What You Need to Know About Electronic Shelf Labels?

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 have become popular and they are used in the pricing & handling of products while displaying information about the products. Here are the ways through which they can be used to enhance the process of inventory.

Maintenance of the Stock Levels

Through ESL, one can recognize the way in which products are moving. If products are not moving out of the store at the expected rate, having the ability to change the price quickly gives the product a better chance of selling out in a timely manner.

ESLs will also make sure the product has proper stock on the shelves and keeps moving at a faster rate out of the store. This information can also be used to determine appropriate time for running promotions by the company. Having the appropriate stock will help minimize loss.

Provide Inventory Information to Consumers

The shopper will always see ESL to be just a price tag. However, ESL contains plenty of information about the stock levels of the product to the customer. If a customer realizes a certain product is not in stock, they will be informed on the date it is expected to be in stock.

There are some ESLs that contain QR code or quick response information which will inform the customer on the availability of the product online and how they can access the product easily.

Reveal Inventory Information to Retailers

The labels contain codes which alert the retailers on the sale of certain products. It will involve coming up with appropriate incentives to ensure the sale of a product. It can also include add on items to ensure an upsale.Without an ESL labels, it will be difficult to decide on which products are selling the fastest.

Helps in Solving Out of Stock Problems Before They Occur

Most of the out-of-stock problems occur at the store level. It can involve many mistakes such as failure of a staff member to respond to the decreasing stock levels. Point of Sale (POS) data can be linked with tools used to manage inventory and ESLs can alert you on lower stock levels. It will help to stock the product early enough before it becomes an issue for the business.

It will free up the time needed to monitor the business stock levels helping you to concentrate on other business operations such as customer care.

Using electronic shelf labels (ESL) can lead to the growth of your business in many ways. If you do not have them, it is time you consider getting them.