One of the most innovative industries out there in the retail industry. There have been a lot of changes in it due to the advancement in technology. One of the most recent and interesting trends in this industry is the use of electronic shelf labels. These can be understood as electronic versions of the usual price tags that are used. These are all connected to a computer database. So, instead of having to re-write or remake price tags, you can just type the new price into the software and click send. We have curated a list of 4 top reasons why you should consider this an investment for your store.
Enhancing your Omnichannel
Omnichannel is a multichannel approach towards sales that aims to provide customers with a perfect shopping experience. It is definitely the future of retail. Around 56% of consumers feel that technology somehow improves their shopping experiences. There are ways that electronic shelf labels help you interact with your customers, which was impossible before.
- Simple ordering through QR codes.
- Displaying online prices of competitors in order to build trust.
- Displaying stock level.
- Displaying reviews of the products.
No Room for Error
According to a survey, more than 59% of people like to shop online. It is very important to build trust with your customers. It is not uncommon for any consumer to price check for an item while standing in the store.
If your prices do not match, they lose trust in your company. If you use Electronic Shelf Labels, you will have a standardized pricing system. According to experts at SES-imagotag.com, you can align your promotion prices and fix errors. You can even audit trails so that you can keep a check on the changes.
It is Quite Cost-Efficient
The truth is, there is an initial investment involved in the use of ESLs. It is quite understandable why one might be a little skeptical of moving forward and investing if they are not so sure in the first place about this technology. But, if you believe in the power of influence, think of the ability to control what your customers see just with the mere push of a button.
The process of installing them is quite easy. They can be set up with a simple screwdriver and come with pre-configured software. It provides maximum security from any interference and is quite low maintenance. These are very easy to learn and use. You just have to drag the information that you would like to display!
Payback Might be Closer Than you Think
According to a survey published by DisplayData, the payback for these shelves is quite high. The company reported that their in-store sale increased by 6%, along with a typical margin increase of 3-4%. A major European retailer that has over 800 stores secured an amazing payback on their investment in only 1.5 years and showed a 170% ROI in the next two years.
Ultimately, the greatest benefit of these price tags is the ability to engage in real-time pricing in-store that is dynamic and to build an omnichannel experience for their customers.