Sniffie

MyTrendyPhone chooses Sniffie for strategic pricing excellence in E-Commerce

Elina Kotamäki — Wed, 11 Sep 2024 08:06:34 +0000

MyTrendyPhone, an internationally recognised online retailer of mobile accessories, has announced a strategic partnership with Sniffie, a pioneer in AI-driven pricing optimisation technology. This collaboration is a crucial move for MyTrendyPhone, aiming to enhance profitability while maintaining the competitive edge that has made it a trusted name since its establishment in 2003.

A global retail leader with a vast product portfolio

Operating in eight countries with a product catalog exceeding 100,000 items, MyTrendyPhone has built a formidable presence in the online retail market. The company’s offerings include everything from mobile phone accessories to laptop peripherals and Bluetooth devices, catering to a diverse customer base. Managing such an extensive product range across multiple markets presents significant challenges, particularly in pricing, that need an industrial scale solutions like Sniffie. The dynamic nature of e-commerce requires a sophisticated approach to ensure that products remain competitively priced without sacrificing profitability.

By integrating Sniffie’s advanced AI-powered dynamic pricing tools, MyTrendyPhone is poised to revolutionise its pricing strategies. The partnership will allow MyTrendyPhone to optimise product prices across its entire inventory, utilising internal data to make real-time, informed pricing decisions. This is particularly critical in a competitive industry where market conditions can shift rapidly, and pricing agility is key to maintaining market leadership.

Comprehensive international reach

MyTrendyPhone’s decision to partner with Sniffie is in line with its broader goal of scaling operations while maximizing profitability. The company’s reach extends across several European markets, with a robust online presence in countries like the United Kingdom, Denmark, Sweden, and Germany.

Strategic investment into AI-technology

Through this strategic decision to partner with Sniffie, MyTrendyPhone will enhance its pricing process and strategy to be more responsive and adaptive to market demands. Sniffie’s cutting edge AI technology offers the capability to automate pricing decisions, allowing for swift adjustments that align with current market trends. This technology-driven approach will enable MyTrendyPhone to maintain its competitive edge, ensuring that prices are always optimized for both customer satisfaction and profitability.

Executive insight into the partnership

“Our collaboration with Sniffie represents a significant advancement in our pricing strategy and operational efficiency,” says Silvan Popovic, CEO and Founder of MyTrendyPhone. “By leveraging AI-driven pricing technology, we are not only enhancing our profitability but also reinforcing our commitment to providing the best possible quality with the most competitive prices to our customers. This partnership is a pivotal moment in our journey towards sustained growth and market leadership.”

About MyTrendyPhone

Founded in 2003, MyTrendyPhone has grown into one of Europe’s largest online retailers for mobile accessories, gadgets, and repair services. The company is dedicated to delivering high-quality products at competitive prices, backed by a commitment to customer satisfaction. MyTrendyPhone offers a 2-year warranty on all products, a 14-day money-back guarantee, and a price match promise, ensuring that customers receive the best value for their purchases. With over 8 million satisfied customers and operations in eight countries, MyTrendyPhone continues to set the standard for excellence in the online retail space.

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10-Point checklist for retailers: Get ready for a successful Black Friday 2024!

Elina Kotamäki — Tue, 10 Sep 2024 08:14:31 +0000

Black Friday and Cyber Monday (BFCM) 2024 are just around the corner! These most awaited shopping events of the year offer an incredible opportunity for retailers to attract new customers, maximize sales, and clean up stock. But grabbing your share of the action isn’t just about slapping a discount tag on your products. It takes good planning, smart pricing strategies, and the agility to adapt on the fly.

That’s why we’ve put together this 10-point checklist to help you get ahead and make the most of BFCM 2024. Let’s dive in and get you set up for your best sales season yet!

1. Start planning (and selling) early

First things first: don’t wait until the last minute to kick off your Black Friday and Cyber Monday preparations. Shoppers, especially online, start hunting for deals well before the actual BFCM days. If your competitors are already offering sales, you probably should too! Begin planning early to build some momentum and capture those early-bird shoppers.

Plus, getting ahead gives you the breathing room to prepare thoroughly. Waiting until the last moment can lead to rushed decisions, hasty discounts, and costly mistakes. Take the time now to strategize and set yourself up for a smooth, profitable BFCM season – without the stress and last-minute scramble.

2. Check and prepare your inventory

Analyze last year’s sales and currently trending items

To ensure you’re ready for the shopping rush, start by looking at your data from last year. Which products flew off the shelves, and which ones struggled to move? By identifying which items were most popular, you can make sure you’re stocked up and avoid missed opportunities. Also, look at trends in 2024 and consider which items are likely to be in high demand or have already been popular this year. If these products align with your sales strategy, secure additional inventory now to ensure you’re ready when customers come knocking. Preparing early can also help you negotiate better deals with your suppliers.

