Shelf Labeling 101: How Much Do Electronic Price Tags Cost?
By 2027, the Global Electronic Shelf Label Market is expected to reach $3.14 Billion.
How Much Do Electronic Price Tags Cost?
The average price of an electronic price tag ranges from $6-$10.
However, it will still depend on your retail store's size and the number of items sold. In a 1,000 square meter retail store, the number of single items is commonly around 10,000, which means your retail store requires 10,000 electronic price tags.
Today, these are the most commonly used electronic price tags sizes in the market:
- 1.54 inches
- 2.13 inches
- 2.19 inches
- 4.2 inches
At a price range of $6-$10 each, 10,000 electronic shelf labels will be $60,000 to $100,000.
Why Are Electronic Price Tags in Demand?
By 2027, the Global Electronic Shelf Label Market is expected to reach $3.14 Billion. The demand for Electronic Shelf Labels (ESL) continues to escalate for exhibiting product prices in a modern way—they employ e-ink display and a centralized pricing system to present product prices to consumers. It's also worth noting that ESLs allow for dynamic pricing to set flexible prices based on current market demands. Other benefits of using electronic shelf tags include cost-efficiency, fast update speed, and price labeling security.
As emphasized by retailers, the drive for electronic price tag's demand is mainly because of the benefit of better customer experiences about precise and consistent pricing. The shift in lifestyle and the growth of the organized retail sector in emerging nations are also contributing factors and the development of the internet in different countries.
Gateway and ESL Management Software
In addition to electronic shelf tags, the price tag system requires the gateway and the management software. The gateway connects the electronic price tag to the management software and does the uploading and releasing.
A gateway costs about $300-$400 and can update about 1,000-3,000 price tags. A 1,000 square meter retail store requires three to four gateways, which means the gateway's overall cost will be around $1,200.
As for the ESL management software, the fee will depend on the company. However, its general fee is about $500, which often includes the maintenance fee. If summed up, a retail company that wants to apply 10,000 electronic price tags on its shelves will need about $61,700 to $102,100, with an ROI of about 1 and a half year.
SOLUM’s Electronic Shelf Tags
SOLUM ESL offers electronic shelf tags that are now backed-up by the all-new Newton system that enables more features than any other tags:
- Ten years of battery life
- Faster update speed – 8-10 times more quickly!
- Display more information – up to 7 pages!
- 7 LED colors
- Two programmable buttons
- NFC capability
- Customizable design
If you want to switch to electronic shelf tags, our ESL experts are always available to discuss with you the capabilities of our products and services.
Contact us today to know how our ESL solutions can cater to your business' needs.