Businesses in the retail industry gain profit by selling products they have acquired from a manufacturer, wholesaler, or other distributors, to their customers at a markup – the amount added to the item’s cost to determine the selling price. However, attracting customers and encouraging them to make a purchase has become challenging as more retail establishments are opening, and online commerce is gaining even more popularity.
Therefore, to remain competitive in the retail industry, businesses have to nurture their relationship with customers by giving them offerings and experiences distinctive from other retailers. Accordingly, several retail establishments are now seeing the benefits of leveraging technology to provide a seamless and more interactive experience for their customers.
Shifting to use digital signages and shelf labels have a lot of advantages for retailers. Digital displays can effectively attract customers, increase in-store traffic, raise brand awareness, promote in-store events, and boost sales. Meanwhile, using electronic shelf labels (ESLs) can reduce operational costs and improve employees’ work efficiency. These digital price tags also enhance customers’ shopping experience and satisfaction as these displays not only the product’s pricing but also comprehensive information and even reviews.
Besides displaying price and product information, ESL wireless helps retailers update pricing and information immediately, particularly during sales promotion activities, efficiently. Businesses can manage and monitor multiple store shelf level pricing from a single location. Using ESL can effectively decrease price errors and reduce penalties from price discrepancies.
Moreover, when digitizing equipment used inside the retail store, businesses should also consider using POS solutions, increasing the store’s profitability. A POS system can implement effective inventory management and capture buyer behavior, which will enable businesses to personalize and target marketing campaigns.
Besides using electronic equipment to make customers’ shopping experience more interactive, retail establishments place material handling equipment, such as shopping baskets or carts, to allow customers to conveniently and comfortably carry as many items as they need. Subsequently, they install security cameras within the store’s vicinity to ensure customers’ and staff’s safety.
Here is an infographic by SoluM, which lists five essential equipment for retail stores to keep their businesses competitive.