Stores embrace dynamic pricing to compete with online retailers - Business Insider

ESLs, or electronic shelf labels, use e-paper to display prices that can then be changed, giving brick-and-mortar stores the option to offer dynamic pricing to customers to compete with online retailers.

ESLs will likely accelerate in adoption as stores look for ways to keep customers and staff safe and business coming in during the pandemic.Walking into the Intersport flagship store in Athens, Greece, a customer keen to shop for sneakers will be startled at what they see in the huge footwear department: prices that are changing, quite literally, in front of their eyes.

Costs are lower, since there's no printing, and labor overheads are reduced. As Stefanou noted, switching to ESLs in the shoe department has saved around a month's worth of staff time per year, which can be deployed on customer service. QR codes on the ESLs also allow shoppers to scan items in store and be directed to a detailed review page on Intersport's website, and they can buy directly online if a certain size is out of stock.

For example, Hulth shared that one of Pricer's supermarket customers, which he declined to name for confidentiality reasons, hikes many fruit and vegetable prices by 25% after 6 p.m. on Fridays, since shoppers keen to get home and cook at week's end are less cost-conscious. Changes in consumer mindset have been crucial to help ease the introduction of brick-and-mortar dynamic pricing,, a marketing professor at SMU's Cox School of Business, told Business Insider.

The bigger challenge, he added, lies in convincing businesses to invest the upfront costs of installing ESLs, especially in low-margin businesses like grocery. Long-term savings aren't the focus in a fast-moving retail environment.

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