5 Strategies to Increase Shopper Engagement in Retail

Today’s consumers have an abundance of choices readily available, and grabbing and retaining their attention has become a significant challenge for retailers. Recognizing the potential loss or gain for a business or brand, it’s crucial for retailers to actively pursue engagement with their intended market and keep that connection alive to secure customer loyalty for the future. The foundation for such success is establishing an effective customer engagement strategy for retail.

What is retail customer engagement?

Customer engagement in retail refers to the various ways a retail brand interacts with current and prospective customers, both in person and online. It is an emotional connection between a customer and a buying process, where customers become invested enough to buy. Retailers are competing on the quality of their service, and customer engagement plays a vital role in building brand loyalty. 

Customer engagement in retail is about building an emotional connection with customers and providing a seamless experience across all channels. Personalization is essential. In fact, 66% of consumers now say they will leave a brand if their experience is not personalized. Digital transformation has become an indispensable tool for facilitating individual interactions with a brand that will lead to conversions and increased revenue.

How has customer engagement changed in 2023?

Overall, customer engagement has become more customer-centric, personalized, and digitized, and the results of increased investment in digital customer engagement have been dramatic.

Here are four ways in which customer engagement has changed in 2023:

  • Focus on customer-centricity: Brands are shifting their focus from costs and acquisition to building customer trust and loyalty through delightful experiences.
  • Importance of personalization: Customers are more likely to quit a brand if their experience isn’t personalized, and 46% of customers will buy more when given a personalized experience.
  • Increased demand for a seamless phygital experience: Customers want a seamless experience that combines both digital and physical mediums in a single transaction.
  • Importance of human connection: As interactions become more digital, the need for a human connection has also increased, and brands are seeking ways to enhance and improve the human connections they have with customers.

Brands are also recognizing the importance of a seamless phygital experience and human connection in building customer trust and loyalty. Overall, retailers report that efforts to increase engagement have increased revenue by an average of 90%.

Benefits to increasing customer engagement

There are numerous benefits to increasing customer engagement, all leading back to the primary goal of increasing sales and profits. While retailers may question whether the effort and investment required to increase engagement will reap adequate rewards, statistics have proven that there is a direct correlation between engagement and purchasing. 

Here are some examples of how efforts to improve customer engagement will contribute to more a successful retail store:

Data

  • Increased customer loyalty: Engaged customers are more likely to stay loyal to a brand, resulting in reduced customer acquisition costs and reduced churn rates. According to Bain & Company, apparel shoppers will purchase 67% more per order after shopping for 30 months from the same company.
  • Increased sales and conversions: Engaging with customers can build stronger relationships, increase brand awareness and reach, and ultimately drive more sales and conversions.
  • Valuable customer insights: Engaging with customers can uncover valuable customer insights, including their preferences, behaviors, and buying patterns. This information can be used to improve customer satisfaction and a better overall customer experience, improving Customer Lifetime Value (CLTV).
  • Brand advocacy: Engaging with customers and providing exceptional experiences can create a community of highly satisfied loyal customers who willingly advocate for the brand. This can greatly impact the effectiveness of your online presence, making for more effective omnichannel marketing. 
  • Improved customer retention: Engaging with customers can improve customer retention and reduce churn rates. According to the Harvard Business Review, it costs anywhere from 5 to 45 percent more to attract new customers than to retain existing buyers. And while new customers convert at a rate of 5-20%, an existing customer will purchase at a rate of 60-70%. Customer retention can be very profitable. 
  • Increased cross-selling and upselling opportunities: Analyzing customer engagement data can personalize recommendations and accurately target cross-selling and upselling offers.
  • Longer time spent in-store: Engaged customers are more likely to spend more time in your store, which is a major concern post-pandemic. With shoppers more and more likely to make purchases online or to rely on BOPIS (Buy Online Pick Up In Store, or ‘click and collect’), increasing time spent in a retail outlet is important. More time in store can translate to more sales.

5 ways to increase customer engagement in retail

Customers are more likely to stay loyal to a brand if they have a good experience, and they are more likely to switch to a competitor after a single unsatisfactory experience. Personalization is also becoming increasingly important, with many customers saying they will quit a brand if their experience isn’t personalized. Companies that prioritize customer experience are more likely to be successful, and investment in digital customer engagement can lead to increased revenue.

Let’s take a look at 10 ways you can increase customer engagement in retail:

1. Transform retail stores into hubs of personalized, experiential shopping

Since the COVID-19 pandemic, the retail shopping experience has changed. Transactional shopping used to be the norm: customers would enter the store location, find the product they were looking for, pay and leave. While this type of shopping experience is still part of the retail landscape, more and more consumers want more than just the ability to get what they need: they want a shopping experience.

Shopper engagement is a vital element of a shopping experience. Consumers can try products, interact with digital tools or staff, and learn how to use products through special events in-store. The retail environment is expected to offer stimulation in the form of digital signage, and a seamless shopping experience in which stockouts and pricing issues are never an issue. Some retailers have even managed to create such a memorable shopper experience that their location has become a tourist destination, such as IKEA, who leveraged insights gained from social media to come up with the idea of inviting customers to a warehouse where they could stay the night and use IKEA sleep products. 

“Retailtainment” is the term now used to describe how retailers use entertainment to attract and engage customers. The goal is to make the retail environment comfortable, with streamlined pricing solutions like digital price tags, and enjoyable, with engaging visuals on digital signage and other tricks to increase loyalty and sales. Implementing IoT to master operations and enhance store spaces with interactive technology can create an immersive shopping experience. The goal is to add energy and increase the fun of the shopping experience. While this will ultimately take some creativity on the part of each individual retailer, using advanced technology will make some ideas easier to implement. It’s all about making your store a place where shoppers want to spend both their time and their money.

