Why Are Price Tags So Important, and Can They be Recognized Quickly with High Accuracy?As Price Tags play a significant role for Consumer Goods Companies, it is important that the Price Tag is in the correct place on the shelf.
Why Are Price Tags So Important, and Can They be Recognized Quickly with High Accuracy?
By Krzysztof Łątkowski
Which element plays a key role when shopping in the store?
Undoubtedly, it is price tags. Price tags play a very important role. They inform the customer about the price of an item in such a way that it does not raise any doubts for the customer. Price tags contain a number of items about the product, such as: product name, name of the producer, weight or capacity, barcode/EAN, and finally, 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 thing 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 – a comparison of the product with its price.
Unfortunately, we often encounter situations where prices are incorrect (this applies mainly to special promotional campaigns) or there are no price tags at all, and the customer is not able to identify the prices of these products. This causes customer frustration, confusion at checkout, or the customer might decide not to purchase it at all.
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 very important from the point of view of carrying out the promotion properly.
Manual 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, in particular 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.
Can the audit process be improved and automated?
Yes – StayinFront Digital has developed a modern solution based on image recognition technology.
How does it works?
It is very easy. You just have to take pictures of the products and price tags, send them to StayinFront Digital’s photo 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.
If you are interested to learn more about our solution, please contact us at email@example.com or toll-free at 1.800.422.4520.