Identify products for markdown

Not every product in your inventory will be a bestseller, and that’s okay! This is the perfect time to think about which items you want to move with markdown strategies. Clearing out old or slow-moving stock can help you free up space for more in-demand items and boost your overall profitability.

3. Decide on your offers and optimize your pricing

Choose the discount types you want to use

What’s your strategy for discounts? Are you considering percentage-off deals like 20% or 70%, or a buy-one-get-one-free offer? Don’t feel the need to use every discount type available. Instead, focus on choosing the right strategy for each product: decide, for instance, which items should be bundled, which should be marked down, and which should get targeted discounts to keep your margins intact.

Consider using software for optimal pricing

Did you know that software like Sniffie can predict the most effective discount percentages for your products? With solid historical sales data, you can take advantage of software to help you find that price sweet spot – where your discounts attract customers but don’t cut too deeply into your margins.

Moreover, if you’re operating in a competitive market or managing a large product catalog, dynamic pricing software can streamline your promotional strategies and price setting. This way, you can implement effective pricing strategies without the hassle of manual adjustments.

You’ll likely want to clear out products from earlier seasons and slow-moving stock. Crafting an effective markdown strategy is essential for doing this efficiently. You’ll need to carefully calculate the right discount levels to ensure that these products sell fast without eroding your profit margins too much. AI-driven software can be invaluable here; it not only identifies the best markdown opportunities to maximize sales while protecting your profit margins but can also automatically adjust prices for you.

4. Prepare your website

Optimize for speed - on all devices

A slow website can quickly drive away potential customers. To minimize bounce rates, it’s essential to ensure that your site loads quickly across all devices, including smartphones and tablets. Many retailers underestimate the importance of this, but a significant number of users may become frustrated and leave your site if it doesn’t perform well, particularly on mobile. Prioritizing fast load times is crucial, as even minor delays can lead to lost sales and a poor user experience.

Check your site speed on Google’s PageSpeed Insights.

Prepare your servers for high traffic surges

Expect a surge in traffic during BFCM, and make sure your servers are prepared to handle it. Downtime or crashes during peak shopping hours can lead to lost sales and frustrated customers. It’s crucial to have a robust infrastructure in place to support a high volume of visitors, especially if you’re offering major deals. Taking proactive steps to strengthen your server capacity and optimize performance will help you manage the influx of traffic smoothly and maximize your sales opportunities.

Planning discounts? Ensure they remain profitable with our cutting-edge AI tool.

5. Check your product listings: Make them sell

Improve product descriptions, images and trustworthiness

After the price, your product listings are the deciding factor for many customers. Make sure your descriptions are clear and compelling, your images are high-quality, and your pages are beautifully designed. Display customer reviews prominently to build trust and credibility. Attention to these details can significantly increase your conversion rates. The more professional and trustworthy your site appears, the higher your chances of making a sale.

Also, verify that all product data is accurate, including pricing, sizes, colors, and availability. Errors or inconsistencies in product listings can lead to customer frustrations, so double-check everything!

For more tips on creating effective product pages, be sure to read our blog post on the topic.

6. Ensure pricing compliance: EU's Omnibus Directive

Display correct sales prices

In the EU, the Omnibus Directive requires that you show the lowest prior price of a product from the last 30 days before the campaign. The time-line changes according to countries within the EU, where some countries have to show the lowest prior price during the campaign as well. Make sure your “lowest prior prices” are displayed correctly in compliance with your countries’ regulations, next to the sale price, to build trust with your customers. If you operate on Shopify or BigCommerce, check out apps that can calculate and show these prices on your storefront automatically.

7. Plan your marketing campaigns

Not all customers are the same, so don’t treat them that way! Segment your audience based on their purchasing behavior, preferences, and demographics. Once you’re set on products, tailor your email campaigns with personalized content, including early access offers, sneak peeks, and reminders to create a buzz around your BFCM sales.

It’s also a great time to get creative and schedule engaging content for your social media channels. Use countdowns, sneak peeks, and exclusive deals to build excitement and anticipation. Keep your audience engaged with creative and fun posts that keep them coming back for more.

Read some interesting BFCM campaign ideas here.

8. Perfect your checkout and after-sale strategy

Streamline the checkout process

The easier it is for customers to check out, the better! Minimize the number of steps in your checkout process and offer a guest checkout option. A simplified process helps reduce cart abandonment and encourages more customers to complete their purchases.

