17 Jun Dynamic Pricing within Retail Can Bridge the E-gap
Dynamic pricing refers to the method by which the retailers make changes in the price of the product concerning the changes in supply or demand of that product in the market.
Many e-commerce vendors indeed keep modifying the price several times a day to withstand the continuous changes.
And to change the prices instantly without the burden of investing too much time on it, then the Electronic Shelf Label (ESL) can be an ideal option to cater to your needs.
Types of Dynamic Pricing
The dynamic pricing techniques can indeed bridge the E-gap, and various types of dynamic prices trigger the processes in e-commerce.
- Segmented Pricing
The retailers approach the market by creating a valuable product to complement their premium product.
- Peak Pricing
This is the method followed by businesses when they increase the processing for the increase in demand or when the competitor is facing inventory issues and runs out of stock
- Time-based Pricing
This feature is to price a product according to the time or the time till the product is available in the market.
- Penetration Pricing
To penetrate the market, the retailers set a price much lower than the market price.
This way, they persuade more people to buy their product and gradually increase the price of the product later as they become popular and on-demand.
How ESL helps in Dynamic Pricing
- Good quality ESL can handle multiple changes of pricing in a single day.
- ESL can also help you to implement features like Click and collect, implement geolocation mechanisms and adopt replenishment features.
- It can help you optimize the profit margins and altering pricing regarding the competitor’s price.
- You can update the pricing strategy that works well under dynamic conditions.
- ESL is highly adopted in the supermarket and retail stores to reduce the complexity of the store operations.
Electronic Shelf Display for Dynamic Pricing
The ESL vendors in Qatar have set services to provide Electronic Shelf Display to showcase the price and information of the product on the shelves.
With a central server to control the pricing mechanism, the changing price is updated and the product price automatically changes on the shelf.
Benefits of Electronic Shelf Display to Retailers
- No print cost
You can automatically update the pricing easily and quickly with ESL.
There is a completely paperless solution and you don’t have to spend on printing price on paper tags.
- Improve the Industrial Process
To meet the demands of the customers and the market, the labels can be adjusted and modified with the customization empowered by SES-imagotag e-paper labels.
- Precision with Innovation
You are not left with the stress of manually updating the changing price every time. Just like the overhead cost is reduced, the manual updating time is also saved.
ESL also helps in optimizing the stock, inventory, with precise management to open ways for digital transformation.
- Keep up with the market trend
Dynamic pricing always helps you to analyse the competitor pricing and also keep yourself in line with the market trend.
You can vary the price easily without changes in the demand and the supply of the specified product and balance your margins.
- Connect shoppers with the best experience
You can gift a personalized in-store experience and ease of shopping to your customers with this feature.
Consumers can geo-locate the shopping list and manage the cart easily through mobile devices.
The loyalty credits and self-scanning features and social media and device integration connect customers, items and retailers.
By ESL implementation in your stores, you are investing in the best option to help your business with effective and havoc-free dynamic pricing.
Dynamic pricing with automated technologies can reduce your stress and also give accurate records on changes, and keeps the process systematic and easy.