Electronic Shelf Labels have been one of the fascinating adjustments to strike the business in recent years. These digital price tags show a number using an e-ink and are linked to a computer database. Moreover, these labels have been considered critical in pricing accuracy. Do you know why?
The retail industry's main worry has been pricing precision. Previously, when retailers used paper shelf labels in their stores, workers made errors, causing the price tags to be out of rhythm with the inventory values. This results in frequent penalties for the shops and affects the brand's name and image.
Therefore, changing in-store rates with ESL technology was easy by only typing a new price into the program and hitting the "send" button. These labels ensure that the item's price and other information are correct. You will get to know more about these digital tags in this article. Read on!
ESL Technology and Features for Pricing Accuracy
Electronic Shelf Hardware
It is the circuit design of the communication station and the terminal display label, which is attached to the front edge of retail shelving, like-
Automatic Updates and Synchronization
ESL technology can instantly update the modifications. Moreover, the overall product information can be synchronized through Digital labels.
● Pricing Automation and Management
These digital price tags provide pricing automation, improving inventory management and increasing productivity through automated changes.
● Integration with Existing Pricing Systems
By integrating with store point-of-sale (POS) systems, ESL systems can ensure the overall shelf product information and pricing are synchronized and consistent with those in the POS systems, contributing to better-tailored promotion.
Benefits of Using Electronic Shelf Labels for Pricing Accuracy
● Reduction of Pricing Errors and Discrepancies
ESL workers can review changes and correct any pricing mistakes at any time, price disparities at various store contact points don't fail and confound customers.
● Increased Pricing Consistency and Accuracy Across Multiple Locations
ESLs can assist merchants in better managing their inventory across multiple stores. Regardless of where ESLs are placed, the connectivity and freedom of these digital identifiers can be accomplished across multiple locations.
● Improved Operational Efficiency
ESL enables merchants to conduct in-store promotions in real-time. This action encourages customers to purchase, increasing sales and lowering total operational expenses.
● Enhanced Customer Satisfaction and Trust
If you have sensors in your shop that autonomously measure inventory levels, you will spend less time manually, saving time for yourself and your customers.
Implementation considerations
The expense of ESL management software differs depending on the business. However, the average expense is around $500, including maintenance fees. If a retailer wishes to attach 10,000 ESLs to the shelf, they will need between 61,700 and 102,100 US dollars, with a one-and-a-half-year return on investment.
ESLs allow retailers to digitally, dynamically and effectively depict and control product prices. Price changes are applied more quickly than manually because ESLs enable the linking of price information via a wireless network. As a result, ESLs help retailers redeploy labeling workers to other store-related functions.
Conclusion
There are several advantages to using minewtag ESL technology for pricing accuracy. Therefore, in the coming era, every retailer must understand the importance of adapting ESL technology to stay profitable in ever-evolving digital world.