Shelf space is prime real estate. As a retailer, you want to be in complete control which means you need accurate, up-to-date, complete information about your inventory both on the shelves and available in the stock room and warehouse. With an ESL solution, you can program your labels to give you exactly the info you need for your store or even across many stores.
Review these tips and see how you can improve the way you use your shelf space:
- Highlight your “hero” product for each section of shelving. This is the item that has a loyal group of buyers who come back for it time and again. You want to give this product maximum space and probably regularly offer bonus loyalty points. Make sure the customer can see the inducements at the shelf edge right on the label.
- Monitor your products’ end of shelf life. There is no bigger customer turnoff than a stale display. This is the time to move the product either by quick sales or by removing it from the shelf. You can use your ESL system to let employees know it is time to take action and to let customers know about price reductions. If it happens to be a perishable item such as produce, you might want to reduce the price several times in one day to make sure it is sold when it can still be used.
- Use your ESL to let you know when inventory is low or out of stock. If you put that info right at the shelf edge, you will greatly reduce employee and customer frustration. No one has to run around checking the stockroom for a product that is not there.
- Message employees about repositioning goods. You can use messages on your electronic shelf labels to tell employees where to place products. You might even want to let them know when to switch products around to achieve your pricing goals.
- Message customers with promotional product info. Tell shoppers about bundling opportunities or complementary products that might be on harder-to-see shelves. This info help keep products moving while optimizing the use of shelving space.
There are many benefits to using your ESL system as a communication tool for customers and employees to manage shelf space, including:
- Reinforcing your overall pricing strategy, especially showcase promotions on shelving that is easy to see
- Analyzing product turnover is more efficient, especially for moving along items nearing the end of their shelf life and flagging poor-selling products
- Providing info on stock levels so there are never empty shelves
Contact a ValuTrack specialist who can review your operations, make recommendations for a customized electronic shelf label system and arrange implementation. There is one waiting to start the conversation at 877-484-8187 or [email protected].