Dubai, United Arab Emirates: Electronic Shelf Labels (ESLs) are entering the region with a big promise of saving on both operations and energy costs in the retail sector. A global forecast report by market research firm Knowledge Sourcing Intelligence, revealed that global market for Electronic Shelf Label Market will grow from US$211.134 million in 2015 to US$441.440 million by 2021, at a CAGR of 13.08% over the forecast period.
According to experts in the retail sector, ESLs will be a key link in the retail technology chain. These labels use e-paper as its display component; it is an advanced version of segmented e-paper displays. The ESL links the product price to the centralised store server and enables retailers to remotely change the price of the products, allowing real-time product positioning and an interactive in-store environment. The major benefit of these labels is energy efficiency and its ability to project graphical objects such as logos and callouts that help in real-time product positioning. Changing all the prices in a normal sized hypermarket takes 5 to 10 days, but with ESL it can be done within minutes and without any errors.
“ESLs are the perfect starting point for regional retailers, looking into providing smarter store environment. It also opens the opportunity to provide additional information such as place of origin and discounts. Though ESLs are a relatively new concept in the region, we have seen a significant growth in inquiries from retailers, since we launched the solution in the region,” says Monesh Rughwani, Managing Director, Nirsun Technology.
“In addition to ESL, we have something new called ISL (Interactive Shelf Labels) that facilitates interaction between the label, employees and the customers. Traditional ESL systems are designed to push information to a screen describing the product and the price dynamically. The interactive labels are the next step, enabling not only a dynamic display for information to the customer and employees but it also allows interaction between the label, employees and customers. We believe, this level of interaction will open up a whole new range of possibilities to retailers around the world.”
However, the ideal scenario for a future brick and mortar store is a tightly integrated system that consists of ESL, smartphone applications, beacons, indoor location, mobile payments, digital loyalty coupons, customer analytics, and omnichannel marketing and pricing.
“Shoppers in the region are increasingly demanding interactive and real-time information, hence, technologies like ESL are gaining popularity. With more number of retailers using technology to improve customer experience, drive revenue, and streamline the entire shopping experience, physical shopping experience is expected to evolve further,” said Jayaraman Nair, Chairman, VIS Exhibitions and Conferences, which is organising Smart Stores Expo 2017 in January.
The event will provide the exhibitors with an ideal platform to launch, showcase, and present their latest innovations, services and products; along with meeting industry peers, building brand awareness and meeting prospective clients. The exhibitors and visitors will be sharing latest trends in the retail industry, both regionally and global.