Send follow-up emails

It goes without saying, keep customers informed about key updates such as order status and shipping details. Implementing effective post-sale emails that express gratitude and request feedback can help build stronger relationships and encourage repeat business. Ensuring that these automated email workflows run smoothly is essential for maintaining a positive customer experience and fostering long-term loyalty.

9. Don't forget about shipping

During Black Friday and Cyber Monday, consider offering free or discounted shipping to attract more customers and drive higher sales volumes. Clear communication about shipping costs and delivery times can greatly influence purchasing decisions. Ensure that delivery timeframes are explicitly stated, especially for international orders, to manage customer expectations. By offering attractive shipping options and being transparent about delivery details, you can enhance the overall shopping experience and increase the likelihood of completing sales!

10. Stay agile and adaptable

Plan your sale calendar

Decide which sales will run on which days and plan your marketing campaigns accordingly. A well-organized schedule allows you to be agile, adapt to changing conditions, and capitalize on every opportunity.

Monitor and adjust in real-time

Are some products not selling as quickly as you’d like, or are others flying off the shelves too fast? Leverage analytics tools to closely monitor sales, traffic, and customer behavior. Use real-time data to make informed adjustments to your strategy, whether that means modifying your discounts, reaching out to suppliers to add to your inventory, or fine-tuning your marketing campaigns.

Prepare for the unexpected

It’s essential to have backup plans in place for potential issues that might arise. For instance, prepare strategies to handle stock shortages, such as quickly restocking popular items or offering alternatives. Have contingencies ready for website downtime by ensuring your tech team is on standby to address any issues promptly. Additionally, plan for potential shipping delays by clearly communicating expected delivery times and providing updates to customers. For instance, create those emails already, so you’ll simply have to press send if the time comes.

In addition to these preparations, keep a close watch on your competitors’ pricing and promotions. Regularly review their offers to ensure your pricing remains competitive and attractive. Adjust your strategies as needed to maintain an edge and capture the attention of potential buyers. By proactively managing these aspects, you can mitigate risks, stay ahead of the competition, and provide a seamless shopping experience for your customers.

Final thoughts

Black Friday and Cyber Monday present unparalleled opportunities to boost sales and attract new customers. By planning early, you can set yourself up for a successful BFCM 2024. Start now, be proactive, and make the most of this holiday shopping season!

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The benefits of integrating pricing software with popular e-commerce platforms like Shopify and WooCommerce

Elina Kotamäki — Tue, 23 Jul 2024 14:14:31 +0000

Have you considered or are you considering using pricing software to streamline your e-commerce operations? If you’re using platforms like Shopify and WooCommerce, did you know that integrating pricing software can be incredibly simple and extraordinarily beneficial? Seamlessly integrating these tools can revolutionize your pricing strategy, ensuring consistency, enhancing efficiency, and boosting your competitive edge. Here’s how.

Streamlined pricing management

Automated price adjustments

Integrating pricing software with your e-commerce platform allows for automated price adjustments based on real-time data. This means prices can be dynamically updated in response to changes in inventory availability, market conditions, competitor pricing, and customer behavior without manual intervention. You can create all your pricing strategies and automations according to various filters directly through a single interface, and price adjustments will automatically show on your storefront. This automation not only saves time but also ensures that your pricing strategy is always up-to-date and competitive.

Centralized control

With integration, you can manage all pricing activities from a single interface. This centralization simplifies the process of setting, updating, and monitoring prices across multiple products and categories. You can also share pricing strategies, dashboard analytics and product filters with your colleagues. It eliminates the need to log into multiple systems to make pricing changes, thereby reducing the risk of errors and inconsistencies.

Consistency across channels

A unified pricing strategy

If your strategy is to maintain consistent prices across various sales channels, integrated pricing software can ensure uniform pricing on your online store, marketplaces, and even brick-and-mortar locations. This consistency helps prevent customer confusion and dissatisfaction that can arise from price discrepancies.

However, if your strategy involves having different prices across channels, integrated pricing software can also support this approach. By allowing for channel-specific pricing adjustments, you can tailor your pricing strategy to different market conditions, customer segments, or promotional campaigns. Whether your goal is consistency or differentiation, integrated pricing software provides the flexibility to implement and manage your strategy effectively.

Synchronized promotions and discounts

Promotional campaigns are essential tools for driving sales, but managing them across different platforms can be challenging. Integration with software allows for synchronized promotions and discounts, ensuring that your customers receive the same offers regardless of where they shop. Moreover, pricing software leverages advanced AI algorithms to create optimal discount percentages and markdown strategies. This ensures that promotions are not only consistent but also strategically designed to maximize your profitability. By using AI, you can automate the process of determining the best discount levels and timings, enhancing the effectiveness of your promotional efforts while maintaining control over profit margins.