2. Harmonize online and offline retail worlds for enhanced shopper engagement

The digital transformation is here to stay, but many retailers are still learning how best to incorporate digital technology in their individual stores. Most brands will benefit most from essential steps like implementing IoT or developing a better online or omnichannel marketing strategy, but there are more advanced methods for increasing consumer engagement that are hitting the shelves now. Many of these have to do with linking your online and offline retail worlds, for example:

  • Endless Aisles: To allow in-store shoppers to order products through an online store while visiting a retail location in person, and have out of stock items delivered to their door. 
  • Proximity marketing: To do targeting advertising and present personalized offers via mobile, to drive sales and increase engagement. US retailers that have integrated proximity marketing into their strategies have experienced a 9% increase in profits and a 175% uptick in ROI. Since 66% of consumers say they will quit a brand if their experience isn’t personalized, proximity marketing opens the door to a vital element of enhancing hopper engagement.

3. Integrate sustainability into your retail customer engagement strategy

Sustainability has been an important element of brand identity for some time, but in order to make this element of your retail business appealing to consumers, they have to know about it. 

According to a survey by Sensormatic, nearly 90% of consumers think that retailers are not transparent enough when it comes to informing buyers about their sustainability efforts. This includes not only business practices and products, but also supply chains. By communicating with customers, retail stores can promote their efficient and effective supply chain management and emphasize how the use of digital technology reduces the environmental impact of many retail operations. For example, implementing Electronic shelf labels reduce the environmental toll taken by repeated printing and disposal of paper labels. However, advanced ESL technology makes labels look so good that shoppers may not even notice the difference. This is where it becomes the retailer’s responsibility to engage the consumer with a compelling story about their green in-store operations.

4. Elevate in-the-moment customer engagement with visual interaction tools

Once customers are in your store, it’s time to make the most of all your tools to increase visual interaction with products and promotions. Digital signage is key to getting the right message in front of the right shopper at the right time, and is used in a wide variety of industries, including pharmacies, grocery stores, liquor stores, hardware stores and other types of retail. 

Electronic Shelf Labels are vital to communicating prices, promotions and more through clear and engaging visuals. According to one survey by Pricer, 2 out of every 3 retailers are of the opinion that their sales operations would be difficult to manage if they did not have electronic labels in their stores. Digital solutions of this type, that check more than one box, are vital tools in the ever-evolving retail marketplace. 

Digital tools also allow for increased access to customer data, which in turn can help establish successful customer engagement with customers, allowing operators to be better equipped with product and service knowledge.

5. Simplify the shopping journey for enhanced customer engagement

While shoppers may crave interesting and engaging in-store experiences, and marketers continue to promote the importance of offering a vast array of choices, customers also want the actual purchase of items to be as easy and as simple as possible. Forbes has stated that 88% of buyers claim that experience matters as much as a company’s products or services, and 80% of customers feel an increase in brand loyalty when customer service solves their problem. In contrast, over 50% of customers will go to a competitor after a single unsatisfactory experience.

There are multiple digital tools for simplifying the shopping experience, including Electronic Shelf Labels, to seamlessly manage price changes, inventory issues and promotions, and digital signage, to keep shoppers up-to-date on products and sales via effective in-store communication and direct in-store traffic so that the journey from selection to purchase is stress-free and easy to navigate. 

Simplifying your customers’ journey involves asking several key questions:

  • What can I do to make it easier for customers to understand and evaluate what I am offering?
  • How can we make our pricing more consistent and transparent?
  • What can we do to optimize in-store layout and make the most of point-of-sale technologies like automated recommendations and mobile payments. 

The goal for retailers should be to create a frictionless purchasing experience, where engagement efforts are reserved for enticing and motivating customers, not for solving mundane purchasing challenges.

Increase shopper engagement with technology from JRTech

Digitization has compelled various sectors to transform their old ways, and customer engagement platforms are breaking all the barriers and helping organizations understand changing customer demands and behavior.

Customer engagement is one of the many areas of retail shopping that has become reliant on digital technology to be truly effective. JRTech is an established provider of essential digital in-store technologies like electronic shelf labels. 

Contact us today to learn how we can help you acquire the tools you need to engage the next generation of retail shoppers.

How to Prevent Stockouts: 9 Digital Inventory Management Tips

Stockouts are becoming more and more of a problem due to a variety of issues worldwide. It may be getting harder to avoid running out of stock, but that shouldn’t stop successful retailers from doing everything they can to prevent stockouts from happening.

Digital technology can help retailers to avoid stockouts, with tools that can be used for everything from improving inventory management to communicating more effectively and efficiently in-store and behind the scenes. 

Join us as we examine the common causes of stockouts, explore why it is important to avoid them, and take a look at what retailers can do to prevent them.

What are stockouts?

A stockout occurs when a product is temporarily unavailable or out of inventory. When customers cannot purchase a product, they often go elsewhere to do so, even if the stockout is temporary. Stockouts hurt retail outlets and contribute to consumer dissatisfaction.

Common causes of stockouts

There are several reasons why a retailer might experience stockouts, depending on the type of merchandise they sell and various other factors like store location, retail trends and global supply disruptions. Common causes of stockouts include:

Supply chain disruptions

Anything that throws off the smooth flow of products, like natural disasters, labor strikes, or production problems, can cause items to be unavailable, leading to stock shortages.

