Streamlining Signage: Price Consistency and Cost Savings

Any store that has multiple locations has the same problem. They need to update every sign, for every product, in a timely and consistent fashion. Delays and errors in this process can lead to losses or fines. omniQ has a solution to this problem. Our electronic signage updates from a singular centralized symbol, so prices only need to be updated once. We’ll dive into the benefits of this cutting-edge approach including cost-savings, streamlined workflow, protecting brand integrity, and better measurement of pricing strategy success.

Cost Savings

Electronic signage reduces costs in multiple ways: 

• First, the labor cost of manually updating signs in every store, for every product, can be reduced to one person inputting data. 
• Next, it prevents losses of sales and revenue due to incorrect pricing. If a product is priced higher than it should be you will miss out on the extra sales the low price could have encouraged. If it’s priced lower than it should be then you’re losing money on the expected revenue from the sales.
• Third, electronic signs don’t need to be reprinted every time the price of a product changes. This reduces the material cost of signage to just the initial equipment purchase.

Consistent Branding

Large chain grocery and convenience stores need a consistent brand so that customers are comfortable walking into any chain location and knowing what they will expect to see. This can be difficult to maintain if you are relying on individual store managers across the country, or even in multiple countries to update signs. Inaccurate pricing in one location can reflect poorly on the brand. 

Streamline Workflow

Let’s imagine you’re working in a busy convenience store. The prices are supposed to update at 12 am, but after you change one price a customer walks in, then another. You take care of these customers and change 3 more prices, then another customer walks in. This customer wants a hot food item that needs to be prepared so you still don’t complete the pricing update. Ultimately, they are all changed by the end of the night, but if this pricing change could have been scheduled and automated there would be less stress on the employee (you) and the customers may have even received more prompt service.

A Better Understanding of Pricing Strategy Success

If a new pricing strategy is being launched on a specific day, the way to determine if it is working is to measure the sales for a period and compare them to previous test periods. However, if pricing isn’t getting updated instantly across all locations at the time the test period starts your data could be skewed. In busy locations even an hour difference could make a notable impact on your data, preventing accurate results.