Predictive Analytics can be Game Changer for Online Retail Stores
Arizton’s recent research report on the global electronic shelf label market provides a comprehensive industry study, trend forecasts, and competitive analysis. The study segments the market by display (LCD(TN LCD, TFT), EPD, and OLED), by technology (vendor facing (RF and IR) and customer facing (BLE, NFC, and others), end-users (supermarkets and hypermarkets, departmental stores, convenience stores, drugstores, and others), and geography (North America, APAC, Europe, MEA, and Latin America).
The global electronic shelf label market is expected to reach over $2 billion by 2024 and is expected to grow at an impressive CAGR of around 27% during 2018–2024.
The emergence of omnichannel and retail reality, increase in dynamic pricing, change in purchasing behavior, and the decline in the cost of semiconductors are major factors expected to drive the global electronic shelf label market (ESL Market) during the forecast period.
The Rise in the Retail Environment
The growth in the retail sector across regions is bolstering the global electronic shelf label market. ESL stands to be one of the avenues through which retailers can contain their labor costs as it ensures the removal of manual processes around paper shelf label changes, price audits, printing, and transportation of paper labels. With leading retailers declaring to adopt the zero-waste program, ESL solutions will be a serious option for them to consider. Hence, ESLs can be considered as an innovative "Green" technological solution, which is gaining recognition as a sustainable technology.
Introduction of Predictive Analytics in Online Retail Stores
Nowadays, retailers are trying to capture more customers by establishing correlations between product purchases, visit patterns, and shopping attitudes. Further, in-store digitization helps in the micro-targeting of the customer. These features can be used to guide customers toward products, thereby increasing the real-time visibility of products. The introduction of predictive analytics in online retail stores by Amazon through recommendation engines wherein proprietary algorithms is used to study the consumer’s behavior. Currently, predictive analytics has well moved into the marketing segment, where the digital footprint can be utilized to micro-target customers through personalized content delivery.
ESL aiding Intelligent Dynamic Pricing
With increased transparency in pricing and the emergence of the e-commerce industry, pricing has become one of the main differentiating factors and allows customers to determine when, where, and at what price to purchase a product. Amazon is a major example of dynamic pricing. The company changes its pricing on an average every 10 minutes with the usage of algorithmic dynamic pricing. In-store digitization is the main strategy witnessed in the e-retail market. In-store digitization along with hybrid ESL and mobile applications helps in micro-targeting of the customer.
SES-imagotag, Pricer, Displaydata Ltd, Altierre Corp, and DIGI are the prominent vendors in the global electronic shelf label market.
The complete overview of the latest market research report on the global electronic shelf label market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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