Poor demand forecasting

Poor inventory management can lead to retailers’ being unable to accurately predict what customers want, and they might not maintain enough stock. This could mean needing to keep extra inventory just to meet demand, which in turn can lead to expired merchandise and financial losses.

Late deliveries

When suppliers don’t deliver goods on time, especially during high-demand periods, businesses might run out of stock waiting for the supplies they need.


Promotions and seasonal changes

Unexpected periods of high demand, caused by events like seasonal shifts or promotions, can strain inventory. Failing to plan for these changes can lead to items being out of stock.

Product quality problems

If a product has quality issues and customers are returning it, suppliers might struggle to replace the items quickly, resulting in stock shortages.

Shortage of funds

If a business doesn’t have enough money to operate smoothly, they might not be able to order enough stock. Poor cash flow management or having too much money tied up in excess stock can lead to stockouts.

Incorrect inventory records

Mismatched records of what a store has and what they’ve sold can lead to stockouts. If the actual inventory is lower than what’s believed, items might run out unexpectedly. Effective inventory management is crucial in any industry, and the best approach may vary according to the type of retail outlet. Pharmacies, grocery stores and liquor stores each face unique challenges when it comes to inventory management.

Mistakes in planning and human error

Errors in inventory management, forecasting, or simple human mistakes can all contribute to stock shortages.

Logistics problems

Issues in the transportation and logistics processes, like shipping delays, can also lead to products not being available when needed.

Why it’s important to avoid stockouts

Running out of stock can spell trouble for businesses, and here’s why:

Lost Sales

When products are unavailable, potential sales slip through the cracks. Customers might turn to competitors or decide not to buy at all. This hits a company’s profits hard.

Consumer dissatisfaction and lost customers

Stock-outs diminish customer satisfaction and erode customer loyalty. If a retailer frequently runs out of items, customers might lose trust and permanently switch to other options.

Damaged brand image

Regular stock-outs can tarnish a brand’s reputation. Customers may start associating the brand with unreliability. Bad word-of-mouth and negative online reviews can scare away new customers.

Hidden expenses

Stock-outs come with extra costs like managing backorders and rushing to reorder items. These hidden expenses eat into a company’s profits and operational efficiency.

Missed opportunities for upselling

When popular items are unavailable, retailers not only lose immediate sales but also the opportunity to suggest complementary products via streamlined tunnels like digital signage. This means lower sales and missed chances for growth.

Supply chain problems

Stockouts can signal bigger issues in the supply chain, like delays, poor forecasting, or financial constraints. By addressing the root causes of stockouts, retailers can identify and fix underlying problems and make their overall retail operations smoother and more resilient.

How to avoid stockouts

Digital technology is key to preventing stockouts in today’s retail landscape. Rather than an advantage, digital transformation is the expected norm, and for good reason. The digitization of data collection and communication allows for faster, more efficient and more effective retail management.

1. Clean data

Retailers can keep data clean by embracing digital technologies. Digital tools like Electronic Shelf Labels allow for real-time stock updates and help managers keep their data up to date and accurate, allowing for more accurate inventory predictions and timely, efficient ordering. Live inventory data allows for fast and accurate assessments both in-store and in warehouses.

2. Improved demand forecasting

Understanding what your customers want is vital for your business. By effectively implementing IoT, retailers can look at past sales data and trends and accurately predict which products will be in demand. This not only ensures that you order the right amount of stock at the right time but also helps in reducing excess inventory and the costs associated with it.

3. Strong relationships with suppliers

Communication is key in any successful partnership. Rely on digital communication to keep your suppliers in the loop about any changes in your business that might affect your inventory needs. A good relationship ensures you get the inventory you require precisely when you need it, and helps reduce the risk of stockouts.

4. Reorder points

Every product has a threshold level. Reorder points are the triggers that indicate when it’s time to restock. Use digital data collection to understand the speed at which your products sell and the time it takes to restock. By calculating these points, you can keep your inventory at optimal levels, preventing stockouts.

5. Just-in-time inventory

Why keep more than necessary? Just-in-time inventory is about having what you need, exactly when you need it. When an order comes in, you produce or purchase only what’s required to fulfill that order, avoiding overstocking and losing merchandise. Safety stock is no longer a priority. Digital technology makes this type of ordering fast, efficient and cost-effective.

6. ABC analysis

Not all products are created equal. Some are more important for your business than others. ABC analysis categorizes your inventory into three classes: A, B, and C. A items are your top priority, while C items are of lesser importance. This classification helps you focus your attention and resources where they matter the most. Inventory management software makes it possible to analyze your stock behind the scenes, quickly and accurately.

7. Invest in new technology

In today’s digital age, new technology emerges quickly and retail businesses need to keep up with the changes to maintain a competitive edge.

 

  • Relying on digital signage to implement an effective in-store communication strategy makes it possible to update promotions according to supply, minimizing the impact of stockouts on your customers.
  • Using Electronic Shelf Labels saves time and energy, which is especially helpful during labor shortages.
  • Implementing an inventory management system helps you keep a close eye on your stock levels. It tracks sales trends and even automates the reordering process. This ensures you never run out of products unexpectedly, keeping your customers satisfied.

8. Diversify your supplier base

Putting all your eggs in one basket can be risky. Relying solely on a single supplier increases the chance of stockouts if they face production or delivery issues. Diversifying your supplier base spreads the risk and ensures a steady supply, even if one supplier encounters problems. With digital tracking and digital communication methods at your fingertips, it’s possible to maintain multiple relationships and make appropriate supply decisions in real time.