10% net profit increase with AI-driven markdown pricing

FAM Brands, a fashion ecommerce retailer, improved their profitability and doubled their net profit in the first six months alone with Sniffie.

Improved Operational Efficiency

Real-time data analytics

Pricing software integration provides access to real-time data analytics, enabling you to make informed decisions on your products and prices quickly. By analyzing sales data, and inventory trends, you can identify opportunities for pricing optimization and respond swiftly to market changes. This agility is essential for staying competitive in the e-commerce landscape.

Reduced manual work

Manual pricing updates are not only time-consuming but also prone to errors. Integration automates many of these tasks, freeing up valuable time for your team to focus on strategic activities rather than routine administrative work. This reduction in manual labor can significantly improve overall operational efficiency.

Scalability

As your business grows, managing pricing across a larger inventory and more sales channels becomes increasingly complex. Integrated pricing software scales with your business, handling increased volume and complexity without a hitch. This scalability ensures that your pricing strategy remains effective and manageable as you expand.

Conclusion

Integrating pricing software with e-commerce platforms like Shopify and WooCommerce is a strategic move that offers substantial benefits. It streamlines pricing management, ensures consistency across channels, and boosts operational efficiency, ultimately leading to enhanced competitiveness and profitability. Such integration is not just beneficial but essential for long-term success.

By leveraging the power of integrated pricing software, businesses can stay ahead of the competition, deliver a seamless shopping experience, and drive growth more effectively.

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Introducing Market-Specific Price Calculation in Omnibus App

Elina Kotamäki — Mon, 17 Jun 2024 13:15:12 +0000

At Sniffie, we are committed to continuously improving our apps to meet the evolving needs of our users. We’re excited to introduce a new feature in our Omnibus App designed to enhance pricing information accuracy for our Shopify Markets users: Market-Specific Price Calculation.

Understanding the Challenge

Shopify Markets serves as a layer between base product data and the Shopify storefront, enabling merchants to adjust prices based on various market rules. When this enabled, there may be differences in the prices that customers from specific countries actually see when browsing a merchant’s store.

Introducing the Solution

We listened to your feedback and developed a robust solution to show the lowest prior price according to the market prices. With our latest update, merchants can now select specific markets/countries for which we fetch product prices as seen by customers viewing the store.

We conduct calculations separately for each country, storing values such as

“lowest prior price Finland = X”
“lowest prior price Poland = Y”

When presenting the lowest prior price on your storefront, our app checks for a market-specific price. This ensures correct prior pricing information to each customer’s location. If market-specific calculations are unavailable, it displays the base value.

Each country is treated as a separate account, with a subscription price of $14.90 per country for every 10,000 variants per month.

Enabling Markets Calculations

Enabling this feature is simple:

Navigate to the new “Markets” route in the main navigation of our app.
Activate the feature and select your desired countries based on your Shopify Markets settings.
Click active/deactivate as needed.
Save your changes, and you’ll be redirected to confirm your new subscription.

Please note that this feature requires Shopify Markets to be turned on to function effectively.

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New: Compare pricing scenarios before setting prices live

Elina Kotamäki — Wed, 12 Jun 2024 10:30:45 +0000

As a retailer, you face a constant dilemma: How can you set the perfect price that maximizes profit while driving sales and managing inventory effectively? The challenge becomes even more critical when launching discount campaigns. Many retailers struggle with this, often relying on guesswork or static pricing models, leading to missed opportunities and reduced profitability. According to McKinsey, up to 30% of pricing decisions made by companies lead to lost revenue. Indeed, without a clear understanding of how different prices will impact your business, making these decisions can be risky and daunting.

Announcing our New Price Simulator feature

Introducing our innovative Price Simulator, designed to transform how you approach pricing. This powerful tool allows you to compare various pricing scenarios in a single view, helping you set the most optimal prices for your products. Whether you aim to maximize profit or increase sales volume, the Price Simulator is your go-to solution. We particularly recommend using the simulator when setting discount campaigns.

What the Price Simulator looks like and what it does

With the Price Simulator, you can:

Compare up to five different pricing scenarios side by side
Save and revisit these scenarios anytime
Determine the best discount percentages for your products
Incorporate covariates, such as CAC, marketing spend and more
Lock the prices of the products you don't want to change
Assess live the potential value and impact of your pricing strategy before launching
Implement changes instantly by publishing directly from the simulator

The Price Simulator offers a unified view of all your created pricing scenarios. Found the ideal one? Simply click ‘publish’, and set your prices to adjust automatically.

