SEOUL, South Korea, Jan. 9, 2015 /PRNewswire/ -- LG Innotek, a leading global components and materials manufacturer, today announced that it is increasing its presence in the Internet of Things (IoT) solutions market in regards to the retail industry with Electronic Shelf Labels (ESL).
ESL is the latest solution for inventory and price management in the retail sector, based on the use of advanced IT technology. ESL replaces conventional paper price tags attached to the shelves of supermarkets and department stores with, for example, LCDs and electronic paper (E-paper) that show information on product price, sales promotions, etc.
LG Innotek will introduce the best customized ESL solutions for various retail outlets at the "®NRF Retail's Big Show 2015," at the Jacob K. Javits Convention Center in New York City from January 11 to 13. The company will engage with global retailers on future collaboration and seek new customers.
The integration of ESL enables retailers to manage the price of thousands of products in the store, as well as tracking the inventory status in real time. Customers can check on product information, and also easily find the product, as the ESL communicates with their smartphones. It also processes the order, payment, and delivery on site.
LG Innotek has been working with experts in ESL for customer analysis and product development for the last two years to prepare for this market to bloom. The company is now seeking an increased presence in the global market with its newly expanded ESL business team in R&D and marketing.
LG Innotek's progress in ESL business has been proactive and rapid, reflecting the company's conviction that it is positioned to lead the market, based on the IoT core technology and its own business capacity in electronic materials and components, including wireless telecommunications /control technology.
The company will provide customized solutions for retail store outlets with 10 types of product line-up. It will also expand the line-up of displays that range from small-sized 1.5-inch to mid-sized 9-inch, including those employing near field communication technology (NRF) and a special tag product with a waterproof function.
LG Innotek has also developed stable ESL solutions that consume less power by applying low-power wireless telecommunications technology such as Zigbee, Wi-Fi and IR-UWB.
The company was recognized for developing the world's best wireless telecommunications/ control technology with its wireless lighting control system and a real-time location tracking system in 2013. Its wireless telecommunications components such as 3G/4G modules and Bluetooh/Wi-Fi modules are applied in the latest consumer electronic products and automotive components.
LG Innotek said: "ESL enables the building of an IoT based intelligent, integrated store management system that controls the operation of the store while managing product status. Operational efficiency will increase and retailers will be able to reclaim a return on their investment in ESL solution installment within two years, on average."
LG Innotek plans to expand product promotion to major global retailers in the U.S., Europe, and Asia to strengthen its market position.
According to Technavio, a British technology research and advisory company, the global ESL market will reach $2 billion this year and $5 billion by 2017.
LG Innotek will be available for meetings at NRF Retail's Big Show 2015 at booth #824.
About LG Innotek, Ltd.
LG Innotek is a leading global components and materials manufacturer and an affiliate of LG Group. LG Innotek was established in 1970 and recorded $5.7 billion in sales in 2013. The company specializes in components for the smartphone, automotive and LED lighting sectors, including camera modules, auto electronic components, LED, and substrate materials. It is the world's largest manufacturer of camera modules.
In the automotive component sector, LG Innotek focuses on the convergence of cutting-edge technologies, performance and safety-related components. LG Innotek's automotive components include a wide range of vehicle motors including ABS motors, EPS motors, AFLS Actuators, DCT motors, electric oil pump, traction, belt-driven starters and generators and torque angle sensors. LG Innotek also produces camera modules, 3G and 4G telecommunication modules, Bluetooth modules, Wifi modules, DC/DC converters for electronic vehicles, battery management systems, wireless power chargers, PCB, and LED light source and modules.
LG Innotek is listed on the Korea Exchange (011070 KS). For more information, visit http://www.lginnotek.com.
SOURCE LG Innotek, Ltd.