9 Benefits Of Using Electronic Shelf Labels In Your Retail Store
Are you considering whether to purchase electronic shelf labels in your physical store?
While this unique technology can help digitize your in-store shopping experience, you ideally want to know if it offers a big bang for your buck.
You also want to know if it can contribute to increased foot traffic to your store. You possibly already have another method of displaying prices, so why change?
Well, there are several benefits you stand to gain.
For starters, it’s a practical way to bring technology into your physical store and create a more digital experience for in-store shoppers. But there’s more.
Here are some practical benefits you stand to gain by using electronic price tags in your physical retail outlet.
How digital price tags work
Electronic shelf labels use IoT technology to reduce power consumption and increase energy efficiency. For starters, you would consume less energy than you usually do when running printers for your paper shelf labels.
You are also avoiding the use of paper and ink, making you less eco-conscious.
Shelf rails supply power directly to the tags, and you will likely not require any battery replacement for years.
In addition, the display is designed so that texts and fonts are legible in any lighting.
Digital price tags come with different kinds of stands, rails, or adapters so that they can be mounted anywhere and on any product.
Depending on your provider, the tags may come with customized fixtures for proper mounting.
8 benefits of digital price tags
1. Easier management of inventory
Whether you want to start a small retail business or you own one already, one benefit of digital shelf labels is that they make inventory information digital.
By doing so, you and your store’s partners can more easily determine when you run out of stock, where stock needs to go, and track returns.
Furthermore, the digital tags connect your physical store’s inventory with your online store, making it possible to manage order fulfillment all in one place (your website).
2. Dynamic pricing
With the electronic price tag, you can bring prices up to date in no time at all. Think about time-controlled price changes, discounts, and promotional offers.
Dynamic pricing is an opportunity not many retailers get to leverage. Why? Because it takes time to update the prices of products on the shelf manually!
Take a case scenario: there’s a spike in demand for a particular product at a specific time. Or perhaps, word got to you that the cost of that commodity has gone up.
Then, you can significantly increase your profit margin by increasing the price instantly as customers continue flocking in to purchase it.
That would be more credible and appropriate than telling a customer that the product costs differently from what they saw on a paper price tag. This also gives your customers an immersive retail experience that will keep them in your store.
3. It reduces operational cost
Have you considered how much you spend on labor and materials needed to create paper price tags for hundreds of products at a time?
With paper labels, you require papers, inks, printers, and staff for each product’s tag.
On the other hand, digital price tags help you avoid all of that by enabling you to update pricing at the click of a button.
Besides, one digital label can serve you for years to come.
4. Helps you keep track of prices efficiently
With the help of an electronic price tag, you have all the prices and additional information of a product all in one place.
This enables you to control and keep track of costs effortlessly at all times.
You can now efficiently manage your inventory to ensure that product availability on shelves is correctly presented.
5. Secure data transmission
Like many digital devices, electronic shelf labels are also under cyber threat. That is why you need some form of cyber resilience and cybersecurity in your business
Third parties may want to gain access to your price list or other information for whatever reason.
Fortunately, electronic shelf labels offer secure data transmission so that all information can be passed across your physical and online database without fear.
This protects your wireless network from third parties.
6. Efficient use of personnel
Digital tags guide shopkeepers and employees to shelves in a targeted manner, especially while restocking or replacing products.
Therefore, you will always know what needs to be done and where to do it which make your employees more productive and time-efficient.
7. Reveals additional information about products
Electronic price tags are an excellent way to implement targeted marketing campaigns.
The advanced, high-resolution displays can show barcodes that reveal additional information about the product when scanned with the customer’s smartphone.
Once connected via their smartphone, customers may also receive targeted promotional offers based on their past shopping history, Google search, and social media activities.
You can also display positive product reviews to encourage more purchases.
8. Using digital tags in special areas
The technology allows the tags to function correctly in refrigerated and heated conditions, characteristic of many shops, especially grocery stores.
However, specially adapted price tags are recommended for extreme temperatures, such as frozen foods. Sealed price labels typically serve fresh foods and outdoor areas. The seal protects them from damage.
Some tags come with sensors and a wireless ultra-broadband that makes it possible to determine the precise location of a customer in the store.
If the customer is near a particular product, the tag may grab their attention by displaying special offers.
9. Enhances the omnichannel shopping experience
If you own an online and physical store, there’s every need to sync your processes.
For example, it’s helpful if customers can scan a QR code for quick checkouts or order online if your physical store has run out of a particular product.
In-store purchases also need to be synced with your online inventory for better inventory management.
Luckily, SES-Imagotag’s products give retailers access to a wide range of software that help digitize the in-store shopping experience. Better customer experience means growth for your brand.
Digitalization is taking over the retail industry like a mighty storm, and the digital price tag is just one of the many ways to automate business processes.
While increasing efficiency for your in-store personnel, you make shopping easier and more digital for customers.
Whether you’re looking to minimize labor and material costs or speed things up, you can elevate your store’s capabilities to create better customer experiences.