Asia Pacific leads the way as electronic shelf labels market set to hit $2.8 billion by 2028

The global electronic shelf labels market will reach $2.8 billion by 2028 from $1.5 billion in 2023, at a CAGR of 13.8% according to a new report by MarketsandMarkets.

The growing trend of retail automation, the benefits offered by ESLs, the ability of ESLs to facilitate reduced labour efforts, high demand for price optimisation from retailers, and the advent of 5G are the major factors contributing to this growth.

Asia Pacific will register the highest CAGR during the period of 2023 to 2028.

The advent of globalisation and the development of an organised retail sector are expected to contribute to the growth of the market in Asia Pacific.

Additionally, the readiness of retailers in the region to adopt new and advanced technologies is also a major factor here. Japan is a big market for ESLs in Asia Pacific.

The constantly growing number of retail stores there is expected to facilitate increased adoption in the country.

The aforementioned report profiles key players such as SES-imagotag (France), SoluM Co.. (South Korea), Pricer (Sweden), Displaydata (UK), Teraoka Seiko Co. (DIGI Group) (Japan), M2COMM (Taiwan), Opticon Sensors Europe (Netherlands), RAINUS (South Korea), Shanghai SUNMI Technology Co, (China), and Hanshow Technology (China).

Maxbo stores

Late last year, Pricer’s partner StrongPoint inked a frame agreement with Løvenskiold Handel to supply and install Pricer electronic shelf labels at its Maxbo stores in Norway.

This will be the first ever roll-out of ESLs at Maxbo stores, with installation set to start in Q1 2023 and expected to be completed by end of 2024.

The value of the frame agreement is up to 45 MSEK, including the cost of installation and future technical support.

“In light of increasing price competition and customer expectations in our industry, the agreement with StrongPoint is a key enabler for Maxbo's new pricing strategy, ensuring updated and competitive prices at all times,” said Carl Otto Løvenskiold, CEO at Løvenskiold Handel.

“Furthermore, customers will gain from even better service as automation of tasks frees up valuable time for employees.”

“Throughout the procurement process StrongPoint has stood out with their flexibility to meet our demands, ability to provide technical and commercial guidance, and proven track record to deliver large scale rollouts. We look forward to a strong and long lasting relationship.”

“This is especially great news for Pricer and StrongPoint, coming on the back of our recently announced strengthened and expanded partnership,” said Magnus Larsson, acting CEO at Pricer.

“It is also fantastic to see that Maxbo has made a strategic choice to equip the DIY chain with a sustainable, reliable, and high performance shelf edge solution that will contribute to their digitalisation moving forward.”

2022 RTIH Innovation Awards

Pricer was shortlisted in the Bricks and Mortar Innovation category at the 2022 RTIH Innovation Awards.

It made the cut thanks to its work with Musgrave, which has found a way to combine labour savings, improved customer service, greater operational efficiency in-store and sustainability through the introduction of digital shelf edge technology powered by Pricer.

Our 2022 winners were revealed at a sold out event in central London on Tuesday, 6th December.

RTIH Editor, Scott Thompson, said: “Innovation and technology play a critical role in the success of the retail sector, so it is great to recognise standout examples through our awards.”

“Thanks to all those who entered the 2022 event. We received a record number of submissions and many fantastic examples of the continued resilience and dynamism of the retail space during hugely challenging times.”

“Congratulations to our 2022 retail technology hall of fame entrants.”