Shelf Labeling 101: How do Electronic Shelf Price Tags Work?
Electronic shelf price tags can automatically update thousands of displays simultaneously across several channels.
Electronic Shelf Price Tags work using electronic paper or liquid crystal paper to display information on a screen. Through a local network, electronic shelf price tags can easily update the prices whenever necessary.
With just a few clicks from a remote server, electronic shelf price tags can automatically update thousands of displays simultaneously across several channels. Paper labels or the tedious deploying of store staff to replace the price tags on every shelf manually won't be necessary.
Price update is one of the electronic shelf price tags' most substantial assets, making this display module an excellent solution for businesses that offer shopping in physical locations. Electronic shelf price tags allow for fast, accurate, and consistent manipulation of price and promotional strategies, making it beneficial for stores with several branches in varying locations.
The business world is slowly recognizing the need for automated price management. According to MarketsandMarkets, the electronic shelf price tag is predicted to grow to be worth $1,425 million by the year 2023.
Features of an Electronic Shelf Label
As mentioned in our previous article, 5 Reasons to Switch to Electronic Shelf Labels, retailers practically use ESL to display their products' prices digitally. In addition, it is packed with more features.
Display More Information
ESL is not just about showing product prices. It acts as a guide to help customers decide which product to purchase.
ESL can show more information besides the price. When customers at the supermarket want to know the difference between two milk brands, they can check the additional information displayed on the ESL, such as the nutritional facts, the price per weight, and remaining stocks. Being able to weigh these factors leads customers to which milk brand they will buy.
In case your supermarket runs out of milk, ESLs also show QR codes. Once customers scan your store’s QR code, it will lead them to your app or website so they can order more stocks online.
Change Product Prices in Real-time
Manually changing your paper labels is time-consuming.
ESLs can implement dynamic pricing, which enables your store to adjust prices in real-time and stay profitable despite price fluctuations.
Through dynamic pricing, you can increase the prices to capitalize on-demand, and you can also lower prices to increase sales and get the products moving. It also gives you data on customer behavior patterns by accurately displaying the price range customers are willing to pay for certain products.
Customers can also benefit from this pricing method. When they purchase your products at the most competitive price, you increase customer satisfaction, which opens the opportunity for customer loyalty.
Reduce Operational Cost
ROI is essential for any business, which ESLs don't miss to provide.
You might think that using paper labels is way cheaper, but that's a thought you must reconsider. Paper labels require expenses for ink, printing equipment and require too much time to install new labels.
Sounds too draining, right?
With ESL, you can bid your goodbyes to those papers, printers, and ink. In an instant, you can update your product labels and allot more time on serving customers—you will see savings in labor and materials cost in the long run.
Not to mention, ESL can support a store's care for the community and environment.
As ESL eliminates paper labels, it reduces your carbon footprint, which helps you implement effective carbon management strategies to reduce your environmental impact.
For years, optimizing the inventory on a granular level has always been a battle for retailers—inventory automation came into the scene.
Automating the inventory through ESL eliminates manual labor and improves your service level, ensuring that customers will receive the items they ordered on time.
ESL can provide an accurate insight into your inventory and alert associates when products are low in stock or reaching expiration. From store associates to direct store delivery personnel, anyone can be notified by these alerts. The accurate insight also gives shorter lead times and lower costs and reduces unnecessary storage and handling.
Automated inventory also allows for demand alignment and forecasting, reducing your stock-outs, improving your delivery, leading to more satisfied customers.
Provide Omni-channel Experience
With ESL, communication is made easy through omnichannel, which combines physical and online commerce.
In this digital age, customers use various channels to look for items they want to buy. Retailers must be interactive in the most convenient way possible, switching between interaction methods to serve customers in different areas such as physical stores, websites, and mobile apps, allowing customers to reach out with problems or concerns by phone, email, webchat, and social media.
ESLs can help you do that—with ease and speed. And you can do the following interactions with your customers across all channels:
- Display stock levels – customers can know whether the supply is limited
- Display online prices of competition – get consumers' trust when you say you have the best price
- Enable item ordering through QR codes
- Display reviews of products – show shoppers what others like about a product
How Do SOLUM's Electronic Shelf Price Tags Work?
SOLUM is an industry leader that has been continually developing new solutions, making several improvements in quality, and adding additional features to electronic shelf price tags. Thus, the latest innovative ESL solution to date was born: Newton.
Our electronic price tags can do a lot more than a typical digital price tag. As our electronic shelf labels are now back-up by the all-new Newton system, our products provide vital features that elevate your shelf labeling system's capabilities:
Ten years of battery life – take advantage of Newton's features for as long as a decade.
Faster update speed – 8-10 times faster than other electronic price tags!
Display more information – flip up to 7 pages to access more data about the product.
7 LED colors – Newton's battery life allows more possibility of heavy usage of LEDs.
Two programmable buttons – allow for more efficient task execution.
NFC capability – perform mobile payments.
IP67 – even the tiniest dust particles won't be able to penetrate it!
Customizable design – incorporate your company's colors, patterns, and logo.
Newton has been taking over the retail universe, one store at a time. It is now being leveraged by our partners all over the world, redefining what it is that shelves can do for store owners and warehouse managers, and especially for customers.
Limitless possibilities. That's the Newton promise.
If you want to learn more about Newton, contact us today or visit us at www.solumesl.com.