How big is the electronic shelf labels market?
Electronic price tags in foreign markets
In foreign countries, although large companies such as Wal-Mart, Tesco, Carrefour, 7-11, and Metro have already adopted electronic price tags, the overall advancement rate of electronic price tags is slow to tolerate, and the global market penetration rate is only over 10%, mainly In the European and American markets, even in France, which has the highest penetration rate, the installation rate of electronic price tags in its large supermarkets is only about 30%. From this point of view, there is still a lot of room for development of electronic price tags in foreign markets.
Electronic price tag domestic market
Before the emergence of the new retail concept, single-function and expensive electronic price tags have not received much attention in China. Although some companies have made many attempts in this field, the application of electronic price tags in China has not reached the international level. Although some retail stores have tried to use electronic price tags, most of them are still on the sidelines, and the electronic price tag market is still in a slow development stage.
The concept of "new retail" was born in 2016, new retail stores were born and the digitalization of stores began to rise. Market demand promotes technological progress, and electronic price tags also have more interactive functions. For example, MTag electronic price tags can display online mall QR codes, and customers can scan the code to access online malls. The electronic price tag has truly become an interactive screen, not just a terminal display. Its application has gradually received the attention of enterprises, and it has begun to be used by domestic RT-Mart, Rainbow, Mingchuang, Pinlian, BBK, Jingkelong, Auchan, Traditional retail formats such as Yonghui, Wumart, Watsons, Hema Xiansheng, JD 7fresh, Yonghui Super Species, Convenience Bee, and O2O new retail formats are used.
New retail has become an opportunity for the growth of China's electronic price tag market, and its development has generally promoted the application of electronic price tags in China's retail stores. In the future, with the advent of the new retail era and the rapid development of artificial intelligence, electronic price tags with more complete functions will be more widely used in China, and paper price tags at major retail stores will be replaced by electronic price tags. The application level of electronic price tags in China may catch up with foreign countries.
Electronic price tag future market
From the perspective of the global market, there is huge space for electronic price tags. According to a MarketsandMarkets research report, the electronic price tag market will reach 1.4 billion U.S. dollars in 2023, which is higher than the 392 million U.S. dollars in 2017. Between 2017 and 2023, the market will continue at 23.98 % Compound annual growth rate. In the next few years, with the gradual expansion of the impact of China's new retail, the electronic price tag market will usher in a big explosion, and its market size may be far more than that.