9. Monitor and adjust inventory levels

Change is constant in the business world. Regularly reviewing your inventory levels is crucial, and made much easier by implementing technology like Electronic Shelf Labels and relevant retail management software. Keep an eye on shifts in customer demand, seasonal variations, and other factors. By staying proactive and making necessary adjustments, you can prevent stockouts and keep your inventory management finely tuned.

JRTech: digital technology for better stock management

All retailers want to avoid stockouts, and digital technology can help. With the right approach to digital transformation, preventing stockouts can be a challenge rather than an impossibility. Choosing the most relevant technology is key, and it’s up to businesses to decide which of the many digital tools on the market will be most effective for their unique retail environment.


JRTech Solutions is a leading supplier of state-of-the-art digital signage and Electronic Shelf Labels in North America. Contact us to learn more about implementing these tools in your store now.

How Technology Can Help Manage Labour Shortages

While some solutions to labour shortages involve changes to recruitment practises and optimized staff schedules and benefits, many retailers are also turning to technology to help satisfy customer needs and take pressure off their existing personnel. And it’s not a short-term fix – technology and IoT are changing retail operations for good around the world, by increasing operational efficiency and making it possible for businesses to thrive with fewer personnel.

Let’s take a look at 5 labour shortage solutions that rely on technology to solve the problem.

1. Automation

Automation is nothing new, but many companies are relying on automated processes more and more to compensate for a shortage of human staff. Rapid advances in robotics technology have made it possible for some sectors to replace more people with robots than was previously possible, which has helped some types of business deal with labour shortages. 

However, this option is generally only available to companies with large budgets that rely on processes that are suitable for automation, such as sorting, stacking and painting. 

2. Better Communication

Four out of every five workers are frontline employees. However, many of these employees feel disconnected from the rest of the organization they work for, contributing to lower motivation and a greater likelihood of leaving.

Technology can make a difference. With better communication between management and front-line employees, companies can create a work atmosphere that encourages both efficiency and team spirit. When an employee knows that they will be notified rapidly and accurately of promotions, price changes and policy adjustments thanks to digitized operations, they feel they are an important and valued part of retail operations. Effective in-store communication includes both practical signage and informed staff, a coherent combination of technology and the human element that will continue to make real people a part of your strategy.

3. Self-checkouts

Retailers are increasingly adopting self-serve checkout terminals as a labour shortage solution that also improves operational efficiency. These self-service checkout machines typically require only one person to monitor multiple checkouts (anywhere from 4 to 10), depending on the location and usage frequency. This reduction in the need for checkout staff does not slow down customer service. Instead, it allows employees to be reassigned to more strategic tasks in the store, such as restocking items, arranging products for optimal visual merchandising, and providing direct assistance to customers.

The result is a well-organized store with available staff, easy-to-find products and a quicker checkout experience.

4. Digital pricing

With a labour shortage, changing price tags and labeling can be a challenging task for retailers. The retail market’s high frequency of price changes due to weekly promotions and inflation-driven increases poses a risk of errors.

However, digital display technology offers a labour shortage solution by allowing store employees to focus on essential tasks instead of spending hours relabeling multiple products. In some smaller retail stores, price changes and promotions require a dedicated resource, which can be difficult to manage with reduced staff.

Electronic Shelf Labels enable retailers to change label information simultaneously with all cash registers through their point-of-sale software, eliminating the need for manual label replacement.

The result is the elimination of in-store pricing errors and improved task management, allowing employees to focus on value-added tasks like customer service. Customers can shop with confidence, knowing they won’t encounter surprises at the checkout. Not only has the business found a labour shortage solution, they have also created an overall better shopping experience.

5. Ecommerce

Operating a physical store requires multiple employees, some of whom may only be available part-time, making work schedule management complex, especially during labour shortages.

An online shopping platform presents a viable alternative for struggling retailers. With online commerce, businesses can grow without the costs associated with opening new physical locations. While launching an e-commerce platform still requires dedicated employees, it can yield significant revenue with far less investment compared to a new brick-and-mortar store.

For optimal efficiency, it is advisable to integrate the online platform directly with your point-of-sale software. This way, any changes made to prices, promotions, product descriptions, or inventories in the software will automatically reflect in both your physical and your virtual stores. This seamless two-way communication between the physical store and the online platform boosts operational efficiency and speed. 

JRTech solutions help business deal with labour shortages

Using technology to bring everyone closer can help overcome labour shortages by creating a happier, better-informed workforce. Digital solutions like Electronic Shelf Labels can also help businesses become more efficient and effective, reducing the number of staff required to keep operations up and running. 

JRTech offers Electronic Shelf Labels and digital signage that big retail have put into place to improve operations and deal with labour shortages. Contact us to learn more about how our solutions can help your business manage worker shortages.

How to Implement IoT (Internet of Things) in a Retail Environment

IoT in retail is proving to be widely effective in transforming logistics, inventory management, supply chain management and other challenging elements of running a business.

By introducing seamless, automated functions into the retail environment, IoT is an opportunity for retailers to improve customer experience and increase profits via improved operational efficiency and store management. While implementing IoT in retail may require initial investments of time and money, the long-term benefits are undeniable. Retail businesses around the world are riding the wave of technology-based transformation and reaping the rewards.

According to global management consulting firm McKinsey & Company, retail IoT environments are expected to be valued at anywhere from $5.5 trillion to $12.6 trillion by 2030. The IoT retail revolution is happening now, and competitive brands need to learn how to implement IoT in ways that will keep them moving ahead as technology continues to transform the retail experience.

What is the Internet of Things (IoT)?

First coined in 1999 by Kevin Ashton, MIT’s Executive Director of Auto-ID Labs, IoT refers to a network of interconnected devices that can collect, analyze, and share data over the internet without human intervention. In the context of retail, IoT has proven to be a game-changer, enhancing customer experiences, improving operational efficiency, and optimizing inventory management.

