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According to ABI Research, several big box retail deployments will trigger a domino effect and accelerate market growth over the next two years. This is predicted to result in digital smart labels accruing more than $4 billion in global revenue by 2022.
Digital smart labels provide retailers with a significant ROI by reducing the cost of labour, as well as the cost of printing paper labels. Another benefit of this technology is the reduced of price inaccuracy, as is common with human error.
Overseas, Germany continues to see a lot of activity with trials suggesting a strong pipeline of opportunity across the continent. Asia also represents huge opportunity, with the global industry watching to see if market incumbents can expand into these two markets despite increasing competition from local players.
ABI Research anticipates that online pricing will become omnichannel pricing, which means in-store dynamic pricing will soon become a reality with digital smart labels playing a predominant role. In collaboration with BLE and NFC technologies, digital smart labels can track purchases as customers shop, allowing retailers to build apps that eliminate the need for queues and checkout processes entirely.
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