How you can use it in your workflow

Choose a batch of products from your catalog. For campaigns, this could be items nearing expiration or overstocked items. You can use Sniffie’s smart filtering to find products easily.

Create and name different scenarios with specific goals, for instance maximizing profit or increasing sales volume.

Scenario 1: Apply a 17% discount and with higher marketing costs (covariate).
Scenario 2: Apply the optimal prices according to AI for maximum profit.
Scenario 3: Apply a 50% discount for aggressive stock clearance and high volumes.

Input different price points for your products under each scenario using the controls. You can also lock any product prices that you wish to not change at all and not affect the simulation results.

You can also input covariates like CAC (Customer Acquisition Cost), conversion rate, marketing spend, page views, and foot traffic to significantly enhance the model’s accuracy and reliability.

Evaluate each scenario with key performance indicators (KPIs) such as total revenue, profit margin, sales volume, and more.

Utilize the visual tools like graphs and charts to easily interpret data and results. This helps compare the scenarios easily.

Choose the optimal pricing scenario and publish it instantly without switching views. You can publish as a one-time price change or as a campaign.

Benefits of the Price Simulator

By testing different price points, wether the sale price, cost or discount, you can identify the optimal discount that maximizes profit rather than just sales volume.

This precision also allows you to minimize losses for products nearing expiration or excess stock by finding the sweet spot where the discount is effective without causing significant financial loss. For instance, a slight adjustment in pricing could mean the difference between clearing inventory efficiently and incurring unnecessary losses.

Scenario testing provides concrete data on how different price points impact key metrics, such as revenue, profit, and sales volume.

Using historical data and our predictive models, you can forecast the outcomes of different pricing strategies, reducing the guesswork in decision-making. This data-driven approach ensures that your pricing decisions are backed by solid evidence, making your strategies more reliable and effective.

For your discount campaigns, comparing multiple scenarios (e.g., higher discount for faster turnover vs. smaller discount for higher profit) allows you to choose the most effective campaign strategy with ease.

This adaptability ensures that your campaigns are aligned with your business objectives, such as clearing inventory or increasing market share. By understanding the potential impacts of different discount levels, you can fine-tune your campaigns for maximum effectiveness.

Scenario testing helps mitigate the risks associated with launching new discount campaigns by providing a clearer picture of potential outcomes.

For perishable or time-sensitive goods, testing ensures that pricing strategies effectively manage inventory levels, reducing waste. By anticipating the results of your pricing decisions, you can avoid costly mistakes and implement strategies that safeguard your profits.

Don't leave your discounts to chance

Don’t leave your discount campaigns to chance. Harness the power of our Price Simulator tool to make strategic, data-driven decisions that enhance your campaign effectiveness, improve financial performance, and increase customer satisfaction. With the Price Simulator, you can confidently set prices that drive sales and maximize profits, turning pricing into a powerful tool for business growth.

Contact us

Book a quick call with us and let us show you the Price Simulator in more detail!

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ACON partners with Sniffie to drive growth in the USA

Elina Kotamäki — Wed, 05 Jun 2024 15:03:12 +0000

ACON, renowned for producing the world’s best trampolines and sporting goods, has announced a strategic collaboration with Sniffie, a leader in AI-driven pricing optimization. This partnership aims to accelerate ACON’s growth in the US market by enhancing brand value and maximizing pricing effectiveness.

Accelerating US Market Expansion

To capture the growing US market, ACON is leveraging Sniffie’s advanced AI technology to simulate, automate, and optimize pricing decisions. This innovative approach enables ACON to respond swiftly to market trends, ensuring competitive yet profitable pricing while upholding high-quality standards.

Enhancing Brand Value

Through this collaboration, ACON aims to elevate its brand value by utilizing data-driven insights provided by Sniffie. These insights will help ACON understand customer behavior, refine pricing strategies, and drive significant business growth.

Marjo Piirto, COO of ACON, commented, “Sniffie will be instrumental in helping us leverage our data to optimize pricing for growth in the US. Their technology is expected to significantly refine our pricing strategy and support our growth goals.”

Tomi Grönfors, CEO of Sniffie, shared his excitement: “We are thrilled to collaborate with ACON’s remarkable team and support their growth journey through pricing excellence.”

About ACON

Founded in Finland in 1996, ACON has emerged as one of the leading manufacturers of trampolines and sporting goods globally. Inspired by Nordic design principles, every trampoline produced by ACON is crafted to be a stunning addition to any backyard. The company places a high value on quality materials, meticulous attention to detail, and expert craftsmanship, ensuring that its products are built to last for generations.

