Electronic Shelf Labeling from Retail Solutions
It might surprise you but Electronic Shelf labeling is now within the budget of many more retailers. Hence, advancements in manufacturing and technology in recent years has brought this about. Thus, allowing retailers them reap the many benefits of dynamic pricing.
Dynamic pricing means retailers can change the price of products immediately, making their pricing strategies much more flexible.
They can do it using software that tracks factors affecting prices – such as competitors’ prices or demand forecasts – and then display the new prices across their stores using electronic shelf labeling.
In addition, it can also use forecasting analytics to predict what demand will be for products at certain times of the week or month. As a result, allowing for prices changes each day accordingly.
Price optimization is now more and more important for retailers. However, it can result in frequent price changes. Manually executed, these changes are time-consuming and expensive. For this reason, retailers are increasingly seeing a business case for electronic shelf labels.
This displays price information electronically and updates prices immediately and automatically, controlled from a central server. They allow prices to change according to the marketing strategies of the retailer. Even price changes during the day – such as happy-hour pricing or end-of-day markdowns for fresh products – are enabled through this technology.
Additionally, these systems ensure that both the shelf prices and the point of sale system are always in sync.