Tech is Trending in Retail

1. Electronic Shelf Labels (ESL)

The flexibility to change pricing across multiple locations instantly is an important operational requirement in today’s fast moving market. ESL solutions remove the mundane daily task list of price changes, allowing frontline workers to focus on the customer and in-store experience, while retailers ensure price updates can be made at the touch of a button.

ESL links pricing with other core management system such as category management, inventory and forecasting and is centrally controlled. By changing the price or product information on the master list, electronic shelf labels throughout the stores are automatically updated for pricing efficiency. Users report a 100% reduction of price errors and an 80% time saving on price updates, enabling staff to be deployed in more effective customer-facing activities.

The electronic labels themselves can also be customised to display logos, flash special offers or provide more product information, such as ingredients or recipes via NFC or QR Codes.

2. Supply and Demand

Managing supply and demand effectively is a critical business in today’s world of unpredictable market changes. Faced with mounting data, retailers need automated insights to better understand the factors influencing customer demand, and how to determine their pricing strategies. Technologies such as Panasonic partner Blue Yonder’s Luminate Pricing Lifecycle is designed for this challenge. It is a powerful application driven by Artificial Intelligence and Machine Learning that helps retailers to make optimal stock and pricing decisions across the product lifecycle.