The amount of data in our world has been exploding, and analyzing large data sets—so-called big data—will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus, according to research by MGI and McKinsey's Business Technology Office. The application of electronic shelf labels in the retail industry is also helping to achieve accurate data marketing in the retail industry.
Entering A Variety of Retail Scenarios
Currently, electronic shelf labels have been used in various scenarios such as supermarkets, grocery stores, convenience stores, drugstore, jewelry stores, cosmetic stores, and home life stores.
According to statistics, with the 3-inch electronic shelf label commonly used in the market, about 600 million of them have been installed worldwide in the past 7 years. The entry of a large number of electronic shelf labels into the retail market has laid the foundation for data marketing.
Laying the Foundation of Data Marketing
The electronic shelf label links merchandise to prices. In addition to its display function, it dynamically adjusts prices and collects and manages data on products in real time. The electronic shelf label connects to computers, cell phones and PDAs via a base station and records all data that occurs in the retail store.
This merchandise data, including prices, quantities, and update frequency, becomes the basis for merchandise management and data analysis in retail stores. For example, by comparing before and after price adjustments, supermarkets can analyze changes in merchandise prices as well as consumers' buying habits.
Facilitating the Realization of Precision Marketing
With the continuous upgrading of consumption, retailers have transformed their business models. In fact, the problem they face is to achieve the connection between online and offline through accurate marketing.
Retail stores enable single-item marketing by displaying QR codes for merchandise coupons on electronic shelf labels.
The fast price change of electronic shelf label can guarantee store promotion and coupon placement simultaneously with online.
Retailers can analyze different consumers' shopping habits through the multidimensional data of products recorded by electronic shelf label to assist in marketing management.
If you have more questions about how electronic shelf labels can help retailers achieve data marketing, you can also contact BOWTZ today for inquiries!