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Pharmacy Inventory Management: The Benefits of Electronic Shelf Labels

Inventory management is challenging at the best of times. With the advent of automatic ordering, inaccurate stock data has become a common problem, often causing shortages or surpluses that cost money and frustrate customers. Fortunately, technological solutions such as electronic shelf labels (ESLs) are available to address inventory management problems and other difficulties pharmacies face.

How ESLs can improve pharmacy inventory

Electronic shelf labels can do much more than just display the price of an item. They can be integrated with sales management software to track inventory, provide additional product information and more.

Pricer ESLs are equipped with Instant Flash, LED lights that are designed to flash at the scan of a product or the press of a button. These can be used in conjunction with the brand’s geolocation technology to guide employees on the floor to products that are listed in the system as having low or negative stock levels. The flash-guided solution can also be used to prevent products from being restocked incorrectly (e.g. placed on shelves with similar but not identical products).

Pricer ESLs are also able to display additional pages with information such as the last order date and quantity, planned delivery dates, average quantities and sales, etc. These pages can be displayed at scheduled times or accessed in real-time via a handset.

The additional information and guidance provided by ESLs can streamline pharmacy inventory management, improve data accuracy and reduce human error.

Other benefits of ESLs in pharmacy settings

Here are just a few of the many other benefits electronic shelf labels offer for pharmacies and other retailers.

Streamlined order picking

The rise of online shopping and the pandemic have led to major shifts in consumer shopping habits. “Click and collect” ordering has become popular, even for essentials such as groceries and pharmacy items. The task of going through the store collecting items that was once done by the customers themselves is time-consuming for employees and costly for retailers.

Pricer ESLs can streamline the process considerably. Order pickers can use the Instant Flash lights and geolocation technology to navigate around the store and quickly find the required items, saving up to 10 seconds per pick.

Instant price updates and improved accuracy

While paper labels must be changed manually every time a price is updated, electronic shelf labels are automatically updated through a centralized system and can be changed in seconds at any time. This drastically lowers the labour costs associated with price changes, reduces human error and inconsistencies and improves customer satisfaction.

Bring efficiency to your pharmacy with JRTech Solutions!

Particularly with both pharmaceutical and retail items to manage, being able to streamline inventory management is a major advantage for pharmacies. Electronic shelf labels are a great way to cut costs and improve overall operational efficiency.

JRTech Solutions is North America’s leading supplier of digital pricing solutions from industry pioneer Pricer. We offer cutting-edge electronic shelf labels and other digital signage for retail—pharmacies, grocery stores and more. Contact us today to bring your pharmacy into the digital age!