Business Wire

New Research from Displaydata and Planet Retail RNG Estimates That Global Retailers Spent $104 Billion on Manually Changing Price Labels in 2017

Del

New research launched today by Displaydata and Planet Retail RNG reveals that inaccurate, inconsistent pricing – and a lack of digital technology in-store – is costing retailers in lost sales and consumer trust, as price-conscious shoppers seek out the best deal and better experiences online.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180522005419/en/

According to a new report from Displaydata and Planet Retail RNG, over two thirds of shoppers want t ...

According to a new report from Displaydata and Planet Retail RNG, over two thirds of shoppers want technologies that enhance their experiences in stores. 33% want promotions sent direct to their mobile devices; 31% want Electronic Shelf Labels (ESLs) to show accurate, real-time prices, promotions, and detailed product information; and 27% want to be identified as a loyal customer. (Photo: Business Wire)

The research report, Analogue to Automated: Retail in the Connected Age – which surveyed 5000 consumers and 1000 retailers – sought to understand what consumers want from physical stores, and how retailers are responding. The findings clearly show that retailers are failing to keep up with shifting consumer attitudes towards price and promotion and are unable to engage with shoppers digitally, in real-time, when they are on the shop floor.

Consumers welcome agile pricing

The positive news for retailers struggling with rising rents, squeezed margins and online competition, is that shoppers are decidedly tolerant of ‘agile’ or ‘dynamic’ pricing if it saves them money and reduces waste. In fact, contrary to recent speculation, the research found:

  • Nearly two thirds (65%) of consumers would welcome price changes throughout the day if a product is approaching its sell-by date. However, a quarter of retailers are not convinced of customer acceptance if they were to change prices more frequently, highlighting a barrier to agile pricing that doesn’t exist in consumers’ minds.
  • With price and promotion labelling still managed manually, 65% of retailers are unable to make the amount of changes they want to. The process is expensive, too: 67% of retailers spend up to 4.99% of average monthly store turnover making price and promo changes. That’s equivalent to approximately $104 billion in sales – based on 2017 retail sales – across the 10 markets surveyed.1 This emphasises how compromised physical stores are when it comes to agile pricing compared to online stores that can update millions of prices throughout the day.
  • The majority of retailers (84%) agree that the ability to price with speed and agility can help improve margins and store efficiencies; 78% of retailers want the ability to make more changes to offer customers better prices and deals.

Shoppers’ desire for digital technologies

The research also strongly points to increased consumer desire for a more digital and connected shopping experience that meets their expectations around pricing, promotions and availability, and matches the information shoppers can get online, such as competitors’ prices, stock levels and more:

  • Over two thirds of shoppers want technologies that enhance their experiences in stores. 33% want promotions sent direct to their mobile devices; 31% want Electronic Shelf Labels (ESLs) to show accurate, real-time prices, promotions, and detailed product information; and 27% want to be identified as a loyal customer.
  • The desire for digital services correlates with the poor experiences that almost half of shoppers (42%) claim to have had in store due to a lack of Wi-Fi, a lack of information at the shelf edge, and differences in product availability in store and online.

“Our research shows that despite the huge changes retail has undergone in recent years, a fair and accurate price, consistent across channels, remains the key purchasing factor for the vast majority of shoppers,” said Andrew Dark, CEO, Displaydata. “However, to effectively harness the power of price, thrive against online competitors and retain shoppers’ trust, retailers must create a digitally connected environment to meet the high customer expectations that are being shaped by online experiences.”

“Consumers today are digitally empowered with access to real time information on products, and they are more price sensitive than ever,” said Sarah Herrlein, senior retail analyst, Planet Retail. “Our research shows they expect a more consistent, automated experience, but their trust and faith in the store is lessening due to basic technological inefficiencies. With retailers spending billions on things like manual price changes, the case for deploying digital technologies that optimise efficiencies, deliver the customer a better experience AND better value in-store, has never been greater.”