For more information on ACON’s products and latest initiatives, visit www.acon24.com.

Curious about how we can help you?

Book a quick meeting with us!

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An introduction to electronic shelf labels

Elina Kotamäki — Mon, 13 May 2024 07:40:57 +0000

If you’re a forward-thinking retailer, constantly seeking avenues to elevate your business, you’ve likely encountered a game-changing innovation in the retail landscape: Electronic Shelf Labels (ESLs).

Far from being a fancy addition on store shelves, these digital tags signify a profound evolution in how retailers manage pricing, information, and customer interaction. Especially in an age where online stores are adding competitive pressure on brick-and-mortar stores, ESLs are a great way to hop on the competitive bandwagon.

In this article, we’ll delve into Electronic Shelf Labels, exploring their functionality, operational mechanisms, and the pivotal advantages they offer to retailers.

Understanding ESLs

At its core, an Electronic Shelf Label (ESL) is a digital display that replaces traditional paper labels on store shelves. These labels are wirelessly connected to a central system, allowing retailers to update pricing and product information in real-time across all ESLs within a store or even across multiple locations. This dynamic information encompasses a wide array of data, including pricing, product names, descriptions, and even images. Gone are the days of manual price alterations by store staff, eliminating the need for reprinting labels and minimizing paper wastage.

How ESLs work

ESLs operate through a combination of hardware and software components. Each label typically consists of a display panel (usually e-paper display), a microcontroller, and a wireless communication module. The microcontroller receives commands from the central system and controls the display accordingly, while the wireless module ensures seamless communication between the ESL and the backend infrastructure. This could be infrared or radio frequency communication (RFID, Bluetooth, Wi-Fi, NFC…).

Here are a few different types of of ESLs commonly used:

Wi-Fi ESLs: ESLs with Wi-Fi connectivity establish a wireless connection to the store’s Wi-Fi network. This connection allows the ESLs to communicate directly with the central system, which typically consists of a backend server or cloud-based platform. Retailers can remotely manage and update pricing, product information, and promotional campaigns through the central system. Wi-Fi ESLs offer real-time synchronization, enabling instant updates across all ESLs within a store or multiple store locations.
Bluetooth Low Energy (BLE) ESLs: The ESLs are equipped with Bluetooth transceivers that establish a connection with a BLE gateway or hub installed within the store. The gateway acts as an intermediary between the ESLs and the central system, relaying commands and updates to the ESLs. Retailers can use a dedicated software application or a cloud-based platform to manage and update ESLs remotely. BLE ESLs are suitable for applications requiring proximity-based interactions and personalized content delivery.
RFID ESLs: ESLs equipped with RFID technology communicate with the central system through RFID readers installed throughout the store. The RFID readers continuously scan for nearby ESLs and transmit data to the central system. Retailers can update pricing and product information in the central system, which is then broadcasted to the RFID readers and subsequently to the ESLs. RFID ESLs are commonly used for inventory management, asset tracking, and real-time updates of pricing and product information.

Benefits of ESLs to retailers

The adoption of ESLs offers numerous advantages for retailers:

Efficiency: With ESLs, retailers can update prices and product information instantly, eliminating the need for manual label changes. This not only saves time but also reduces the risk of human errors.
Dynamic Pricing: They enable retailers to implement dynamic pricing strategies more effectively. They can adjust prices in response to factors like demand, competition, or even the time of day, maximizing profitability.
Enhanced Customer Experience: ESLs provide consumers with accurate and up-to-date information at the point of purchase. Some have QR codes that can be scanned, and can show the product online, with more detailed descriptions.
Flexibility: ESLs offer flexibility in displaying information. Retailers can showcase not just prices but also additional product details, reviews, or even advertisements, enhancing engagement with customers.

Companies selling ESLs

SES-imagotag: SES-imagotag is one of the leading providers of ESL solutions worldwide. They offer a wide range of ESLs, including e-paper and color displays.
Displaydata: Displaydata specializes in dynamic digital shelf-edge solutions, including ESLs.
Pricer: Pricer is a global leader in providing ESL solutions for retailers. Their ESL offerings include e-paper displays of different types, such as hanging tags.

Conclusion

Electronic Shelf Labels are not just a futuristic concept; they are already in use in many retail stores around the world. By leveraging the latest technology, ESLs empower retailers to streamline operations, enhance customer experiences, and stay competitive in an ever-evolving market. As the retail industry continues to embrace digital transformation, ESLs are poised to play a central role in shaping the future of shopping!

