Businesses, particularly those in the retail industry, implement various sales and marketing strategies to reinforce their brand message, boost customer satisfaction, acquire new customers, and, most importantly, stimulate revenue. However, with the growing number of retail establishments in the United States, retail businesses should not rely mainly on these strategies to achieve their sales and marketing goals.
Retailers are becoming more and more competitive, as they are not only competing with other retail establishments; they are also competing with online commerce. Many shoppers, particularly the younger ones, prefer to shop online as it is more convenient than in-store shopping.
Hence, to remain competitive in the retail industry, businesses must take extra steps to deliver their customers’ interactive experiences. They must consider using innovative technology, such as digital signages, POS system, and digital shelf labels, to draw more shoppers inside their stores and transform customers’ commerce experience into something more convenient and interactive.
Retail businesses can attract more customers at a low production cost by using digital signage. Unlike traditional signages, digital signs use electric systems; thus, these can display much content. Accordingly, active digital media displays can display impactful animation or video stories, detailed product information displays, or even product demos that can raise brand awareness and deliver the store’s message to its customers.
Moreover, usage of POS system increases store profitability of retail businesses. It can help implement effective invention management and allow stores to personalize and target marketing campaigns by capturing buyer behavior.
Consequently, electronic shelf labels (ESLs) also increase a retail establishment’s profit as these do display not only pricing but also comprehensive product information. Customers can know more data about the product they are buying, such as nutritional facts, size, and price per weight. They can also see the product’s stock level, online price of the store’s competition, and reviews.
Besides being used for in-store tags, digital price tags can also be installed on warehouse shelf labels. Shifting to use ESLs can reduce operational costs when changing paper tags. Staff can easily alter or update labels on the shelves within minutes as they only have to access the POS for the changes.
Additionally, ESL solutions offered by companies like SoluM can support Location Based Service (LBS). This feature shows the products’ location (color-coded according to type); therefore, making product inventory more convenient and efficient for retailers.
Leveraging technology lets retail establishments provide their customers with a seamless and more personalized customer journey. This infographic from SoluM discusses the five pieces of equipment that are advantageous for retail stores who want to keep their businesses competitive.