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 is $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 5,000, which means your retail store requires 5,000 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 an average price of $10 each, 5,000 electronic shelf labels will be about $50,000.
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.
Base Station and ESL Management Software
In addition to electronic shelf tags, the price tag system requires the base station and the management software. The base station connects the electronic price tag to the management software and does the uploading and releasing.
A base station costs about $150 and can update about a thousand price tags. A 1,000 square meter retail store requires six to ten base stations, which means the base station's overall cost will be around $1,500.
As for the ESL management software, the fee will depend on the company. However, its general fee is about $1,500. If summed up, a retail company that wants to apply 5,000 electronic price tags on its shelves will need about $65,000.
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.