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How Electronic Shelf Labels Streamline Operations for Retailers

Elina Kotamäki — Mon, 22 Apr 2024 16:25:55 +0000

In retail, efficiency is a key element to staying competitive. Every aspect of operations, from inventory management to pricing strategies, plays a crucial role in the success of a business. In recent years, one technology has emerged as a game-changer for retailers looking to streamline their operations: electronic shelf labels (ESL’s, also known as e-tags and digital shelf tags).

Automated Price Management

One of the most significant advantages of electronic shelf labels is their ability to automate price changes. In traditional retail settings, updating prices can be a time-consuming and error-prone process, requiring staff to manually replace paper labels or update electronic systems. With digital labels, sellers can make price adjustments in real-time using the backend software system, ensuring that customers always see accurate pricing information. Changing prices in brick & mortar just got easier than ever!

Dynamic Pricing Strategies

Furthermore, electronic shelf labels enable retailers to implement dynamic pricing strategies easily. By integrating with pricing algorithms and inventory management systems, retailers can adjust prices based on factors such as demand, competition, and inventory levels. Dynamic pricing in physical stores, in a matter of seconds. This flexibility allows to maximize profitability while remaining responsive to market conditions. Imagine being able to change your prices in store, multiple times a day; that’s it!

Enhanced Inventory Management

Inventory management is another area where electronic labels shine. With traditional labeling systems, keeping track of inventory levels can be a logistical nightmare, leading to inaccuracies and stockouts. While cashier systems can provide inventory information, they may require manual reconciliation and additional steps to ensure accuracy, leading to inefficiencies in inventory management. Digital tags provide real-time visibility into inventory levels, allowing sellers to monitor stock levels and replenish products proactively. This proactive approach minimizes out-of-stock situations and ensures that customers can always find the products they need.

Interactive Content and Customer Engagement

Moreover, electronic shelf labels offer opportunities for improved operational efficiency beyond just pricing and inventory management. They can also be used to display product information, promotions, and even interactive content such as customer reviews or product videos. You can add a QR code to get to the online product page of the product, for instance. The possibilities are endless. This not only enhances the shopping experience but also reduces the need for additional signage and marketing materials, further streamlining operations.

Conclusion

In conclusion, electronic shelf labels are a powerful tool for retailers looking to streamline their operations and stay ahead in the competitive market. By automating price changes, optimizing inventory management, and providing opportunities for enhanced customer engagement, digital labels enable to operate more efficiently and effectively than ever before. As technology continues to evolve, embracing innovations like electronic shelf labels will be essential for retailers looking to thrive in the digital age. So whether you’re a grocery store or an electronics seller, you may want to take a further look into these e-tags!

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NYDJ elevates their pricing with strategic partnership with Sniffie

Tomi Grönfors — Fri, 12 Apr 2024 05:34:42 +0000

NYDJ x Sniffie Software

NYDJ, a renowned premium jeans company founded in 2003, is excited to announce its strategic collaboration with Sniffie, a trailblazer in pricing optimization solutions. This partnership marks a significant step forward for NYDJ in fortifying its pricing capabilities amidst the competitive landscape of fashion retail. As the two entities join forces, NYDJ reaffirms its unwavering dedication to designing timeless and trendy items that make every woman feel comfortable and confident.

Tara Ragan, Executive Vice President of Planning and Operations at NYDJ, emphasizes the company’s core of having the perfect fit at everything they do. She expresses, “Our collaboration with Sniffie signifies a pivotal moment for NYDJ, aligning seamlessly with our mission to provide comfortable and flattering jeans that fit women of all shapes, sizes and ages at compelling prices. Together, we aim to redefine industry standards, ushering in a new era of value and accessibility.”

In the ever-evolving landscape of fashion retail dominated by e-commerce, strategic pricing emerges as a critical factor. Tomi Grönfors, CEO and Co-Founder of Sniffie, highlights the collaborative nature of the partnership, stating, “NYDJ has demonstrated remarkable commitment to innovation and progress. Their proactive engagement and shared objectives have paved the way for a seamless integration, setting the stage for impactful outcomes.”

About NYDJ:

NYDJ is a premium jeans company headquartered in Los Angeles, California. Since its inception in 2003, NYDJ has revolutionized the denim industry with its comfortable and figure-flattering jeans, garnering a dedicated following among women worldwide. NYDJ products are available through leading department stores and boutiques across 30 countries, including renowned retailers such as Nordstrom, Bloomingdale’s, and Macy’s in the United States.

The post NYDJ elevates their pricing with strategic partnership with Sniffie appeared first on Sniffie.

