The most notable innovation for the industry in recent times is digital tags. The "electronic" versions of price tags use e-ink to display a price and are linked to a computer database. This allows you to easily change in-store prices by simply entering a brand new price into your software and clicking "send".
Retailers can benefit from electronic price tags. However, the most significant benefits of electronic price tags in retail are the ability to provide real-time, dynamic pricing in stores and to create an omnichannel shopping experience to increase customer loyalty.
Are you interested in finding out more about the advantages of price tags?
These are five good reasons brick-and mortar retailers should invest in shelf holders for retail labels.
1. Pricing that is accurate across all channels
The internet has revolutionized how people shop, and it's not unusual for shoppers to check the price of an item while they're at a shop. People lose trust with a company when the prices displayed in stores don't correspond with the data displayed on the internet and this is often the reality they confront.
An electronic labelling system could completely change this type of interaction. With a single standardised pricing method customers will not be dissatisfied by price differences any longer. Your company will be able to instantly update any price changes that are that are made online or in store. To learn additional information about how to digital labels work, you must visit our website.
2. Shelf edge influences
The shelf edge is a key sales factor. The shelf edge is where the majority of purchases are made, so make sure that your pricing details accurately describe the product.
A electronic shelf labels is vulnerable to error by humans. It's a long process and prices may have changed on the internet when you're finished changing the label. This is particularly true with regards to pricing electronics to keep up with offline and online competitors.
With ESLs, however the changes are simple, so you can capture more sales from the edge of the shelf. ESLs enable you to respond rapidly to price fluctuations and make immediate promotions, monitor which promotions are working and help protect margins for stocks that are sensitive to time. It is possible to create offers based on where a particular customer is in the store with just a few clicks.
3. Enhance your omnichannel experience
Omnichannel retail is the future of retail It's not difficult to envision. According to Planet Retail, 56% of shoppers believe that technology improves their shopping experiences.
4. It's not as costly as you think
ESLs require an initial investment. If you're not certain whether you will use ESLs, then you're hesitant about making the leap to the future of technology.
The electronic shelf tags is the last and most powerful point that can influence a purchase. It's invaluable to be able control what a customer sees with the click of an icon.
5. Payback is quick
The payback for ESLs is very high. The company's sales in-store generally rise by 6%, with a typical profit increase of 2% to 3%.
It's easy to understand the advantages of changing shelf labels. Display Data's client was a major European retailer with more than 800 stores and has the ability to repay their investment in just 16 months. They also expect a 170% ROI within the next two years. The retailer predicts that their ROI will rise by 400% if they expand up to five years.
Conclusion
Creating an innovative omnichannel experience is about connecting stores and online. The edge of the shelf isn't an one-off. Retailers need to be mindful of this key point in the buyer's omnichannel journey, and be aware that electronic shelf labeling is one of the easiest ways to connect two areas.