Contrary to what most people believe to be accurate, eCommerce isn’t the reason why retailers face a hard time today.
Consider this – more retail stores opened than closed in 2017 – as per a leading journal.
So, what’s exactly the problem here?
Market experts believe that lack of technology at hand and incorrect timing for launching campaigns are top of the reasons why retail stores fail.
However, the fact that eCommerce is actually threatening the retail business can also not be denied. Although the impact is not as significant as anticipated.
Nonetheless, there are some innovative ways – Electronic Shelf Labels – that retailers can use to compete with giant eCommerce players.
Keep reading to know more.
Integrate Customer Touchpoints
One of the reasons why eCommerce is a successful idea is that it offers customers a flexibility to connect.
Consider this, a customer visits an online shopping store, chooses a product, adds it to the cart, makes the payment, and it’s done.
Now think if a retail store could do this too.
Electronic shelf labels can allow users to access all the necessary information on their devices. It’s as simple as scanning a code and reading a webpage.
Enable Service-Led Retailing
When it comes to retail stores, their USP is the physical essence. However, studies reveal that an increasing number of shoppers are preferring a digital experience.
What does this imply?
Retailers now more than ever need to integrate physical and digital channels. As per the experts at SES-imagotag.com, electronic shelf labels can help with this too. Users can connect their devices to the digital tags, choose the products of their choice, and in many cases can even make the payments.
It’s convenient with digital price tags.
Provide Customer-Centric Experiences
As mentioned already, customers are now preferring a digital experience over a physical one.
Keeping this in mind, the need for integrating digital technologies to improve customer experience is ever more significant.
Some retailers are even leveraging such innovative technologies. For example, there are now AI integrated mobile experiences along with digital price tags.
To your surprise, some retailers even go beyond by integrating augmented and virtual realities into their stores.
Build Up A Collaborative Ecosystem
Did you know the secret ingredient for digital stores’ success? It’s none other than collaborators and partners.
A simple example, most eCommerce companies outsource their logistics and supply chain management. And all of this is handled in real-time with the help of real-time inventory information.
With the help of electronic shelf labels, retailers can also create such a collaborative ecosystem.
The digital devices can collect real-time data for shelf-commodities, its pricing, products in stock and more. And accordingly can also relay the messages to the supply partners.
Engage In-Store Experiences
Most important of all is the in-store experience for any customers. And it’s regardless of whether a store operates as an eCommerce or a retailer.
Ever visited an online store and found that it suggests you the products that you like? More so, there are advertisements all over the page.
Well, retailers can do this too. Instead of using banner ads or print media, retailers can use digital price tags for in-store advertising.
It could be about anything from a new product to an introductory offer and more.