In a recent survey by PlanetRetail, commissioned by DisplayData, a wide swath of retailers were asked to share their priorities in pricing dynamics in their stores. The complete pictures paints an image of retailers constantly struggling with pricing strategies and illustrates the importance of technology at the shelf edge to assist in creating a more conducive environment for shoppers.
A detailed look at the report shows:
- A significant number of retailers (47% agree and 29% completely agree) think that providing metrics at the shelf edge such as competitors prices, customer reviews and star ratings, stock levels, promotional material and dynamic pricing would positively influence the customers purchasing decision and increase conversion rates for both new and existing customers.
- A large proportion of respondents stated that although they were familiar with agile pricing strategies such as variable pricing, expiration-timed pricing, etc – that there customers would not like it and they had no plans to deploy it. If 65% of the current retail market thinks this way, this leaves an enormous opportunity for the 35% who are not willing to leave profits on the table.
- An enormous 82% of respondents stated that one of the most critical elements of their customer satisfaction is ensuring promotions are up-to-date and accurate across the web, shelf-edge and check-out stand.
- 78% stated that being able to price dynamically would help to improve margins and in-store efficiencies.
- 88% state that more price changes and promotions to offer customers better prices and in-store deals would positively influence their bottom line.
- 70% state that THE STRUGGLE IS REAL when dealing with how to keep up with the velocity of price changes necessary to keep their customers engaged.
- A further 64% state that they are UNABLE to implement all of the price changes they WANT to do.
Time and time again, the current “tech” of using paper-tags is become obsoleted by the use-cases of electronic shelf labels. Retailers can sustain huge numbers of price changes and promotions with no more than an update to a computer system. The labor savings, morale savings, and information forward approach (not to mention the current novelty of such technology) is an enormous way to sustain profit margins in today’s world of ever-decreasing prices and associated profits to retailers.
We have a wealth of content available for your review to see how this technology can play out in your store – and are more than happy to schedule a consultation with you to determine the specifics of such an implementation. Reach out to us today.