To download a copy of the full report, go to: www.displaydata.com

Methodology

Displaydata commissioned PlanetRetail RNG to survey 1,000 retailers and 4,811 consumers, across 10 countries. Every respondent had a senior management level of job designation or higher and worked for a retail organisation that operated stores and online or stores only, generating more than USD100 million in annual revenue. Every consumer, aged 18-65, had completed a purchase within a store within the week prior to taking the survey. The countries included in the survey were: Austria, Belgium, Bulgaria, Germany, Hungary, Netherlands, Poland, Switzerland, the UK and the US**.

**n=100 retailer and n=350 consumer respondents per market, except for the UK and the US, where n=1,000 consumers per market.

About Displaydata

Displaydata is the leader in the design and supply of fully graphic electronic shelf labels (ESLs). We were first to market with three-color ESLs and continue to lead this category, having shipped millions of labels. We work in close partnership with many of the world’s largest retail brands and have operations in the US, Europe, LATAM, and Asia. We help retailers optimise revenues and margins by improving the customer experience at the shelf edge, where most purchasing decisions are made.

Displaydata’s ESLs, with the option of integrated Bluetooth Low Energy beacons and NFC, enable retailers to control and drive instore pricing and promotions with speed, agility, and consistency. Fully graphic and available in three colours, the ESLs can display product, price, promotion, stock levels, social reviews, currency details, and much more. Displaydata’s ESLs are part of an architecture designed in partnership with retailers to be enterprise ready. The trusted platform is simple to install and needs the least amount of instore hardware of any vendor. The wireless network is secure, and the robust software enables the centralised management of any number of ESLs, across any number of stores. For more information, please visit: www.displaydata.com

About Planet Retail RNG

Planet Retail RNG is a global intelligence and advisory business exclusively focused on retail. We track over 2,000 leading retailers and have built a proprietary and globally comparable macro-economic model, with over 4.5 million data points. Through applying our STEIP methodology, we identify winning strategies that give our clients competitive advantage in understanding where to play and how to win. 18 of the top 20 global retailers and hundreds of global brands work with us to identify and drive the future of retail and consumer purchase. For more information, visit www.planetretailnetgroup.com

1 Over two thirds of retailers surveyed, confirmed that they spent between 1-4.99% of annual turnover on manually changing labels. PlanetRetail RNG calculated the median percentage of sales in each country to work out the comparative cost in sales of these manual changes, based on its database of total banner sales.

Contact information

Displaydata
Paul Milner, +44 (0)1344 292 114
Marketing Director
paul.milner@displaydata.com
or
The WordWorks (for Displaydata)
Donna Amato, +44 (0)7950 411747
donna@thewordworks.co.uk
or
Ketner Group (for Displaydata)
Catherine Seeds, 512-794-8876
Catherine@ketnergroup.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Morinaga Milk Study Suggests Infant-Type Human-Residential Bifidobacteria May Benefit Infant Health by Improving Digestion of Peptides in Milk and Grains23.10.2018 18:00Pressemelding

Scientists at Morinaga Milk Industry Co., Ltd. (TOKYO:2264) have long theorized that Human-Residential Bifidobacteria (HRB) are superior to non-Human-Residential Bifidobacteria (non-HRB) in promoting good health outcomes. The results of a new study strengthen the evidence for this theory, showing that infant-type HRB may be able to break down incompletely digested peptides in the infants’ gastrointestinal systems and thus contribute to their overall health. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181023005015/en/ Fig 1. Food-derived opioid peptides are potential risk factors for human health (Graphic: Business Wire) Human-Residential Bifidobacteria for Humans Morinaga Milk has been conducting research on bifidobacteria for many years, and studies over the past decades have shown that bifidobacteria play a vital role in various aspects of human health. There are two major groups of bifidobacteria: Human-Residential Bif

myPOS Founder Christo Georgiev Announces Two Upcoming myPOS Stores in Barcelona and Paris23.10.2018 16:22Pressemelding

