THE IMPORTANCE OF PRICE TAG PLACEMENT
From the manufacturer’s point of view, price tags play an important role. They inform the customer about the value of the product, and what’s more, they play a key promotional role. Promotional price tags often differ in color, motif and even size from regular prices. This is all important when it comes to properly executing promotions, which is why field teams should utilize image recognition technology to have a larger impact at the shelf.
Price tags inform customers about the price of an item in such a way that it does not raise any doubts for the customer, being vital in the shopping experience. They contain plenty of information about the product, such as product name, name of the producer, weight or capacity, barcode/EAN, and information about whether a given product is on the shelf at a regular or promotional price. In the case of a promotional price, the promotion label should show the crossed-out previous price and a clear discounted price. Price placement also plays a very important role. The main point is that the price should be posted next to the correct product and not the product next to it to help the customer quickly verify the price.
Unfortunately, we often encounter situations where prices are incorrect or there are no price tags at all, meaning the customer is not able to identify the prices of these products. This causes customer frustration and confusion at checkout, potentially leading to the customer deciding not to purchase it at all.
Store audits can be completed to determine whether the prices are correct, if they have been changed for the duration of the promotion, and whether they have the right value in accordance with the arrangements made prior. This is often very difficult due to the quantity of the assortment, particularly in large-format stores where there are several dozen promotions at one time. If you have ever worked as a sales representative or merchandiser, you know how much time and effort a price compliance audit requires – especially when performed manually.
Can the audit process be improved and automated?
Yes – StayinFront Digital has developed a modern solution based on image recognition technology.
How does it work?
Field reps simply just must take pictures of the products and price tags and send them to StayinFront Digital’s image recognition system, which, based on neural networks and a huge database of price tags, will recognize their value, type, and comparison with other products on the shelf, and then prepare a suitable report that will allow you to easily analyze price compliance.