IoT relies on sensors, actuators, and communication protocols that enable devices to communicate with each other and link to the Cloud. These devices can range from smart shelves and beacons to wearable devices, all designed to collect valuable data.

There are many ways to implement IoT in a retail environment, and the systems and technology you choose will differ depending on the size and scale of your inventory and operations. Let’s examine 5 elements of effective retail operations that are affected by IoT, so that you can choose the technology that will have the greatest impact on your retail business. 

1. Self-checkout

One successful application of IoT in retail is the implementation of smart checkout systems. Retailers like Amazon Go have introduced cashier-less stores, allowing customers to shop and leave without traditional checkout hassles.

Many other large retail stores such as liquor stores,  pharmacies and grocery stores currently implement a combination of human cashiers and self-checkout stations, allowing customers to choose the checkout experience they prefer. Retail store owners can leverage this IoT technology to minimize labour costs while still providing excellent service. 

2. Customer experience

Marketing personalization is a trend that continues to grow in popularity, especially as it affects the younger generation of consumers who are susceptible to the appeal of a customized shopper experience. Marketing personalization has a significant impact when it comes to inducing in-store purchases as opposed to online. 

IoT enables retailers to engage customers both inside and outside the store. For instance, retailers can use IoT data to send personalized offers to customers’ smartphones when they are near the store, enticing them to visit and make a purchase. Interactive digital displays powered by IoT technology can enhance the in-store experience by providing product information, recommendations, and reviews.

Additionally, IoT-enabled beacons can push personalized offers and recommendations to customers’ smartphones based on their location within the store.

Retailers have utilized IoT to track customer movements within a store and analyze customer behavior. This data-driven approach helps retailers optimize store layouts for better customer flow and product placement.

3. Inventory management and supply chain optimization

Perhaps the area where IoT can have the greatest impact in retail is inventory management. Traditional inventory management often leads to stockouts or overstocking, affecting customer satisfaction and store profitability. However, IoT-powered smart shelves fitted with Electronic Shelf Labels can track inventory levels in real time, making it easier for retailers to anticipate consumer needs and ensure products are always available on the shelves.

IoT-enabled inventory tracking has significantly improved inventory accuracy and reduced stockouts and excess inventory issues for many retailers. IoT can be implemented in warehouses also, increasing efficiency at every level of stock management.

Smart shelves that automatically detect inventory levels and send restocking alerts are an excellent example of IoT implementation.

4. Data gathering and analysis

With IoT, retailers can gather real-time data on customer behavior, foot traffic, and product preferences. By analyzing data collected through IoT devices, retailers can gain insights into individual shopping patterns and preferences. Information obtained through increased connectivity allows retailers to offer personalized product recommendations and tailored promotions and discounts, thereby creating a more engaging and effective shopping experience.

IoT’s real-time data tracking capabilities enable retailers to optimize inventory levels, enhance overall supply chain efficiency and reduce waste. The importance of sustainability in retail cannot be overestimated, as it not only affects consumer confidence and brand identity, but also the health of the planet. IoT contributes to operational efficiency and helps retailers make eco-responsible choices. 

5. General operational efficiency

IoT directly impacts the retail experience, but connected devices can also be used to keep a retail environment functioning optimally behind the scenes. 

For example, IoT can be implemented for predictive maintenance. IoT sensors can monitor the health of machinery and equipment in a retail store, predicting maintenance needs before any significant breakdown occurs. This proactive approach reduces downtime and enhances the overall store operation, in addition to helping store owners maintain expensive equipment to keep it working at its best for as long as possible.

Retailers can also leverage IoT to monitor energy consumption and implement energy-saving measures. Smart lighting and HVAC systems that adjust based on occupancy and external conditions can lead to significant cost savings and environmental benefits.

Security and privacy concerns

While IoT offers numerous benefits, it also brings potential security risks, such as data breaches and hacking attempts. Retailers must implement robust security measures to safeguard sensitive customer information and prevent unauthorized access.

It is always necessary to adhere to strict data protection and privacy regulations to ensure the responsible handling of customer data collected through IoT devices. Compliance with laws such as the GDPR is essential to maintaining customer trust.

Best practices include implementing encryption, regularly updating software, and performing security audits. Retailers should be transparent with customers about any data being collected and how it will be used.

Challenges to implementing IoT in a retail environment

One of the major obstacles to adopting IoT in retail is integrating new IoT technology with existing legacy systems. Many retailers have invested heavily in their current infrastructure, which may not be IoT-ready. Adopting scalable and flexible IoT solutions that can be seamlessly integrated will ensure a smoother transition and minimize disruption to day-to-day operations.

Introducing IoT into a retail environment also requires employees to adapt to new technologies and workflows. Retailers may need to invest in training programs to educate their workforce about the benefits and applications of IoT. By fostering a culture of continuous learning, employees will continue to use IoT tools effectively, leading to improved productivity and enhanced customer experiences.

Budget constraints could also hinder some retailers from fully implementing IoT, as it will involve an upfront investment in devices, sensors, infrastructure, and data analytics tools. To overcome this challenge, retailers should conduct a cost-benefit analysis to assess the potential return on investment (ROI) of entire systems as well as individual technologies. The cost of Electronic Shelf Labels, for example, may only be justified if a retailer is also able to purchase the software that will allow them to make the most of this technology. The long-term cost savings, improved operational efficiency, and enhanced customer engagement that IoT can bring will help justify the initial investment and motivate investors.

