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The impact of electronic shelf labels on the retail industry

Time:2019.11.18     Author:sertag

Traditionally, shelves with static paper price tags only serve to inform customers of the price of the goods. But digital technology is rapidly changing all aspects of the retail industry, and the gap between online and offline shopping is getting smaller and smaller. New technologies such as electronic shelf labels not only provide important product information, but also provide a truly seamless experience that is valuable and personalized.
 
Although 76% of purchase decisions are due to the urge to stand on the side of the shelf, the power of the shelf as an additional marketing tool is often underestimated. At present, major supermarkets are sure to benefit from digitalization. For example, large merchants spend a lot of time and resources a week to change the price tag, etc., but this task can be easily achieved through an electronic display. Electronic shelf label technology is gradually changing the status of paper price tags.

Sertag - China electronic shelf labels manufacturer
 
First, dynamic pricing
 
Retailers believe that the two most important business strategy challenges are: increasing consumer price sensitivity (57%) and increasing sales intensity among competitors (41%). 55% of retailers quickly realized the importance of responding to changes in competitor prices. Forty-four percent believe that dynamic pricing allows retailers to change commodity pricing in real time based on market demand and competitor strategies. The MTag electronic price tag developed by using Bluetooth 5.0 technology in the cloud can be uniformly changed in the background. The modification and update of a price tag content takes less than 1 second, and the commodity pricing can be changed in real time.
 
Second, centralized control
 
China Electronic shelf labels give retailers more initiative in pricing. A more flexible pricing approach allows retailers to design different pricing strategies based on the data they have collected, and also allows them to take advantage of peak hours throughout the day.
 
The ability to dynamically control pricing allows retailers to respond in a timely manner to pricing competition in local store areas. Faster, more data-driven decision making can help improve profit margin management and drive overall in-store sales.
 
Third, product recommendation
 
Technological innovation can create a way for brands to create highly personalized and valuable shopping experiences. And retailers are always looking for a good way to attract customers. Retailers can use electronic shelf label technology to highlight some content and recommend additional free products. In addition to product recommendations, interactive content presentations can help create a better consumer shopping experience. Digital displays with integrated beacon technology provide customers with a highly personalized experience. Based on previously collected data about specific customers, you can quickly provide exclusive offers and promotions.
 
Fourth, the price is approved
 
62% of consumers said that they would compare the price of the online store before they shop, and 84% would do so with the mobile device in their hands when shopping in the store.
 
By integrating electronic shelf label technology with monitoring of competitor pricing software, brands can achieve dynamic real-time pricing. Through digital means, retailers can inform consumers of the current real-time price comparisons to let them know the price advantage in the store.
 
V. Commodity evaluation
 
This is not just a matter of price: 92% of consumers will read online reviews and comments about products; more than 88% of online shoppers will incorporate online reviews into their purchasing decisions; 64% of consumers are Read a variety of reviews about the product before buying a high-tech product. Product reviews created an average sales increase of 18%. More than half of young people (18-34 years old) said that they are more convinced of online reviews and evaluations about their products than their family and friends.
 
Commodity evaluation is an integral part of the online shopping experience. Using electronic shelf label technology to show real-life consumer reviews of on-shelf merchandise, retailers can combine the best of their online and offline shopping to create a multi-channel experience.
 
Looking ahead, electronic shelf label technology must be more environmentally friendly than paper price tags. For example, for companies looking to reduce carbon emissions, electronic shelf label technology can help reduce printing costs.
 
In addition, in an environment where competition is only fierce, retailers need to invest more in the future to help provide a better experience for consumers. Groundbreaking technologies such as electronic shelf labels can help retailers balance online and offline shopping. This will make the retail store more productive and increase the repeat rate of the customer.