Retail entities are the consumer-facing part of the supply chain; hence, they sell goods they buy from a manufacturer, wholesaler, or other distributors to the end-users at a markup – the amount added to the cost price to determine the selling price.

There are currently at least a million retail establishments, such as department stores, supermarkets, convenience stores, drug stores, and superstores, across the United States. As businesses in the retail industry gain profit by selling products to their customers, they need to nurture their relationship with them by giving offerings and experiences distinctive from other retailers.  

In this marketing era, retailers have used various marketing communication tools, such as sales promotion and retail markdown strategy, to reinforce their brand message, stimulate revenue, boost customer satisfaction, and increase product awareness.

However, besides employing marketing tools to boost revenue and promote products, businesses must also consider having the necessary equipment to keep their retail stores competitive. Shopping baskets or carts are among the equipment stores should have to provide customers convenience as these will hold the products they are buying.

Security cameras are also essential inside and outside the vicinity of a retail store. Cameras are not only useful for anti-theft, allowing staff and customers to feel more secured. Accordingly, businesses can also capture how the staff serves their customers; hence, if a customer complains about a service or inappropriate action by the team, the management has video footage that can be used to assess the claim.

Moreover, POS solutions, digital signages, magnetic shelf labels, and electronic shelf labels (ESL) are among other essential equipment that can help stores increase their profitability, reduce labor costs, improve employees’ work efficiency, and enhance customers’ shopping experience and satisfaction.

A POS system can help a retail store implement effective inventory management and capture buyer behavior, enabling the store to personalize marketing campaigns. Meanwhile, the use of digital signages can encourage sales and interactively promote in-store events. As electronic signages are more recognizable to consumers, retailers have seen an increase in store traffic and brand awareness.

The use of magnetic shelf labels and ESL retail allows retailers to reduce labor and material costs when replacing paper label tags. Magnetic tags are ideal for marking product locations and details. On the other hand, electronic price tags are perfect for providing customers with a seamless shopping experience. ESLs not only display price and product information, but these can also display various media, including full graphic images, customer’s logo, and pictures.

Digitizing and investing in strategic technologies help retailers provide convenience and personalized services to shoppers. Additionally, these can also have cost-efficient applications advantageous for the store’s marketing and promotion activities. This infographic from SoluM details further on the five necessary equipment that will keep retail businesses competitive.

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There are at least 1 million retail establishments across the United States.

If you want to start your own retail business, you must have the necessary equipment. 

Here are five must-haves to keep your retail business competitive.

Shopping Baskets or Carts

It’s not convenient to carry everything while shopping.

Shopping carts and baskets are functional, mobile, and comfortable to use, and placing them in your store helps generate more sales. They provide convenience as they allow customers to carry as many items as they need. Customers may even end up buying multiple products by using carts and baskets.

Security Cameras

Security cameras are not only useful for anti-theft, but they also help improve customer service.

With security cameras, you can keep an eye on your staff to ensure they serve your customers well. If you notice inappropriate actions by your team, you can address the issue as soon as possible. And if a customer complains about a service, there’s footage you can use to assess the claim.

POS System

POS solutions increase store profitability. 

Using a POS system, your store can implement effective inventory management and capture buyer behavior, which will enable your store to personalize and target marketing campaigns. Plus, it provides instant access to your products, which allows you to sell, order, and market anytime, anywhere.

Digital Signages

Showing relevant information close to the point of purchase increases purchasing decisions.

Taking advantage of digital signages to show your products’ benefits could make the difference between one purchase or two.

44% of shoppers admit that social media increases their purchasing decisions. Showing social media using your store’s digital signages can convince your customers to purchase your items in the spotlight.

Digital Price Tags

When you use a digital price tag, your store can do a whole lot more than just displaying prices.

Digital price tags allow for dynamic pricing, automatic updates, and real-time inventory. It enables your store to free up space and track the items that are moving so you can replenish them efficiently.

You can even connect your inventory information to your online store— order fulfillment done through your store’s website can be easily managed!

SOLUM ESL offers electronic shelf labels that will prepare your store when you enter the retailing game.

Our digital price tags can be attached to various products in the same manner as a standard paper label, but they bring more capabilities and benefits! 

Thanks to e-ink technology, you can also use our digital price tags as digital signages to display product information in the highest quality.

Contact us today and visit us at www.solumesl.com to get more information about our products and services.

SOURCE: SOLUM