10 Smart Ways Retailers Can Use Electronic Shelf Labels to Help Reach Global Sustainability - PDF document

10 Smart Ways Retailers Can Use Electronic Shelf Labels to Help Reach Global Sustainability Goal A recent study has found that if retailers reach the global sustainability goal of zero food loss by 2030, they could reduce the amount of wasted food by up to $1 trillion dollars worldwide. Smart electronic shelf labels (ESL) are one of many ways that ret ailers can help meet this goal and make their supply chains more efficient and sustainable. The UN Sustainable Development Solutions Network found that limiting global warming to under 2 degrees Celsius by the end of the century will require rapid, far - re aching and unprecedented changes in all aspects of society including business and industry. As companies begin to feel more pressure from consumers to reduce their carbon footprint, one area being investigated as a possible solution is electronic shelf labels (ESLs). ESLs are the latest in retail technology designed to enable easy product identification, communication between retailers and customers, and interaction with other technologies used within ret ail settings. Here’s how they can do it... 1) Increasing sustainability with eSLL Retailers can use electronic shelf labels for a number of reasons, but primarily as a way to increase sustainability. An eSLL system increases the efficiency and accuracy of inventory management by automatically updating, showing, and processing product data in real time. This also reduces the amount of time spent on managing inventory, which saves employees' time and helps retailers meet their goals of reducing waste and con sumption. With an easy - to - use interface and customizable reports, it is possible to track sales trends and patterns quickly. The key benefit of using an eSLL is that they are more efficient than paper labels because they save money while simultaneously inc reasing productivity. 2) Efficient management of supply chain data Retailers can use electronic shelf labels to help with the efficient management of their supply chain data. These labels can help them easily track how quickly products are moving off the shelves and where things are moving slower. They can also use these labels to find out which items are not selling well and focus on those areas more in the store. This information can be used to make better, more informed decisions about stock and repleni shment. 3) Reducing time wasted on documentation Inventory is a company's lifeblood. With the right tools, retailers can better manage and account for their inventory. This will save them time and money, which can be reinvested into the business or donate d to charity. One such tool is electronic shelf labels that use RFID technology and are read - only, meaning that they cannot be written over. 4) Bringing efficiency to the management and processing of invoices Electronic shelf labels (ESL) also known as ra dio frequency identification (RFID) tags, can be used in a number of ways to help retailers optimize their inventory management. ESLs are small, lightweight and cost - effective. A variety of ESLs are available, each with a specific use. For example, passive RFID tags can be mounted on the back of products or on shelves and read by an RFID reader when it is within range. 5) Reducing costs by streamlining processes Electronic shelf labels can offer many benefits for retailers, including a reduction in costs. By using the latest technology, retailers can better control inventory and spend less time on tasks like labeling and re - labeling shelves. This will save them money both in manpower costs and the cost of supplies, as they won't need to use paper or printer s so often. Another way this type of label system can help retailers is by providing them with more data on consumer preferences. Using bar codes, these labels provide real - time information that gives retailers access to customer preferences. 6) Focusing on reducing damage and returns through better information Electronic shelf labels are becoming more popular as a way for retailers to provide customers with better information, while also reducing the negative impacts on their business. It's no secret that many shoppers have been returning items they don't like. The last thing retailers want is for customers to purchase an item and then return it later because they didn't realize how big or small it was, or what color it would be in different lighting. 7) Reducing waste by improving stock tracking, forecasting and replenishment Stock - outs, the inability of a store to meet customer demand for particular products, are a major problem for retailers. They result in lost sales and dissatisfied customers. However , electronic shelf labels can help retailers reduce waste by improving stock tracking, forecasting and replenishment. An electronic label that tracks inventory levels on shelves will tell retailers when they need to order more of a product, reducing out - of - stock incidents. These devices can also forecast future demand for an item based on historical data (e.g., trends). As a result, the retailer can order enough product in advance to avoid running out of supply on busy days or during key selling periods. 8) Becoming more efficient through better planning, scheduling, replenishment and delivery services (e.g. order - to - delivery times, early warnings of high demand) Retailers are always looking for ways to improve their in - store operations and increase effici ency. If a retailer notices a product is flying off the shelf, they may be able to cut down on wasted inventory by ordering more of that item. If a product is not selling, it can help if the retailer has early warnings of inventory shortages so they can or der less of those products. Electronic shelf labels can help retailers with many aspects of their business including better planning, scheduling, replenishment and delivery services. With electronic shelf labels, retailers can find out what's popular and what's not. They can also identify the items most often out of stock or least profitable. With this data, they can make adjustments to stock inventory levels more quickly than ever before. Additionally, electronic shelf labels help manage pricing across di fferent regions and stores because everything from price to quantity is visible at a glance on the label itself. 9) Meeting compliance requirements (e.g. ISO 14000, ISO 50001 or similar standards) Electronic shelf labels are a great way for retailers to s how their commitment towards sustainability. They provide the ability to measure and track environmental factors such as carbon emissions, energy consumption, waste generation, water usage and more. Companies can then use the data they collect from these l abels in order to improve their sustainability efforts by identifying and prioritizing areas that need improvement. It also provides transparency so customers know how the company is doing with regards to sustainable practices. Additionally, an electronic label system is easier to maintain than traditional systems because it requires little labor once set up.