Christo Georgiev, fintech entrepreneur and founder of myPOS, has confirmed his intention to open two new flagship stores in major European cities by the end of the year. The opening is part of an initiative to bring the product closer to potential customers, giving them a hands-on experience and a live demonstration of what myPOS has to offer. The two new stores will be opened in Barcelona, Spain and Paris, France – two of the most important markets for myPOS. “Our Spanish and French customers have always placed a tremendous amount of trust in us, and we in turn have worked hard to justify it,” Georgiev says. “Opening physical locations in Barcelona and Paris is an extension of that relationship. It’s important to test a product with your own hands before you choose to trust it, and if that’s true for TVs and phones why can’t it apply to POS terminals?” The Barcelona store will open as soon as November, followed shortly by the Paris one before the end of the year. myPOS has already ope

Christo Georgiev Announces the Arrival of myPOS AppMarket23.10.2018 16:11Pressemelding

myPOS Europe Ltd., a leading card payments provider to small and medium-sized businesses in Europe, is introducing its own AppMarket – an innovative software platform for business applications that allows myPOS clients to find, download and use various apps for improved business performance. The development of myPOS AppMarket was driven by the necessity to meet the ever-changing business needs dictated by customer demand and behaviour. While the payment terminals myPOS offers come with a large number of innovative payments features, there are other business needs which remain uncaptured at the moment. myPOS founder Mr. Christo Georgiev says: “Individual businesses need a tailored approach when it comes to accepting payments for their services. Offering a fully customizable and complete omni-channel payments solution, which empowers businesses to stay agile, has always been in our foresight. Tapping into the familiarity of our everyday favourite device – the smartphone, pushed us even f

CNIM Presents a Rapid Version of The LCAT® Shore-to-Shore Featuring Unique Operational Capabilities23.10.2018 15:45Pressemelding

The L-CAT® Shore-to-shore presented by CNIM at Euronaval 2018 delivers a major increase in performance for amphibious missions. The L-CAT® Shore-to-shore has been upgrated since its launch 2 years ago. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181023005869/en/ CNIM's amphibious craft, the L-CAT® Shore-to-shore (Photo: CNIM) The L-CAT® Shore-to-shore is now the only vessel with the ability to transport 80 tonnes at 25 knots in conditions up to sea state 5, land in shallow water (~1m) and accommodate 42 passengers for long distance trips. Highly maneuvrable, the L-CAT® Shore-to-shore provides exceptional operational flexibility for amphibious assaults and humanitarian operations, without compromising between speed and payload. Its wide loading platform (145 m²), ability to travel up to 800 nautical miles when loaded, self-defence and communication capabilities are tactical advantages for the projection of Forces. Its spee

Exterior Plus, a Portfolio Company of H.I.G. Capital, Acquires Impactmedia23.10.2018 13:03Pressemelding

Exterior Plus, the out-of-home advertising platform of H.I.G. Capital, announces the acquisition of Impactmedia (the “Company”), a leading shopping mall advertising company, with over 630 million viewers in high-traffic premium locations throughout Spain. This is a major step forward in Exterior Plus’s consolidation strategy, as it aims to become the Spanish leader in out-of-home advertising with a unique, diversified and highly-competitive product portfolio, reaching very diverse audiences at a national level. Impactmedia is an experienced leader in shopping mall advertising, offering digital advertising as well as special marketing actions. The Company operates in over 90 shopping centers where it has more than 1,200 digital displays. The acquisition allows Exterior Plus to gain a strong presence near points of sale, a key value driver for advertisers. H.I.G. Capital acquired and established the Exterior Plus group in December 2015. The group currently markets more than 25,000 advert

Visa Brings a Simpler, Safer Experience to Digital Payments23.10.2018 13:00Pressemelding

Visa (NYSE: V) today announced a continued commitment to reducing friction and improving security in digital commerce by reiterating support of the draft EMV® Secure Remote Commerce (SRC) Specification. The draft EMV SRC Specification provides a foundation for digital transactions that gives consumers, merchants and issuers a single digital point-of-sale, resulting in a consistent, convenient and secure way to pay. EMVCo has spent the last year gathering feedback from across the payment ecosystem on the specification. Visa now encourages merchants, issuers, acquirer gateways and other interested participants to provide feedback and comment during a 45-day public comment window. Once complete, EMVCo will publish the final specification. Shoppers are increasingly migrating to websites, mobile phones and voice-activated devices, but their buying experiences are full of friction because they are required to manually enter payment details. With SRC, consumers’ digital buying experiences wil