Studies prove that the longer a shopper remains in a store, the more he or she will buy. And the amount of time a shopper spends in a store depends on how comfortable and enjoyable the experience is. Price tags most certainly can aid in making the retail experience more enjoyable through aesthetics and hopefully keeps the consumer in-store longer, thus increasing the stores per customer margins. Studies also show that upon pricing audits, retail chains are only 95%-96% accurate on their paper labels. Relying upon store associates to continuously check for accurate pricing is a time consuming, and sometimes faulty, exercise.
Employee time is your most valuable resource. Human capital is the most productive, but also the most expensive. As an efficiency generator, digital changes the priorities of employees so they can focus more on revenue rather than on the small things that matter less, such as whether or not an item should be marked as $30.00 or $29.99.
Digital signs have been shown to increase customer dwell time, which–statistically speaking–nearly always increases the amount spent on a particular item. This is as true in retail as it is in relationships and nearly every other aspect of our lives. The standard tools of marketing work, they just don’t work anywhere near as well as they used to. Many purchasing decisions are made, or can be heavily influenced, on the floor of the store itself. Shoppers are susceptible to impressions and information they acquire in stores, rather than just relying on brand-name loyalty or advertising to tell them what to buy. As a result, an important medium for transmitting messages and closing sales is now the store and the aisle. That building, that place, has become a great big three-dimensional advertisement for itself. Signage, shelf-position, display space and special fixtures all make it either likelier or less likely that a shopper will buy a particular item (or any item at all).
GREEN - With 5-10 paper tags fitting on one sheet of paper you will toss away about 50-100 million sheets of paper in a year…….in one such chain. Implementing price changes is a multi-billion dollar problem for retailers around the globe. Digital allows for real time dynamic pricing, improves price accuracy, sharply reduces costs and paper waste and improves in-store communication with consumers.
Revenue On-The-Fly - Because prices can be changed on the fly, revenue can increase on-the-fly as well. Think about experimenting with changing prices by time of day, social influence, social referrals, or location. The ability to dynamically change prices based on contexts such as time of day, customers in proximity, levels of stock, or the weather that you experienced five minutes ago creates so many opportunities!
Saving ink! Saving paper! Saving trees! Cutting costs! Adjusting prices remotely, saving on manpower! All good things.
Small sign. Big implications.