Planning and automating your next promotion

Elina Kotamäki — Tue, 09 Apr 2024 12:54:16 +0000

Promotions are indispensable tools for retailer and e-tailers in driving sales, increasing brand visibility, and fostering customer loyalty. However, executing a promotion that not only meets but exceeds your objectives requires careful planning, strategic implementation, and efficient execution. In this post, we’ll explore how to automate and optimize your next promotion for maximum impact and efficiency.

What is a Promotion?

A promotion is a marketing tactic designed to stimulate customer interest and encourage purchases. It typically involves offering discounts, incentives, or other perks to incentivize consumers to make a purchase. Promotions can take various forms, including sales, discounts, coupons, bundled offers, limited-time offers, and more.

Objectives of a Promotion

The objectives of a promotion can vary depending on the goals of the retailer. Some common objectives include:

Increasing sales volume
Clearing excess inventory
Attracting new customers
Retaining existing customers
Boosting brand awareness and visibility
Encouraging repeat purchases

Planning Your Promotion

At the heart of every successful strategy lies meticulous planning. When planning a promotion, there are a multitude of things you need to do and remember.

Set Clear Goals: Define what you want to achieve with your promotion like discussed earlier. Whether it’s driving sales, clearing out old inventory, or acquiring new customers, having clear objectives will guide your strategy.
Know Your Audience: Understand your target audience’s preferences, buying behavior, and demographics. Tailor your promotion to resonate with their needs and interests. Ensuring customer satisfactions is crucial, so remember to prioritize customer experience throughout the promotional campaign, from browsing and purchasing to post-sale support.
Select Products Wisely: This is an important step. Make sure the list of products you choose for your promotion is not cannibalised with other products in your catalogue (for instance, avoid cannibalization of a 1kg product by an aggressive promotion on the 500g version of the product). Focus on high-margin items, slow-moving inventory, or new arrivals to maximize ROI.
Choose the Right Promotion Type: Select a promotion type that aligns with your objectives and target audience. Whether it’s a percentage discount, buy-one-get-one offer, or free shipping, ensure it provides value to your customers.
Selecting the Points of Sale: Determine the appropriate channels or platforms for your promotion (e.g., online store, physical retail locations, third-party marketplaces). You may, or may not want to offer the promotion on all of your sales channels.
Anticipate demand: Have contingency plans in place to address potential supply chain disruptions or unexpected spikes in demand.

How to make this all efficient through automation?

Automating aspects of promotion planning can significantly streamline the process and enhance its effectiveness.

Firstly, when it comes to selecting products for promotion, AI pricing software can play a pivotal role in analyzing sales data and identifying patterns to determine which items are slow-moving or have untapped potential. This not only helps prevent cannibalization within your product catalog but also ensures that promotional efforts are focused on items that will yield the highest return on investment. If you’re interested by this, read more on Sniffie’s AI insights here.

Similarly, AI can assist in choosing the right discount percentage by utilizing predictive analytics to forecast various scenarios and determine the most effective discount.

Furthermore, AI-powered demand forecasting can enable retail businesses to anticipate fluctuations in demand and proactively adjust their promotion strategies accordingly. By analyzing factors such as seasonality, market trends, and external influences, AI algorithms can accurately predict future demand levels, allowing companies to allocate resources more effectively and ensure sufficient inventory levels to meet customer needs.

Implementation and Marketing

Now that you’ve planned which products to promote, where and by how much, it’s time to turn your campaign on. Let’s see what you need to ensure next:

Pause existing strategy: If you’re already using pricing software, turn off any existing price optimization that your selected products are in, so that the price changes of the strategy will not affect the selected list.
Craft Compelling Messaging: Develop engaging and persuasive marketing content to promote your promotion. Utilize email marketing, social media, website banners, and other channels to reach your target audience effectively.
Segment Your Audience: Divide your customer base into segments based on demographics, purchase history, or behavior. Tailor your marketing messages and offers to each segment for personalized engagement.
Schedule Campaigns Automatically: Schedule your price changes and marketing campaigns in advance using automation tools. This saves time and ensures timely execution without manual intervention.

Reminder: The EU’s Omnibus Directive requires you to show the 30-day lowest price of any item prior to its discount. Make sure you clearly state this prior price on your product pages when promoting products.

Maximize your campaign profits

Use AI insights to pinpoint the perfect discount percentage, crafting discounts in mere minutes without the hassle of manual calculations. Seamlessly execute flash sales and scheduled discounts, all while receiving real-time forecasts on revenue, volume, and profit, streamlining your discount planning process.

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