Store automation has become a buzzword in the retail industry, and many retailers are taking the necessary steps to improve the functioning of their business operations. Replacing manual shelf labels with electronic shelf labels (ESL) is one such step.
ESL helps retailers save time, provide quality customer service and turn their physical store into a digital asset. But, that’s not all! ESL is substantially transforming the brick and mortar stores as well as the industry.
According to the reports, the ESL market is expected to reach the mark of 1 billion USD by 2024 with a compound annual growth rate (CAGR) of more than 16%. However, before you deploy an electronic shelf label to your store, read some more interesting facts about it. Scroll down!
Real-time Performance
Changing paper labels manually is a time-consuming process. Don’t you agree? Luckily, ESL helps implement dynamic pricing- allowing the store to modify or update the prices in real-time. The professionals at SES-imagotag’s shelf labels opine that it enables the stores to maintain profitability regardless of price fluctuations.
Additionally, you can reap the benefit of dynamic pricing by raising prices to capitalize on demand and lowering them to boost sales. It also provides information on customer behavior patterns by indicating the price ranges in which customers are willing to pay for specific products.
Customers are also benefiting from this pricing technique. When customers buy your products at an affordable price, it boosts their satisfaction, leading to customer loyalty.
Information Display
ESL is about more than just displaying product pricing. It also serves as a guide to assist buyers in deciding what product to buy.
Aside from the pricing, customers can review the additional information provided, such as nutritional facts, price per weight, and remaining stocks. After weighing these criteria, the customers can decide which brand or product to purchase
Some ESLs also display QR codes. The target customers can order more products online by scanning your store’s QR code, which will direct them to your app or website. Thus, it helps in elevating store automation and improving customer experience.
Elevated Omnichannel Experience
It’s no secret that omnichannel is transforming the future of retail. According to a survey, 56% of consumers believe that technology improves their shopping experience. Now the question is- How can electronic shelf labels facilitate creating a successful omnichannel experience? Well, ESLs allows you to interact with your clients in the following ways:
- Customers can see stock levels to see whether the product is available or not.
- Display competitor prices online so customers can believe you when you declare you have the best price.
- QR codes can be used to provide convenient ordering.
- Display product reviews so that customers can learn what other people think of a product.
All in all, it helps save the business resources while offering a good return on investment (ROI) and accelerating customer satisfaction.
The Bottom Line,
Adapting to the latest trends technology is essential for retail stores to stay in the competition. Using ESL can help you accomplish this goal along with saving business resources. Thus, you, your employees, and customers- everyone will be happy.