Make IoT in retail a reality with JRTech Solutions

As IoT continues to evolve, its impact on the retail sector will only grow. With widespread IoT adoption, retail environments will become increasingly efficient. Smart checkout systems will become the norm, eliminating long line-ups and checkout delays. Predictive analytics will allow retailers to anticipate customer needs, ensuring that the right products are available at the right time and location. Personalization will reach new heights, as IoT data will enable retailers to offer tailored promotions, discounts, and product recommendations.

Staying competitive in retail demands that businesses adapt to new technologies and norms. JRTech Solutions offers electronic shelf labels and digital signage that are used by some of the biggest retailers in North America. Contact us to learn how we can help you implement IoT and take your retail outlet to the next level.

Liquor Store Price Tags: 3 Benefits of Electronic Shelf Labels

The wine and spirits retail industry continues to evolve. Consumer behavior has changed and the need for accurate and up-to-date information about products during the ever more complex purchasing journey has become paramount.

Liquor store owners can cater to a clientele that wants access to information fast by installing digital price tags and other digital signage within stores. It’s a sure way to please environmentally conscious consumers, improve inventory management and make essential information accessible. 

Join us as we show you three ways that using electronic shelf labels (ESLs) for your liquor store price tags can refine your customers’ in-store experience and increase your company profits.

Go green: support sustainability and please your customers

From organic vineyards to an overall interest in sustainability, the wine industry has been showing a consistently greater commitment to going green over the past several years. 

Alongside grassroots efforts to help the planet, eco-friendly wine and spirits packaging has also been growing in popularity. Retail stores can participate and show their environmental commitment to customers by using paperless electronic shelf labels, and by digitizing messaging and signage within stores. 

 Save money: manage your inventory better and drive sales

The more efficiently you manage your inventory, the less money you lose on missing or misplaced products, lost sales and badly-managed ordering. The cost of electronic shelf labels is minimal when you consider that they make it possible to update price changes instantly, so that you can manage inventory without cumbersome and time-consuming manual labour. 

Wireless display labels include monitoring and notification functions. You can identify products in real-time and set up stock alerts. The competitive advantage to the wine and spirits industry is undeniable. Electronic shelf labels lower costs and drive margins, while building customer trust.

Simplify choice and accessibility for your customers

Electronic shelf labels have a place in every sizable retail store, but they can be a special advantage in large-scale supermarkets and liquor stores, where customers face a wide variety of choice and want to find important information on price tags fast. 

In the wine and spirit industry, cost matters. As more and more individuals consume retail-purchased alcoholic beverages at home, it is important that these consumers can immediately and accurately assess pricing information in-store. While the brand continues to be the defining factor in consumer purchasing choice, the struggling economy means many consumers will want to know exactly what they are paying for.

Electronic shelf labels are available in various formats, allowing you to customize the shopping experience within your store and even adjust visual formats to suit your customers. Graphic shelf labels come in high-definition display and can accommodate various additional features, including SmartTAG Power+ which will increase the visibility of promotions, and a built-in NFC function which allows customers to access more information about a product by tapping their smartphone on the label.

JRTech is your partner in cutting-edge electronic shelf label technology

Electronic shelf labels are essential to modern large-scale retail stores. The wine and spirits industry is moving forward to embrace sustainable practices and inclusivity, making digital technology the logical next step in improving in-store experiences. Better inventory management and improved shelving and stock alerts can only help increase profits, and electronic shelf labels are an investment that is certain to bring significant returns.

Contact JRTech today to learn how you can implement digital price tags in your liquor store.

4 Grocery Industry Retail Trends That Will Shape 2023

Over the past few years, successive major challenges have rocked the grocery industry, from labour shortages, the pandemic and supply chain disruptions to skyrocketing inflation and the general cost-of-living crisis. In the face of such unpredictable external forces, grocery stores have had to be creative and flexible in order to maintain their customer base and profit margins.

In this article, discover the main challenges, strategies and grocery store industry trends that will shape the sector in 2023.

Grappling with inflation

With the current cost-of-living crisis, consumers are financially stressed. Getting good value for money will be a top priority for shoppers this year. Grocery stores will need to find the delicate balance between managing ongoing supply chain disruptions and the fluctuating costs of goods while maintaining profits and avoiding alienating customers.

Private labels

High inflation is having a significant impact on consumer buying behavior, with increased demand for less expensive options. Many retailers are providing private-label products as a lower-cost alternative to try to avoid losing customers to wholesale or discount stores.

Promotions and messaging

Other popular cost-cutting methods include rewards cards and loyalty programs, coupons and sales. This year, grocery stores will want to employ innovative promotions and sales strategies to help retain cash-strapped consumers. Messaging that demonstrates empathy for customers’ current financial difficulties and emphasizes efforts to keep costs down will also be a grocery industry trend in 2023.

Combating the labor shortage through automation

With the growing labor shortage, one of the main grocery industry trends for 2023 will be taking advantage of new technology and digitizing operations where possible to try to lessen the pressure on remaining employees and improve retention.

Businesses will be shifting more towards self-checkout, digital transactions and self-service kiosks. Some will even implement innovative technologies such as smart carts, which can automatically scan and charge items as customers place them inside. Automation can also be used to improve restocking and click-and-collect order fulfilment.

E-commerce and omnichannel retail

The electronic alternatives to in-store grocery shopping that were jump-started by the pandemic are here to stay. 2023’s grocery industry trends will include looking for ways to create a seamless omnichannel experience and manage both e-commerce and brick-and-mortar stores together as a unified business.

