Electronic labels offer businesses and customers far more benefits than paper or sticker alternatives:
Dynamic Pricing – Businesses can quickly respond to price changes of goods. All they need to do is update their database and then this information propagates across the network and can update across all labels within a matter of minutes (Depending on the size of the business). Allowing customers to have the most up to date price and the best value.
Save on Long Term Costs – if businesses are not having to change the price labels constantly, they can save money on printing new labels and having staff change the labels. Instead, businesses can have the staff working on more profitable activities such as product replenishment or serving customers.
Integrated Logistics – Inventory management is a critical practice for all retailers. The ESLs can be integrated with a company’s shipping schedule; to display the next delivery date for out-of-stock products or offer the next best alternatives with their dynamic content capabilities.
Advanced Capabilities – As technology advances more and more, manufactures are adding in additional capabilities for their ESLs including:
Product Finding – Retailer can link their ESLs with additional third-party applications to help colleagues and customers to find products. All they would need to do is to enter the product they were looking for the app would guide them to its location. This can be paired with alerts that can sound when the user is close to the product.
Habit Tracking – Some manufacturers are placing motion sensors inside of their ESLs this allows retailers to see how their customers act in their store. Analysing where most customers spend their time browsing. Where do most customers end up congregating. This can help businesses to improve the layout and offerings in their stores to improve the customer experience.
Environment Tracking – Including sensors to record the temperature and humidity around perishable products can be an extra line of defence for businesses. They can ensure their products are being kept in the right conditions, ensuring the safety of customers and their products. This will help to minimise wastage of perishable items.