business based in France. With this acquisition, VusionGroup would improve its data management skills.

Electronic Shelf Label Key Market Trends

  • Rising Popularity of In-Store Internet of Things (IoT): One of the major electronic shelf label market trends is the growing popularity of in-store IoT. In the short-term future, in-store IoT will be one of the key players. Recently, SES-imagotag and Qualcomm Technologies International Limited jointly announced a collaboration. This was to enable the formation of an advanced, high-performance, ultra-low power, and improved security connection solution. The goal is the widespread application of IoT technology in retail businesses. The outcome of these collaborations and partnerships probably have to benefit the retailers, who might, in turn, use such digital and Internet of Things technology to date the in-store infrastructure and develop automated, data-driven business processes.
  • Rise in Retailers' Inclination Towards Retail Automation: In-store automation would differentiate the retailers and provide a frictionless omnichannel experience. Such a reliable and robust retail automation system would ensure an increased rate of recurrence among the customers to the business. The key elements of retail automation include real-time product pricing and promotional modifications, which ESLs is the best option for executing this end.

Electronic Shelf Label Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, the electronic shelf label market share is expected to experience exponential growth, as the need arises for better control of the inventory and more dynamic customers' experiences and retail automation. Due to rising labor costs and a shift away from paper-based to more electronic solutions, North America is now at the top. High first-time installation costs and issues with compatibility in technology are among other reasons that will continue to prevent wider use. Improvements in technology combined with the realization of other advantages by stores will see the solution continue to expand. With all these things in view, the market for electronic shelf labels is bright and has more room to grow regarding its popularity and acceptance in different forms of retail industries.

Report Metric Details
Market size value in 2022 USD 1485.10 Million
Market size value in 2031 USD 4802.02 Million
Growth Rate 15.8%
Base year 2023
Forecast period (2024-2031)
Forecast Unit (Value) USD Million
Segments covered
  • Component
    • Displays, Batteries, Transceivers, Microprocessors, and Others
  • Type
    • LCDs, E-Paper Displays, and Graphic E-Paper Displays
  • Communication Technology
    • Radio Frequency, Infrared, Near-Field Communications, and Others
  • Application
    • Retail and Industrial
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • VusionGroup
  • Zkong Networks
  • SOLUM
  • Pricer AB
  • Teraoka (Pty) Ltd.
  • Displaydata Ltd.
  • M2COMM
  • Opticon
  • RAINUS
  • SUNMI Technology Co., Ltd.
  • ComQi
  • Hanshow Technology
  • SUNLUX IOT TECHNOLOGY(GUANGDONG) INC
  • Minewtag
  • MINEW
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Electronic Shelf Label Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Electronic Shelf Label Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Electronic Shelf Label Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electronic Shelf Label Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electronic Shelf Label Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Electronic Shelf Label Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Electronic Shelf Label Market size was valued at USD 1485.10 Million in 2022 and is poised to grow from USD 1719.75 Million in 2023 to USD 4802.02 Million by 2031, growing at a CAGR of 15.8% in the forecast period (2024-2031).

The electronic shelf label market boasts fragmentation and consolidation characteristics. On one hand, the great presence is significant globally. Furthermore, local players exist with specific country or regional focus. Most of these companies typically have a strong customer base, market share, and scope of products. The development of new products, and cooperation with end consumers, are the principal activities carried out by market participants. 'VusionGroup', 'Zkong Networks', 'SOLUM', 'Pricer AB', 'Teraoka (Pty) Ltd.', 'Displaydata Ltd.', 'M2COMM', 'Opticon', 'RAINUS', 'SUNMI Technology Co., Ltd.', 'ComQi', 'Hanshow Technology', 'SUNLUX IOT TECHNOLOGY(GUANGDONG) INC', 'Minewtag', 'MINEW'

Increasing complexity in the operation of the big warehouse or retail shops has fueled the demand for intelligent inventory management. ESL is turning out to be a viable remedy for the out-of-stock menace afflicting the retail industry. As per research studies published by Institute of Grocery Distribution and IGD Services, the industry-wide out-of-the-stock rate is approximately 4.5%. Improvements in the more sophisticated ESLs, which are linked to customers' cellphones and supported by advanced analytics, should streamline the smart inventory management process. Similarly, market participants should look forward to new opportunities because VMI and SKU are predicted to be used much more widely in the future.

Rising Popularity of In-Store Internet of Things (IoT): One of the major electronic shelf label market trends is the growing popularity of in-store IoT. In the short-term future, in-store IoT will be one of the key players. Recently, SES-imagotag and Qualcomm Technologies International Limited jointly announced a collaboration. This was to enable the formation of an advanced, high-performance, ultra-low power, and improved security connection solution. The goal is the widespread application of IoT technology in retail businesses. The outcome of these collaborations and partnerships probably have to benefit the retailers, who might, in turn, use such digital and Internet of Things technology to date the in-store infrastructure and develop automated, data-driven business processes.

As per the electronic shelf label market forecast, North America gained the most market share in ESL in 2023. This is primarily due to growing applications of store automation and relentless changes in the supply of paper caused by a rise in demand for packaging materials. Real-time pricing and product information updates are among the prime advantages that have prompted the North American merchants to gradually change from traditional paper labels to ESLs. There is also increasing pressure from the retailers to cut the labor cost to unreasonably elevated levels, yet they continue to elevate customers' experience and convenience. Two regional ESL implementations are the recent rollout of SmartTAG Color ESLs by Associated Grocers-one of the western Canada's largest grocery wholesalers-which have teamed up with JRTech Solutions as of 2023-10.

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