‘76% of retailers agreed that showing more information at the shelf-edge would improve the shopping experience and convert more sales.’
(Retail Bulletin, ‘Future of Retail’ issue 8 – Customer Engagement)
Customer engagement is the present and future
The cost of making promo or price changes is extremely expensive, with three-quarters of retailers spending up to 5% of their turnover on making these changes. This equates to over $100 billion dollars in sales. Part of the costs of this result from often highly labour-intensive, manual re-pricing processes. Errors can occur too, of course. This can result in an 80% loss of confidence in customers who have been charged wrongly at the till. Electronic shelf-edge information is a proven method of better engaging the customer.
Do customers respond well to dynamic pricing?
In short, yes. Price-conscious or environmentally-aware customers often look for technological solutions to aid their shopping experience and get the best or eco-friendly deals. A huge proportion, 65%, of these customers welcome agile pricing if it gives them a saving or helps the environment.
The benefits of electronic shelf-edge technology
Shelf-edge technology offers customers benefits on several levels. It can act as a seamless channel for customers to interact with what’s on the shelves, if they use a proprietary smartphone app. QR codes can achieve this easily and accurately. Integration with the back office is seamless and data-driven, not colleague-reliant. Most importantly perhaps, it allows the in-store shopping experience to emulate that of browsing and buying online. Price comparisons, discounts, stock levels and other information can substantially boost engagement and sales. 76% of retailers have agreed that more of this kind of dynamic information on the shelf-edge would improve the customer experience and lead to increased sales. This clearly proves that retailers need to find agile, reliable, real-time solutions.
Many customers value integration between channels. Importantly, they seek fair and accurate pricing, in a perfect match between between the store shelf and their smartphones. 77% of retailers have said that a greater level of information at the shelf edge will improve margins. The customer will obtain a similar level of information to what they are used to when shopping online. Therefore, the bricks-and-mortar retailer is mirroring the new and evolving ways that people shop.
Productivity and customer engagement specialists
Productivity improvement specialists such as SWL are essential to deliver informed decision making for such fundamental changes. SWL’s suite of products and expertise offers a holistic and data-driven strategy for driving change. SWL are specialists in productivity improvement, based on accurate information and data fact. SWL transform your data into transparent, operational productivity improvement, from investment in shelf-edge technology to increased profit. Through our long-running retail specialism, we engender continuous improvement, with an agility to manage change. SWL provides solutions tailored to your business, built from your DNA up.
Call us today on 01527 895020 to arrange a discussion on how SWL can help you to manage change to enhance the customer experience.