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Managing and maintaining inventory levels is one of the critical aspects of the retail business. Too little inventory elevates the risk of out-of-stocks, while too much can cause blockage of funds. Both aren’t good for retailers, so it makes sense to have a reliable stock management solution in place. Thankfully, technology is coming to help with the automation of the entire process. Electronic shelf labels (ESLs) are emerging as a smart solution that retail businesses can rely on for managing and controlling inventory levels effectively. Here are some ways they can streamline the process.
Discovering inventory information for shoppers
Although an ESL may look like a fancy price tag, it does much more for in-store shoppers. They offer valuable information to the buyers, including showing them the current stock levels without having to explore or seek the help of a salesperson. When a product is out of stock, the label can even show the date of the next expected availability. It translates into enhanced in-store experiences for the customers.
Providing inventory details to retailers
ESLs play an equally vital role for the retailers and store associates as they provide them the valuable details about the stock levels, both in-store and in the warehouse. Further, they can be used for issuing alerts to the sales associates about incentives for selling specific items and suggesting cross-selling tactics to them. They can indicate alternative in-store locations of the same product so that the associates can locate them easily in case the shelf is empty.
Getting attention to inventory levels
These innovative store labels come with color-coding and information that draw attention to inventory levels in real-time. The website SES-imagotag.com highlights the features and potential of the technology for retailers considering the investment. Associates and retailers can easily detect when the products need to be updated, moved, reordered, or replaced. With the automation of inventory tracking, store associates are no longer saddled with this extra responsibility and can focus on selling and giving better experiences to the customers.
Ensuring proper stock levels at all times
Since retailers have a constant track of inventory levels, they can react quickly and make dynamic decisions related to reordering. It also enables them to place the slow-moving items on sale sooner and maintain the stock levels on fast-moving products. The solution can help them with decisions related to running promotions on seasonal items so that they can maximize profits and minimize wastage.
Handling out-of-stocks before they occur
One of the biggest concerns for retailers is out-of-stocks, which often occurs at the store level rather than the inventory management level. A simple error like the staff not keeping an eye on in-store stock or not ordering replenishment in time can lead to empty shelves. ESLs can be used to link point-of-sale (POS) data with inventory management tools for issuing quick alerts when stock runs dangerously low. With this, retailers can address out-of-stocks even before they occur.
Inventory management is a challenging task, regardless of the size and scale of your business. An ESL solution makes it far simpler than you expect and ensures that you can keep your stocks and business on track.