Being in sales means constantly trying to up your game to attract more potential customers and boost revenues. But when it comes to retail sales, performance relies heavily on the strategies being implemented. The key to increasing sales lies in utilizing appropriate and result-yielding marketing strategies. One of the most popular modern marketing techniques also includes the use of electronic shelf labels. These are used for improving the customer experience, making it more convenient for businesses in every sector.
Before we unpack the pros of using an Electronic Shelf Label, or ESL, let’s take a look at how it works.
Electronic Shelf Labels – An Overview
An electronic shelf label is used primarily by retailers to modify or rather change the prices of products instantly in a full-fledged store where it is considered a difficult, often tedious, and error-prone task that takes a lot of time. An ESL has various main components, including an e-ink display, a microcontroller, and even batteries. Using ESL, the retail industry has advanced over the years and observed efficiency and accuracy in pricing, optimizing collection and simplifying the replenishment process. Since online consumerism has taken retail marketing to a whole new level, many businesses see ESL as a way to remain at the top of the competition.
ESL helps retail businesses to:
- influence buyers’ purchasing decisions.
- Encourage customers to request more information regarding any product.
- Maintain a competitive edge by using the latest technologies and worthwhile strategies.
If your business is ready to stand out in terms of sales and revenue boost, then it becomes necessary to consider ESL solutions. Shifting to ESL from manual work can be intimidating at first, but knowing its unique features and advantages will encourage you to use it.
The Effect of ESL on Increasing Business Sales:
- Tracking customer movements
Increasing sales depends on how accurately a business can track customer movements. Implementing electronic shelf labels makes it easier and at a low cost. Being electrically operated, it is possible to track, monitor, and account for every single movement of customers in detail. You can opt for a virtual heat map to know where customers are attracted and then use it for smart placement of promotional goods to improve sales naturally. Knowing all of those places where customer traffic is high can help you prepare for promotional events and displays.
- Providing more information
Back in the days when ESL technology had not yet taken over the retail industry, customers only received a limited amount of information provided on a plastic label for any product. But once ESL became famous, there have been no limits on what type of information is available in the form of a product label. You can now use ESL to show any important piece of information like the size, stock remaining, nutritional facts, price per pound, and any other additional information.
- Eco-friendly and sustainable
Environment-conscious businesses are always opting for eco-friendly schemes to continue running their business while keeping the consequences in mind. In the case of manual price label printing, a considerable amount of paper, ink, and plastic are utilized. But even more of all these things are needed to introduce the smallest change in the pricing of products by retailers. So, in order to minimize one’s carbon footprint by saving hundreds of thousands of prints from high-quality printers, ESL can be used. Plastic labels are the last thing that people need in the environment right now, and exchanging them with automatic displays is the best alternative out there.
- Reduction in loss of inventory
If your business is dealing with perishable goods, then price fluctuations must come natural to you and your employees. The difference between changing prices manually and doing it using ESLs is speed. Not only does ESL help you do a lot of work quickly, but this way, it minimizes inventory loss. You can run a promotion in your store so as to clear more stocks with ESL rather than doing it manually and losing the opportunity to scale revenues. When you are able to save a large part of the slow stock that is otherwise wasted, then the sales increase automatically.
- Highly accurate and time-saving
When you are depending on a highly advanced system to modify pricing in the retail industry, you are eliminating the chances of human-made mistakes. Electronic shelf labels are best known for being highly accurate as well as precise because they make editing prices for goods easy, quick, and transparent. This also means that your employees would not need to spend hours on a tedious task that exhausts their creativity and thus causes them to make mistakes unknowingly. A single mistake in the pricing could result in a huge loss if a product price is misquoted by any employee.
Retailers can take their business one step ahead with the help of ESL and, therefore, experience a sharp increase in overall sales owing to the aforementioned advantages.