The inflection point is now. Retailers are striving to maintain market share with their online counterparts. Consumers demand more – retailers must provide. The tide is turning and the answer lies in what we’ve all become accustomed to. Technology.
Electronic Ink (eInk for short) is a technology that features an enormous use case for retailers, manufacturers, corporate environments and more. Rather than rely on soon-to-be outdated “tech” like paper tags, businesses are turning to a solution that is more dynamic, lower maintenance and most importantly, costs less over time.
For years, businesses in the EU have relied on the technology and have made significant advances to mold the technology into products that are useful in a day-to-day operating environment. Sparked by strict EU laws about product origination and truthful pricing – along with high average wages, massive sourcing and sales operations and highly competitive market places – businesses got smart about how to present their prices to consumers.
Now, North America and Latin America are primed to become the next major adopters of the technology – and it will come on quick. Expanding retail markets, customer familiarization with the technology, decreasing semi-conductor and eInk pricing and more robust radio technology will propel the market forward.
Businesses from all ends of the spectrum are able to utilize the technology – customer-facing stores, supermarkets, hypermarkets, department stores, gas stations, pharmacies, manufacturing facilities, corporate offices – the list goes on and on. And with radically increased competition and labor costs, stores have no better time than the present to do everything they can do prevent their market share from decreasing even more.
By 2024, the ESL market in North America is estimated to be roughly $2 Billion. This indicates that, over the next 5 years, a significant number of businesses will be leading the charge and offering a higher quality customer experience. The rapid growth will lead to the demise of many retailers across the US who fail to jump on the cart and let technology pull them forward. Don’t be left behind.