Digital Price Tags: Innovative Marketing For Traditional Retailers.
Traditional retailers are trying to contest the increasing popularity of eCommerce. According to a report, eCommerce trade amounts to over $2 billion every day. Of course, there are specifics to this data- most retailers say ‘pricing is competitive’.
Other reasons could be convenience and user-experience.
That being said, traditional retailers are also coming up with innovative ideas to sustain and grow in the market. And, notably, digital price tags are one of the latest innovations to hit the market.
What are digital price tags?
To simply put, it is a digital display of the traditional price tags. However, there’s more to it. These tags are connected over a closed network.
Because they are connected the merchant and the retailer can access all data. For instance, the data about inventory and transactions.
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How do they help organizations?
It is noteworthy that retail stores still hold a majority of the market share when it comes to FMCG products. These products are still preferably bought from traditional retailers, for there is no waiting time.
The customers can get the delivery as they pay. Perhaps, this is the fastest way to earn consumer loyalty. And, in turn, fortifying a brand’s marketing strategy.
Let’s take a look at some of the other benefits it has to offer to traditional retailers.
The primary objective of digital price tags is to help organizations collect user data. Notably, this user data is not from the consumer but from merchants and retailers.
Ideally, the organizations depend on the data collected from invoices and order sheets. As per this website SES-imagotag.com, digital price tags can help companies access real-time data. Perhaps, the manufacturers and FMCG companies can optimize their merchant network. And plan better marketing strategies.
Supply Chain Management
As the name suggests, it is a network of supply channels between the brand and the retailers. Traditionally. the retailers would inform brands about demand, and accordingly, the goods are dispatched. This process could take weeks for goods to reach the destination.
On the contrary, if the data could be collected in real-time this process could be sped up. The producers and brands can track which stores are lacking inventory and dispatch goods accordingly.
Logistics And Warehousing
It is noteworthy that logistics and warehousing are essential for supply chain management. While logistics handle the transition of the goods, warehousing ensures safe storage. Both the tasks are equally important for a streamlined supply of goods.
Though digital price tags do not have any direct impact on logistics and warehousing, they can still help. Manufacturers can manage the goods in transit and inventory in regional cells for quick deliveries. And accordingly, reduce delays to increase profitability.
The interaction between the retailers and the consumers is the key to improved sales for traditional stores. With the ready availability of goods, consumers can trust brands and stores. Thus, fortifying the brand-user relationship. And it needs no mention that loyal customers are more likely to return and repeat their purchase. In short, improving revenue generation for traditional businesses.