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Now is the time to look forward. With retailers being able to sell in store again, they are facing the huge challenge of product overstock situations combined with a need to generate cashflow. Some large retailers are able to “warehouse” overstock products and out-of-season items such as apparel. However, not all retail sectors are as fortunate, either for cost reasons or the time-sensitive nature of their goods. The need to generate cashflow is forcing increased competition for consumer spending in today’s more cautious and price-sensitive world.
The benefits of omnichannel retailing, in terms of having a consistent customer experience across all consumer touchpoints, are well accepted. In order to get their cash flow moving again, retailers now need to make their offerings even more attractive to win over customers who are likely to be more price-sensitive and less loyal than ever, but who still want to buy “value” and not “cheap.” This will be relevant across all retail sectors, from convenience to apparel and beyond. For example, convenience store retailers are already focusing on optimizing the customer experience by making it as easy as possible for them to buy when in-store. That means having the right mix of goods, displayed in an appealing manner with all prices and offers clearly displayed in order to maximize selling and upselling opportunities.
Retailers need to take all of the attributes of the omnichannel retailing approach and apply them as effectively as possible to the total store environment. This short video shows an example of a clothing retailer, with omnichannel marketing principles that can be applied to many retail sectors, including convenience stores. By focusing on the in-store retail pricing strategy and markdown strategy and implementing flexible technology that allows store staff to react to consumer behavior, retail businesses can simply and quickly adapt the customer experience. And they can maximize spend using tools like custom price tags for labels with “WAS/NOW” pricing and “Special Offer” information.
If any retailer is using handwritten markdown and “Special Offer” tickets for retail discounting, there is clearly opportunity to improve the in-store customer experience and the retailer’s image in the eye of the consumer. The same is true for the use of price guns in store. Technology solutions that give the retailer a low-cost but effective pricing toolset that’s scalable as the retailer grows range from just a few hundred dollars per unit as a capital purchase.
Check out the complete price labeling bundles that can transform your in-store pricing strategy
Cost savings over the historical approach
Save staff time on pricing tasks
Better store and brand image
Simplicity & clarity of pricing = greater purchase rate
Fewer pricing mistakes & POS overrides, less lost revenue
Whether it’s an internal IT department or an external solution provider, there are several benefits for the organization delivering the retail pricing strategy solutions to the end-user touchpoints or stores, regardless of the retail sector they are in:
Get virtually everything you need to start labeling now – in one convenient bundle.