At the shelf-edge:
- 76% purchase decisions are made
- 60% brand alternating decisions are made
YET, the power of shelf edge as a tool for marketing is often underestimated.
Paper printed shelf-edges only inform customer of the price of a product. With digital technology innovations, LED billboards can be used on shelf edges to provide vital, valuable and personalized information to shoppers.
The industry of supermarkets/grocers has the most to gain by investing in these digital displays at the shelf edge. Sometimes grocers spend massive amounts of time and resources to change about 5-10 million labels in a week. This task can be almost eliminated simply by switching to LED displays. Apart from lesser resources needed, there are a few more reasons why not just supermarkets but all retailers should consider transitioning to digital shelf edge technology:
For retailers, two major business challenges are:
- 57% price sensitivity amongst consumers
- 41% promotional intensity amongst competitors
In response to this:
- 55% retailers know how important quick response to competitor pricing is
- 44% retailers are aware that dynamic pricing allows them to change pricing as fast as market demands and competitor prices
By investing in digital displays for shelf edge, retailers can create a proactive, rather than reactive pricing strategy. A dynamic approach to pricing lets retailers play with different pricing strategies and observe which one works best. This can be done without having any impact on labor or other operational costs because updates are made from one centralized location. By focusing on time-based and data-driven pricing decisions, managements can increase sales throughout the store.
Newer technologies are always focusing on creating personalized and valuable experiences for customers. With digital shelf edge, retailers can tailor content to engage a customer, precisely when he/she is looking at the display.
- 62% of consumers compare prices before a purchase is made
- 84% will use their mobiles to do this price comparison while at a store
Shelf edge technology can be integrated with a software that keeps track of competitor prices. By doing so, brands can update their prices in real-time and retailers can inform shoppers that price comparisons have already been done and that they are getting the best possible deal.
- 92% consumers always read online reviews before a purchase
- Over 88% of those consumers take those reviews into consideration
- With technology items, 64% consumers read online reviews about the product
- Reviews have the potential to increase sales
- Over 50% of 18-34 aged youngsters trust online reviews over family recommendations
Hence the sale of an item is not always about the price.
Product reviews have become a fundamental part of online shopping. LED displays at shelf edge can be used to display real customer reviews so shoppers don’t have to look elsewhere in trusting the product.
Absolute customization is possible with beacon technology. Previously collected data about a customer can be used to fine-tune customer experiences with offers and promotional deals in order to further influence buying decisions.
Future-proofing the store
Digital displays are in all ways an eco-friendly solution. Businesses can reduce waste linked with ink, toner and other printing costs.
Leading innovations such as digital shelf edge technology helps retailers bring a balance between online and offline shopping, hence encouraging customers to visit physical stores to cater to their shopping needs.