Sustainability

More and more consumers are considering sustainability efforts when deciding where to shop. Providing more local produce, using recycled packaging where possible and reducing waste are rising grocery store industry trends that will help businesses cultivate an eco-friendly reputation and improve both profitability and customer retention at a time when neither is easy to come by.

Electronic shelf labels: the perfect technology for the grocery industry trends of 2023!

Electronic shelf labels (ESLs) don’t just display prices—they provide a variety of functions that are incredibly useful for grocery stores in 2023. They completely eliminate the need for wasteful paper labels and the labor required to update them manually. These digital price tags for grocery stores can display different prices for perishable items based on their expiry dates, effectively reducing food waste.

Electronic shelf labels are equipped with color-coded flashing lights that can be used to quickly guide employees to products that need to be restocked or items for pick-up and delivery orders, vastly improving efficiency. Both ESLs and other grocery store digital signage can be used to make customers more aware of promotions and sales.

Digital pricing solutions for the grocery store industry

JRTech provides grocery stores and other retailers with top-quality digital pricing solutions and signage for the modern age. Our electronic shelf labels help businesses streamline their operations, reduce waste, improve the customer experience and much more! Let us equip you for the challenges of 2023—contact us today.

4 Strategies to Increase Hardware Store Sales

The hardware industry today is much more complex than it once was. It’s no longer safe to assume that simply offering quality, service and value will be enough to bring the local community in to shop. With big box stores and internet giants competing for customers’ attention and dollars, hardware stores have to work hard to stand out and present themselves as the best option.

Here are 4 strategies hardware stores can use to increase sales and hold their own against the competition.

Offer exceptional, well-informed customer service

One of the best ways for hardware stores to convince customers to shop with them rather than at big box stores or on the internet is to offer something the competition can’t—helpful, attentive customer service.

Many of the people who go to hardware stores may not have a lot of experience with the equipment on offer or the project they’re trying to accomplish. Having access to a knowledgeable, well-intentioned employee who can guide them through the process of acquiring what they need can be extremely helpful and very much appreciated.

Hire individuals who know how to provide great service and train them on all of your products to boost sales and create goodwill.

Online and in-store hardware marketing strategies

In the current competitive market, it’s vital to employ a variety of hardware marketing strategies to make customers aware of your store and entice them to buy.

Even small hardware stores can use online marketing to their advantage by having an online store, a website that is optimized for SEO and a social media presence. Content like a DIY YouTube channel can help you reach your target audience and create a positive association with your brand.

You can also capitalize on in-store marketing ideas to boost sales. Consider offering free samples or holding demonstrations to show customers the benefits of your products. Vibrant digital signage can also be used to grab customers’ attention and enhance their shopping experience.

Entice customers with loyalty programs and discounts

Customers are always looking for ways to save, particularly now with the inflation of retail prices. Offering discounts on certain items for a limited time only encourages customers to buy now to take advantage of the savings. Limited-time deals help increase sales and attract new customers. You can even create a loyalty program and offer discounts for members only to encourage repeat business.

Electronic shelf labels (ESLs), also known as digital price tags, are an incredibly useful tool when it comes to this type of hardware store sales strategy. With them, prices can be updated in mere moments as often as needed, and they can display several different colors to make promotions

Make shopping at your hardware store as convenient as possible

Making shopping as convenient as possible and giving customers multiple ways to shop is an important strategy for boosting sales. Having an online store with delivery and click and collect options will encourage customers to purchase from you when they might otherwise have gone elsewhere.

Equipping your hardware store with digital price tags can streamline the click and collect process by guiding your employees to the required items, significantly reducing the amount of time it takes to fulfill orders. The geolocation system can also be offered to customers via interactive kiosks or a QR code to streamline the shopping experience.

Boost your hardware store sales with JRTech Solutions!

JRTech Solutions offers digital pricing solutions and signage for retailers that are looking to modernize their stores. In addition to facilitating promotions, marketing and geolocation, our technology can expedite restocking, automate processes to reduce labor requirements and significantly lower the rate of errors, improving the shopping experience.

Contact us today to give your hardware store sales strategy a digital boost!

5 Inflation Pricing Strategies for Retail | JRTech Solutions

As a retailer, dealing with inflation is a balancing act – raising prices too much could result in the loss of important customers, but not increasing them could negatively affect your bottom line.

In this article, we provide you with the best inflation pricing strategies to ensure your business finds the perfect balance between cost and profitability. With our expert advice, you will have the tools that your business needs to remain competitive and profitable in the ever-changing economic climate.

Inflation trends in 2022 and beyond

Inflation made a huge resurgence in 2022, causing Canadian shoppers to experience prices they hadn’t seen in decades. As 2023 approaches and the global economy continues to recover from the economic impact of the pandemic, consumers are feeling the burden of having their budgets stretched thin and understandably worried about what the future may hold.

The Consumer Price Index (CPI) is the Bank of Canada’s preferred indicator of Canadian inflation. The CPI is a measure of how the cost of goods and services change over time. CPI data released in October 2022 by Statistics Canada showed a 6.9% rise in prices over the previous 12 months. Earlier in the year, the CPI had risen to 8.1%, the largest yearly change since January 1983.

Businesses, just like consumers, are feeling the pressure of inflation. According to a report from the Canadian Federation of Independent Business, nearly 8 out of 10 small business owners reported increasing their prices more than they would have in a typical year. Retail sales decreased by 2.5% in July 2022, exceeding the predicted 2% decrease.

Despite some claiming that inflation has reached its peak, the outlook for the future calls for caution. The consensus is that the economy is likely to slow down in 2023 and even into 2024. This highlights the importance of having an effective inflation pricing strategy to offset this potential economic downtrend.

