Electronic shelf labels or ECL is a system used mostly by retailers to display the prices of the product on shelves. ECL is controlled by the central server and the prices get automatically updated as per the fluctuation.
The retail industry like groceries market, sports equipment, consumer appliances, the clothing industry, hardware stores, and so on are the major users of electronic shelf labels.
Here are reasons why retail businesses must consider investing in electronic shelf labels:
Online shopping has completely transformed the retail industry. Buyers have started losing trust in retail shopping because of the price differences. ESL allows a uniform pricing system and any price changes get reflected in the stores as well.
ESL such as SES-imagotag’s shelf labels can serve great advantages to the retailer as it can help in cutting down the fixed expenses like labor costs. It also makes the management of stock and communication between the buyer and seller easier.
Digital shelves immediately rectify pricing errors and conduct regular audit trails to check if there are any changes in the prices. This leads to accurate and standardized pricing of the product.
Running out of stock can cost a retail business its customers. Electronic shelf labels are equipped with shelf watch technology which uses cameras and applications programming interface or API.
These APIs let the retailer pick an alert for the low stock on an interval basis. This alert can be communicated to the store associates or the store delivery person.
Installing ESL allows the display of information like stock level, online prices of the competition, and review of the product. Such pieces of information enable the consumer to know about the product, its availability, and its market reviews.
ESL has also made the ordering process simple which can be done using QR codes. This transparency allows the buyer to trust the prices of the product.
Not as expensive as it may seem
Installing ESL might be expensive initially but it can cut your fixed expenses like labor costs plus, installing ESL can positively influence the sale.
ESL are easy to install and use along with these are low maintenance pieces of technology for retailers. It operates on unused internet connections which provide maximum security to the retailer.
Electronic shelf labels allow the retailer to price the perishable items according to their shelf life throughout the day. This encourages the customers to buy the items before they get spoiled.
ESL also gives the retailer the freedom to change and classify the prices based on inventory level and sales rate.
A large part of the fast-evolving retail market is planning to shift to electronic shelf labels because of the advantages like optimized inventory control and a simple management system.
Retail stores have gained success after installing ESL because it creates an innovative experience for the consumers.
Consumers now don’t have to go through the hassle of standing in a store and doing a price check as ESL has established a standardized pricing system.
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Sagar Sridhar is an accomplished personal finance blogger hailing from Canada. With a unique blend of quirkiness and enthusiasm, he has established himself as a prominent figure in the personal finance industry. Sagar’s passion for finance, coupled with his engaging writing style, sets him apart from his peers. While he has a background in computer engineering and a Master’s in Project Management, Sagar’s true passion lies in helping others manage their money. His writing has been featured in several top Canadian finance publications, solidifying his status as a sought-after voice in the field. Despite juggling his work and blogging schedule, Sagar remains resolute in his mission to make a lasting impact on the personal finance world.