Electronic Shelf Labelling from Retail Solutions
It might surprise you but advancements in manufacturing and technology has brought Electronic Shelf labels within the budget of many more retailers in recent years allowing 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 price – such as competitors’ prices or demand
forecasts – and then display the new prices across their stores using electronic shelf labels. It can also use forecasting analytics to predict what demand will be for products at certain times of the week or month, and change prices each day accordingly.
Price optimisation 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, which display price information electronically and update prices immediately and automatically, controlled from a central server. They allow prices to be changed 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.