Electronic Shelf Labels to Endure the Trend of Technological Revolution with Its Numerous Paybacks
12 Feb 2021
The retail industry has undergone a huge number of innovations in the past few years and electronic shelf label is one of these interesting changes that hit the industry. These electronic price tags are linked with a computer database and use e-ink to show the price. This has turned the whole â€śchange the shelf tagsâ€™ thing into just typing, clicking, and send.
Undeniably, retailers have experienced an array of benefits with this technology. An ultimate benefit, however, is its ability to getting engrossed in real-time dynamic pricing. Whatâ€™s more, it offers an Omnichannel experience to the customers along with augmenting their constancy.
Apart from this, there are various other advantages associated with electronic shelf labels and the article would present a few of those.
Shelf Edge, a Powerful Sales Influencer
The shelf edge is one of the most powerful sales influencers. A majority of purchasing decisions are made here. This is why it is important to ensure that the pricing information is precise.
Changing pricing information on paper labels is inclined to human error. Also, as it is a slower process, it takes longer to finish or re-label the prices. However, the electronic shelf labels ease up these changes along with assisting with instant promotions.
Accurate Pricing Over the Shelves
Since the way of shopping is completely transformed. Consumers prefer cross-checking the price on an item from online stores while shopping in-store. And, in cases where prices donâ€™t align, customers tend to lose trust over the store. Electronic shelf labels, however, have completely changed the shopping experience in this manner. This one standardized pricing system doesnâ€™t let the customers be disappointed at least from price differences. Electronic shelf labels also assist to bring promotion prices into line, review trails for headquarter to inspect changes, and resolve pricing errors.
Cost-Efficient as Well
One of the numerous benefits of electronic shelf labels is their cost-efficiency. With just an initial investment the retailers can step up with the technology. Moreover, electronic shelf label aids the store chains in considered and dynamic price management.
The technology has changed the experience of product pricing tags into one click. Thereby, offering valuable transformations for the retail industry. Furthermore, owing to the advantages the adoption of the electronic shelf is expected to witness an increase in the coming time.
According to a report published by Allied Market Research, the globalelectronic shelf label marketis anticipated to garner $2.40 billion by 2027. Increasing automation in the retail industry and the growing need for a cost-efficient and less arduous alternative to paper labels are the major factors that have driven the growth of the industry.
In addition, the growth in operational efficiency with real-time product pricing has further contributed to the market growth. Moreover, the technological revolution of automation all over the retail sector has already benefitted the industry. At the same time, further technological advancements in electronic shelf labeling are projected to present multiple prospects for the industry in the approaching time.
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.