New Research from Displaydata and Planet Retail RNG Estimates That Global Retailers Spent $104 Billion on Manually Changing Price Labels in 2017
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 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
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.
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.
Paul Milner, +44 (0)1344 292 114
The WordWorks (for Displaydata)
Donna Amato, +44 (0)7950 411747
Ketner Group (for Displaydata)
Catherine Seeds, 512-794-8876
Om Business Wire
(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
Payments Canada Selects SIA As the Application Provider for Canada’s New High-Value Payments System, Lynx20.2.2019 15:30:00 | Pressemelding
Payments Canada announced today the selection of SIA as the application provider for the country’s new high-value payments system, Lynx. This payments Modernization milestone is the outcome of an extensive procurement process with participation from key industry partners, including Canadian financial institutions. In April 2017, Payments Canada announced a list of suppliers invited to participate in a competitive procurement process for Lynx. This process has ended, and Payments Canada has selected SIA as the Lynx application provider, subject to negotiation of the final agreement and final regulatory approval. SIA will work closely with Payments Canada and key industry stakeholders on the next version of their Real-Time Gross Settlement (RTGS) application solution to deliver on the needs identified during consultations for the future of payments in Canada, in compliance with strict Canadian and international risk standards. SIA is well known in the global landscape as a leader in paym
Arch Capital Group Ltd. Names Janice Englesbe Senior Vice President, Chief Risk Officer20.2.2019 15:10:00 | Pressemelding
Arch Capital Group Ltd. (“Arch”) today announced that Janice Englesbe will join the Company as Senior Vice President, Chief Risk Officer (CRO) effective February 25, 2019. Ms. Englesbe will be based in Arch’s Bermuda office and report to François Morin, the Company’s Executive Vice President and Chief Financial Officer. As CRO, Ms. Englesbe will have overall responsibility for the Company’s risk management function. Additionally, she will help formulate and implement business strategies and provide comprehensive counsel to the executive leaders and board members. “Janice brings a wealth of experience and demonstrated ability to implement practical results,” Mr. Morin said. “I’m looking forward to the unique perspective and leadership she will bring to Arch.” Ms. Englesbe has over 25 years of risk and finance experience, including Group Deputy Chief Risk Officer of General Re, and has been named one of Intelligent Insurer’s 100 Influential Women in Re/insurance. She holds a bachelor’s d
Ingram Micro and MassChallenge Name Comet Competition Top B2B Startups20.2.2019 15:00:00 | Pressemelding
Ingram Micro Inc., in partnership with MassChallenge, today announced the top 12 finalists from its Tel Aviv, Austin, and Boston Comet Competition s. The finalists for this year’s inaugural competition are Verifyoo, Perimeter 81, ITsMine, EyeControl, ClearBlade, re:3D, Sempulse, The Mentor Method, Pixm Inc., addapptation, OnRout, and BOXOLOGIC.COM. Established in 2018, the Comet Competition is the only startup challenge dedicated to discovering talented B2B independent software vendors (ISVs) and accelerating their trajectory to channel market success. As Comet Competition finalists, these startups will receive go-to-market funding, unparalleled access to top corporate partners, and tailored curriculum to accelerate their success – all for zero equity. “In order to continue to be a leader in the digital economy, we need to actively search for the world’s best technology startups and catapult their trajectory to profitability and scale,” says Nimesh Davé, executive vice president, Ingra
KCI Launches ABTHERA™ Therapy in Japan20.2.2019 14:30:00 | Pressemelding
KCI, an Acelity Company, today announced the launch of ABTHERA™ Open Abdomen Negative Pressure Therapy in Japan, expanding access to the Company’s surgical portfolio in the country. ABTHERA™ Therapy is a temporary abdominal closure system that allows surgeons to take control in managing challenging abdominal wall openings where primary closure is not possible and/or repeat abdominal entries are necessary. “When dealing with patients managed with damage control for severe abdominal hemorrhage, abdominal compartment syndrome or severe peritonitis, using ABTHERA™ Therapy has been shown to be associated with proven patient outcomes,” said Dr. Demetrios Demetriades, Professor of Surgery, Keck USC School of Medicine and the Director of the USC Division of Trauma, Emergency Surgery and Surgical Intensive Care Unit. “With the introduction of ABTHERA™ Therapy in Japan, clinicians now have a clinically demonstrated solution for a previously unmet, significant need, that manages the open abdomen
ResMed and Fisher & Paykel Healthcare Announce Settlement of Global Patent Infringement Litigation20.2.2019 14:00:00 | Pressemelding
ResMed (NYSE: RMD, ASX: RMD), and Fisher & Paykel Healthcare (NZX: FPH, ASX: FPH) today announced an agreement to settle all outstanding patent infringement disputes between the companies in all venues around the world. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190220005556/en/ The settlement involves no payment or admission of liability by either side. Under the agreement, all ongoing infringement proceedings against named products will be dismissed, and each party will bear its own attorney fees and costs incurred in the global proceedings. All other terms remain confidential. As a result of the settlement, there will be no further infringement proceedings against ResMed products, including AirSense flow generators, AirFit P10, Swift LT and Swift FX masks, and ClimateLine heated tubes; or against Fisher & Paykel Healthcare products including Simplus, Eson and Eson 2. “I am pleased we were able to resolve these dispute
IDEMIA Changes Its Management Structure to Consolidate Its Augmented Identity Global Leadership and Appoints Pierre Barrial CEO of Its New Secure Enterprise Transactions Division20.2.2019 13:28:00 | Pressemelding
IDEMIA today announced the appointment of Pierre Barrial as CEO of the newly created Secure Enterprise Transactions (SET) division. IDEMIA Group CEO Yann Delabrière today announced that all existing Group transactions business units, i.e. Financial Institutions, Mobile Operators and Connected Objects will be brought together under one division. In addition, the IDEMIA Group is also considering the creation of a new Digital business unit within the SET division. The new division will be led by Pierre Barrial, who previously managed IDEMIA’s Financial Institutions business unit. IDEMIA’s customers, i.e. banks, fintech firms, telecoms operators, smartphone manufacturers, IoT firms and automotive manufacturers, are rising to the challenge of managing online services and getting digital. Against such a backdrop, while IDEMIA will continue to develop its long-time expertise in cutting-edge technologies such as cryptography, artificial intelligence, biometrics or cloud communications, the new