With the development of technology, more and more retail companies have realized the importance of improving operational efficiency and reducing costs through technological change.
The amount of data in our world has been exploding, and analyzing large data sets—so-called big data—will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus, according to research by MGI and McKinsey's Business Technology Office. The application of electronic shelf labels in the retail industry is also helping to achieve accurate data marketing in the retail industry.
Although buying clothes online has become an inevitable trend, there are still many people who prefer to buy clothes in offline stores. The biggest benefit of offline shopping is that the goods are within reach and customers can truly feel the quality of the clothing. Of course, the convenience of buying clothes online is also something that cannot be replicated by offline stores. The use of electronic shelf labels has to some extent made the operation of clothing stores more efficient, synchronized prices across multiple channels, reduced costs and increased sales of.
Currently, global enterprises are in a phase of digital transformation, including retail companies. With the expansion of the market and the rapid increase in business scale, the retail industry's operating costs remain high, with labor costs soaring and processes becoming more cumbersome, putting retail companies under increasing pressure.
As we all know, merchandise price is the most concerned element for shoppers to enter the retail scene for consumption experience, and it is also the important entrance for shoppers to carry out consumption. Price, as the label of merchandise value, becomes its actual advocate.
What makes a customer decide where to shop? Price, product quality, environment? Of course, these are all important factors, but that's not all. Now more than ever, the customer experience is a decisive factor in customer satisfaction and loyalty. As an intelligent terminal with real-time dynamic update display of product information, electronic shelf labels have become an important trend in new retail. How can ESL improve customer shopping experience and make more and more retailers choose ESL?
According to the Insight Partners, the unmanned convenience store market was valued US$ 67.48 million in 2019 and is expected to reach US$ 1,640.32 million by 2027 with a CAGR growth rate of 51.9% during the forecast period.