Digital disclosures enable the customers to gain more information about the product than a text or symbol. This federal law demands the brands to disclose the product information in any of the three ways, including text on a package, a symbol, or through a digital link such as a smart label. Mandatory Federal Laws on Disclosure of Product Information Are Expected to Augment the Market GrowthĪ smart label is a tool, for agreement with the federal disclosure law for genetically modified organisms (GMO) that was passed by the U.S. iPhone 7 and the new android models exhibit the capability to read the NFC tags. For instance, in addition to the android smartphones, Apple extended its NFC functionalities beyond Apple Pay with the release of iOS 11. Using a smartphone to use the NFC tags and interact with the product is still new in the market.įurther, the NFC solutions are becoming increasingly available in this market, which is likely to drive the adoption rate of these labels. According to a report published by Thinfilm Electronics, adoption of intelligent labels is growing steadily. The cost of smart labels has been the most essential factor, especially when the market is at its beginning stage. Rising Adoption of NFC Technology is an Emerging Market Trend Further, intelligent labeling can be incorporated as security tags helping the supermarkets or other stores to reduce theft. Every single step of the food process from farm to fork, recipes, as well as monitoring food freshness adds significant value for the customers. The smart labels enhanced capacity for information allows more data to be presented about the health and ethics of food and beverages.įor instance, smart labels can include product provenance. The increasing interest of customers towards the ethical credentials, and health benefits of food and drinks is a growing market trend. Smart labels food packaging is being adopted on a large scale by the manufacturers. As a result, steps can be taken to avoid wastage of food. These labels can help to decrease the food waste by tracing the freshness of the product and give customers and suppliers visibility of the information. Referring to the IOF2020 newsletter, 1.3 billion tons of food is wasted each year. Using Smart Labels to Reduce Food Waste and Improve Food Safety is a Key Trend Shaping the Market Hence, smart label initiative is an excellent market opportunity for brands to ensure the transparency the customers seek. These statistics show that transparency about the product information influences customer behavior. The 2016 Label Insight Transparency ROI study states that 39.0% of the customers say that they would switch to a new brand if full product information transparency is offered, and 56% of customers say that they would be loyal customers to the brand if complete transparency is provided. Request a Free sample to learn more about this report. These labels can be the entry point to the label value chain for a traditional label printing company with increased profits and turnovers. These capabilities could be integrated into converting machines or either create value-add service opportunities. Intelligent label production brings new requirements for the manufacturing process, such as functional or performance testing, to manage the RFID label quality and encoding capability to store customer-specific data in each label. Mobile devices are acting as a hybrid channel by allowing the customers to interact through apps, QR codes or beacons. The proliferation of the internet has given substantial power in the hands of consumers. This is attributable to the reductions in the tag cost and substantial application areas utilizing advanced technologies such as RFID, NFC, and others. The global Smart Label Market holds a fascinating growth opportunity where a remarkable CAGR of 17.3% is expected in the coming year. We are in process of revamping Smart Label Market with respect to COVID-19 Impact.
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