The 5 best retail pricing strategies during high inflation

Here are some effective strategies to consider during periods of inflation.

Revaluate your budget to absorb costs

There are ways to keep your profit margin intact without simply passing price increases along to the customer. Absorbing costs and adjusting your budget as a consequence may be an option to help battle inflation, rather than solely relying on price increases.

Revisit your budget and identify areas where costs can be reduced temporarily to avoid increasing prices too high, which will help counter the decrease in consumer buying power.

Consider consumer demand and price elasticity

Gaining insight into your company’s position within the market is key. Factors such as consumer demand can have a large impact on pricing strategies. 

If your goods or services are in high demand, it is more likely that increasing prices will be successful. In these cases, products have a strong price elasticity, which allows prices to be raised without impacting sales. However, this is not always true.

Your pricing strategy should also take seasonal demand into consideration. During times of year when consumers are financially constrained, raising prices may lead to more consumer resistance.

Adopt digital technologies for long-term resiliency

n the other side of the coin, you may want to consider investing in technology to become more resilient to inflation in the long run. In the short-term, it may therefore be necessary to rely on price increases for this strategy.

As pointed out in a May 2022 Forbes article, retailers are leveraging technology to better reach and engage customers in novel ways during inflation. The logic here is partly due to the realities of deflationary technology, the idea that the cost of technology decreases in proportion to its usage.

One such technology that retailers are adopting is smart shelving. Smart shelves feature electronic shelf label technology, which provides consumers with real-time access to price comparisons and available promotions, which are advantageous in times of inflation.

Monitor your competitors’ pricing

Competitive pricing helps ensure that you always offer the best value for your customers. Monitoring your competitors’ pricing strategies will help inform your own decision-making process. 

Knowing when competitors are likely to increase or lower their prices can be beneficial when setting your own prices. When inflation is high and competitors are changing their prices, you should be keeping an eye on their pricing strategies and making informed adjustments.

Implement a dynamic pricing model

A dynamic pricing model can be a great choice for companies during times of inflation. This model can help businesses maintain their profitability by automatically adjusting prices according to changes in different factors, such as supply chain costs and, as outlined above, market demand and competition.

Tips for making price adjustments during inflation

Here are some tips to simplify making price changes during times of inflation:

  • Monitor the inflation rate: Review the inflation rate regularly and make sure you are aware of any changes that may affect the cost of goods and services.
  • Set pricing thresholds: Define thresholds for when prices should be adjusted to counteract the effects of inflation.
  • Consider the impact of price changes: Consider the potential impact of price changes on current and potential customers.
  • Communicate pricing changes: Let customers know about any pricing changes and explain why the changes are necessary.
  • Use discounts or promotions: Offer discounts or promotions to offset the effects of inflation on prices. Share promotions with customers on social media and in-store using digital signage or point-of-purchase displays.

JRTech Solutions can help you become resilient during inflation

Retailers can face tough challenges when inflation rates are high, due to increased production costs and reduced consumer spending. For continued profitability, it’s always a good idea to revaluate and optimize your pricing strategies.

JRTech’s electronic shelf labels (ESLs) provide an optimal solution for retailers to become more resilient in the face of inflation. Automating pricing with ESLs not only eliminates the need for manual price changes, but also provides valuable product data to your employees and consumers.

Contact us now to learn more about our products and start optimizing your pricing strategy today.

Digital Price Tags for Home Improvement and Hardware Stores: 5 Benefits

Home improvement and hardware stores often have vast sales areas and thousands or tens of thousands of products to manage. In such large retail environments, manually updating each shelf label every time a price changes is a massive undertaking that wastes valuable man hours and leads to significant pricing errors.

Fortunately, new technology is available to streamline the price changing process, optimize inventory management and much more! Discover the many benefits of digital price tags for hardware stores in this article.

 1. Central control and efficiency

With digital price tags, also known as electronic shelf labels, prices are updated automatically and simultaneously from a central hub. This completely eliminates the need for hardware store staff to go from shelf to shelf changing price tags. Particularly considering the current labour shortage, eliminating such a time-consuming task is a major advantage.

2. Price accuracy and error reduction

Stores that use paper labels tend to have an error rate of 5 to 10% at any given time. Conversely, the centralization and automation of price updates with digital price tags leaves very little room for human error. Prices are accurate and consistent both on the electronic labels and at the cash, improving customer satisfaction and reducing the need for price checks and compensation.

3. Improved customer experience

With online retailers encroaching on brick-and-mortar home improvement and hardware stores, it has never been more important to provide customers with a positive in-store experience. In addition to better price accuracy, digital price tags can improve the customer experience by providing additional information about products and making it easier to identify sales.

4. Optimized promotions

The flexibility that comes with digital price tags allows retailers to take advantage of dynamic pricing—the ability to adjust prices at will to account for performance, stock levels and competitors’ promotions. Furthermore, the electronic labels can display four different colours that can be used to draw attention to items that are on sale.

 5. Hardware store inventory management

Electronic shelf labels can also help home improvement and hardware stores with inventory management. The labels can display the number of items in stock and are equipped with geolocation capabilities and flashing lights, enabling employees to quickly identify shelves that need to be restocked.

Modernize your hardware store with digital price tags!

Digital price tags are an excellent way for hardware stores to improve efficiency, price accuracy and customer satisfaction. With so many benefits for retailers, they are sure to be a worthwhile investment!

JRTech Solutions is the leading provider of digital pricing solutions in North America. We supply first-rate electronic shelf labels and digital signage from industry pioneer Pricer. Contact us today to bring your hardware store shelves into the digital age!