5 Benefits Of Using Electronic Price Tags In Retail

electronic price tags in retail

Retail is one of the largest private sectors in the US with over 3.7 million retail stores in the country. It is safe to say that it is quite a competitive landscape in a place where consumers are raising expectations in terms of customer experience levels. This is where innovations like electronic price tags are coming in handy for retail business owners. These are essentially tags that display product information, prices, and other pertinent information in real-time. They are controlled by a central server making it easy to push offers and manage inventory. It takes the manual work out of the process. There are many other benefits of using an electronic price tag. Let’s dive in and expound more on the pros of using electronic shelf labels:

Ease of installation and centralization of control

Well, one of the major perks of digital price tags is that they are easy to install on your existing shelves. They are also low maintenance provided you operate them on a separate WIFI network for extra security to reduce interference. Electronic price tags also offer you centralized control, meaning one person can control the displayed prices from a single computer in the retail shop.

Boosts your shelf edge

Research reveals that 76% of the customers in your retail store will make an impulse purchase at the shelf edge. Incorporating electronic price tags in your retail store can increase the chances that a customer will buy a product they didn’t intend to purchase. You can easily create a promotion based on where a customer is standing and heavily influence their decision to purchase a product. A digital price tag can also help you price your products competitively and encourage your customers to choose you over your rivals.

Saves more time

Designing paper price tags and placing the new labels on the shelves is a time-consuming task. Employees at your retail store could spend long hours replacing price tags that they fail to focus on crucial tasks such as value addition and customer satisfaction. On the other hand, digital price tags make all the work effortless. You can checkout to learn more about the benefits that you can avail. For example, it can eliminate the pain of manually changing paper price tags. You will simply update the prices of items from the comfort of your desk and free your employees to tend to other customer needs.

Enhanced product traceability

In most retail stores, you will find employees standing by the shelves to guide customers on where to find particular items. Electronic price tags make items in your retail store easy to trace and free your employees to focus on other tasks. These digital price tags also help you trace products that are due to expire in the next 48hours with ease so you can make arrangements to sell them quicker.

Reap ROIs Faster

The cost of investing in this technology doesn’t compare with the fact that you get to control what your customer sees at any given time. Retailers who have invested in digital price tags report that they secured a payback on their initial investment in 16 months. In most cases, you will tend to recover ROIs in just two years! You are also bound to sell more with real-time pricing changes.

Wrapping up

Digital price tags are proving to be a game-changer in the retail industry. It is one way to boost revenue in your store, and improve customer retention and satisfaction while saving more on cash and time. This technology is also an excellent way to make your store experience memorable. By investing in innovative tech, you can step ahead of your competition in the market.

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