Retail
The end of price label errors?
Pricing mistakes on labels pose a significant challenge for retailers, but new solutions can make them a thing of the past, as Simon Brennan, senior end user client manager at Brother UK, explains.
E
ffective pricing strategies are crucial – fundamental to driving profitability and shaping the
image and market positioning of brands. So, when the price of any given
product is communicated to customers, it’s vital to get it right every time and to be able to make changes quickly and correctly. Tis is especially the case given
consumers’ ability to compare shelf-edge prices with digital offers there-and-then, creating the need to keep pace with changing prices available online. But accurate price labelling is not
straightforward for every retailer, and technology suppliers have an important role to play in helping the sector to tackle the issue.
38 | November/December 2023
Mislabelling prices daily Our research found more than a third (38%) of retailers admit to mislabelling prices on products at least once a day, more than a quarter (28%) said it happens multiple times per week, and only 7% say it never happens. Mistakes are costing revenue, with
two in five (41%) consumers saying they have saved money on products mis- labelled in-store. Tese customers saved an average of £38 on a mispriced item, with a lucky 5% saving as much as £500. Te errors can also put pay to
customer satisfaction levels. For every shopper that leaves the store happy knowing they have sneaked a bargain – albeit at the expense of the retailer – there is another that has had
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