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Future of Retail — In-Store Technology
issue 06
“As retailers vie to provide better and better in-store experiences, ESLs are already playing a role in creating more interactive and engaging shopping experiences.”
experience online, they expect offline to match. Electronic Shelf Labels (ESLs) provide an
answer to these problems. These centrally managed labels allow retailers to control and update in-store pricing and promotions quickly and consistently. Today’s best products offer high image quality and advanced technical capabilities, such as the option of integrating Bluetooth low-energy beacons. As retailers vie to provide better and better in-store experiences, ESLs are already playing a role in creating more interactive and engaging shopping experiences. Pricing can be updated as speedily and accurately as online, whilst also being consistent across channels. This builds confidence in the customer that they’re getting the best price and service – always.
TRANSPARENCY AND INTEGRITY Retailers don’t just want to earn consumer trust, they need to. Aligning prices across channels is an immediate and definite step in the right direction, and it’s also an urgent one. Earlier in 2017, retailers received criticism for failing to ensure that prices on shelves matched prices at the checkout. Some retailers – and supermarkets in
particular – are selling up to half of their inventory on promotional terms at any given moment. For these retailers, having the ability to manage pricing and information on thousands of labels, across multiple stores centrally, is invaluable when it comes to cementing consumer trust. Changes to price and promotions can be made swiftly and without disruption. What’s more, consumers can continue to reliably plan and budget for their shopping.
BEYOND PRICING Freed from carrying out manual price changes, in-store staff can dedicate their time to helping customers, re-stocking, and ensuring merchandising is spot-on. All of this goes towards improving consumer trust further, as the shopping experience can be improved by more efficient, attentive in-store teams. With ESLs able to show far more information
(eg. competitors’ prices, ingredients, stock levels, social reviews, and much more) both consumers and staff will be better informed overall. And with guaranteed consistency in pricing between shelves and PoS, fewer refunds will be needed – a time-saver for staff. This also removes an irritant for customers.
USING PRICE MORE STRATEGICALLY Dynamic pricing brings multiple additional benefits, as retailers can price by events, time of day and store location, as well as responding to competitor activities, clearing overhanging stock and reducing waste. By having the freedom to remotely change prices on any shelf in seconds, retailers can graduate pricing based on sales velocity and inventory levels to ensure they reduce waste by the end of the business day. The result? Less wastage, a healthier bottom line and happier customers. At a time when retail is becoming ever more
competitive, and when tech savvy shoppers are demanding more from physical stores, ESLs offer a new way to improve the customer experience. The ability to manage price and promotions with accuracy, consistently and at speed – with no limits, is the perfect place to begin making changes – and the key to consumer trust.
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