Technological advancements in the retail sector aim to enhance the customer shopping experience. The rising complexities in managing large retail stores are encouraging the stakeholders in the retail industry to focus on automation in this sector. As part of the automation process, retail stores across the world are increasingly adopting electronic shelf label systems for delivering precision and flexibility in operations of physical stores.
To automate their operations, retail stores are currently opting for full-graphic e-paper, liquid crystal displays (LCDs), and segmented e-paper. Moreover, the increasing need for enhanced functional efficiency in inventory and warehouse management and physical management will also support the electronic shelf label market growth during 2021–2030.
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According to P&S Intelligence, the market was valued at $782 million in 2020. Improved efficiency in warehouse and store management has eased the work of retailers. Owing to the ease of operation offered by electronic shelf label systems, these automated systems have become useful in scheduling service operations and product deliveries and displaying product information.
In recent years, electronic shelf label system manufacturing companies have been focusing on the development of near-field communication (NFC) technology-based systems. The integration of NFC technology in these electronic label systems enables retailers to update information, such as cost, discounts, special offers, and other product details, by using NFC-enabled smartphones.
Thus, the deployment of NFC-based systems in supermarkets, hypermarkets, specialty stores, and non-food retail stores helps retailers in price optimization, fast and contactless data transfer between different devices, and efficient stock management.
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