ELECTRONIC SHELF LABELS! The Next big thing in Retail
Although used extensively overseas electronic shelf labels (ESLs) have not been popular in Australia. This is starting to change as retailers are starting to install ESLs and we are starting to see it becoming a much more talked about topic in the retail and wholesale industries.
For those not familiar with electronic shelf labels, also known as electronic price tags, they are a digital copy of a paper price ticket. They use epaper technology (like a Kindle) to display pricing, product and promotional information on the mini-screen. Being digital this information can be updated remotely, at the touch of a button, as often as required. What a massive advantage for retailers, who up till now had to rely on staff to manually manage the implementation of paper price tickets and promotional paperwork.
The biggest benefits for users are the speed, ease and accuracy of price change implementation, along with the increased flexibility in pricing.
ESLs allow retailers to ensure their prices always match or beat their competitors. It also allows the retailer to keep their margins consistent. ESLs allow them to change the price of any (or all) products depending on changing costs – whether this is due to wholesale prices changes, currency exchange fluctuations, etc.
Omnichannel is another reason for the move to ESLs, synchronising online and offline pricing simply isn’t reality for most retailers, who don’t have access to ESLs.“
Added to this main benefit, there are a range of other benefits ESls can bring to retailers. Many display QR codes on the screens, driving customers online for further information, (specs and reviews) that help convert the sale in store. On top of this, dynamic reviews can actually be displayed on the label screen, giving customers access to additional information typically only available online. There are also additional operational efficiencies based around customer service, restocking, click & collect and more.