There are 6 ways that electronic shelf labels can help retailers manage inventory levels in the store. By Eileen Keehan
Maintaining inventory levels is the lifeblood of the retail industry: Too much inventory leads to overstocks and too little inventory leads to out-of-stocks. According to the IHL Group, overstocks and out-of-stocks, or inventory distortion as the analyst firm refers to it, cost retailers close to $1.1 trillion a year globally.
Multi-channel retail is making your products available for purchase using more than one outlet: common multi-channel would include online platforms such as your website, Amazon, Facebook, eBay, Etsy, and offline channels such as a brick-and-mortar store, pop-up stores at Farmers Markets, sporting or music venues and other physical outlets.
Do you want your store to become part of the "New Brick and Mortar Retail Age" or would you prefer to be left behind? If you would prefer to prosper, and not be left behind in this New Brick and Mortar Retail Age, Electronic Shelf Labels are for you.
As most retailers can attest, perceived inconsistencies between the online and offline worlds can lead to customer dissatisfaction and ultimately lost sales. Consumers believe it’s not possible to receive the same promotion or rebate in-store as online. They also believe that prices are always lower online and inventory is more accurately portrayed online than in a physical store. These perceptions are among the reasons that consumers are increasingly bypassing the physical store in favor of shopping online. Brick and mortar stores must find a way to create seamless channel experiences in order to maintain customers’ desire for consistent in-store experiences and real-time product information.
Inventory maintenance is a priority for every retail business. If you keep too much inventory, you will be having an overstock and if you keep little inventory, you will run the chance of having lost sales and unhappy customers. Retailers are using the latest technology to carry out their inventory processes. Through the technology, they will know when the store is running out of stock and begin the restock process. However, if the retailers realize the ability of technology and the ways in which it can transform their business operations, they can change the face of their business.
Electronic Shelf Labels (ESLs) are indeed the future of in-store signage. With ESLs you can quickly change prices to meet or beat the competitor, easily add marketing phrases to the label, grab customer’s attention and provide a vast amount of information.
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