Get more from your store, less lost, more efficient is just a beginning
ESLs and their automatic price changing capabilities can shorten the time of replacing paper price tags by more than 80%, and by the same margin, 80% of label accuracy can be improved with ESLs. Depending on the scale of retailers, hundreds to thousands of price tags need to be replaced for each price adjustment or promotional activity, which is a tedious and error-prone task. The unique advantage of ESLs is that price changes can be systematized and controlled automatically through management software (using a simple user interface that communicates with the ERP backend, or enterprise resource planning), and online and offline price and information synchronization can be realized. The central management of prices creates reliable data congruence between the online store, cash register and shelf, and by doing so it reduces the number of purchase cancellations of customers who always have their eyes on the price tags.
Accurate Real-Time Prices
Traditional paper price tags have a high error rate due to delay or misplacement. ESLs can ensure retailers offer their customers product information and shelf prices with 100% accuracy. This is critical for retailers, as the display price of a product has a significant impact on its sales, i.e., 76% of purchasing decisions are made at the shelf-edge.
Ability to display in-store stock in real-time
Automatic price adjustment can help employees free up time for more valuable work, such as helping consumers or tallying important products. Freeing employees from boring and low-value work is an important measure to improve human efficiency in the store
Rapid Price Change
Retailers often have complicated price processes, and the use of ESLs can greatly shorten the process of price strategy execution. The backend system allows for one-click management of store price updating.
Dynamic Price Strategy
The market for what is hot is always changing, and retailers understand the importance of responding to the competition. ESLs give retailers the upper edge in maintaining market competitiveness by allowing them to adjust product prices based on the current market environment or conditions (back to school sales, Christmas holiday sales, etc.), or unique consumer demand. Special promotional prices are rolled out temporarily and automatically reset after the promotion has come to an end. ESLs ensure retailers are offering customers better prices for their products and the best experience in their stores.
ESL price tags integrate QR codes and NFC technology, which helps brands and businesses engage their customers more efficiently. ESLs can also display product images and obtain valuable marketing data.
The versatility of QR codes in how they can be used and linked allows brands and companies to enhance the shopping experience of their customers; by scanning a QR code of an ESL enabled product, consumers can instantly obtain product information, product reviews, discounts via member registration, monthly, weekly, or even daily deals, and much more. In this way, QR codes not only increase the interaction between consumers and products, but also strengthen the relationship between brands and the consumers they are trying to reach and build a connection with. 67% of customers are more likely to purchase a product in-store if they can easily access product information digitally.
The potential for NFC technology driven experiential in-store customer engagement is largely untapped. Triggered when customers tap their smartphone on an NFC-embedded tag, an almost endless number of things can happen. To name just a few of the possibilities: they can learn more about a product, they can be directed to a landing page that shows them a list of similar products, they can be offered discounts for items in the store (ex. for referring a friend) or items based on their interests and previous transactions, they can join a loyalty program with points and rewards, it can send a help alert to staff, etc. In this way, ESLs increase customer engagement and has the potential to increase store revenue; 49% of buyers have made spontaneous purchases because of experiential retail. Additionally, NFC enabled smartphone technology is thriving demand, with the global userbase of NFC mobile payments at checkout growing from just $5M in 2012 to $166M in 2018.