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!