Crutchfield and other omnichannel retailers gain real-time in-store price updating capability to compete with online rivals.
Ottawa, Canada – April 24, 2014 – Today, 360pi, the leader in omnichannel price and product intelligence, announced a partnership with Displaydata Limited, the global leader in dynamic digital display solutions incorporating Electronic Shelf Labeling (ESL) to give physical stores the ability to employ dynamic pricing. Working with 360pi and Displaydata, omnichannel retailers like Crutchfield are able to better understand and improve upon their competitive price position with the ability to automate and increase the frequency of in-store price updates without the cost, time, effort and error associated with manual price changes.
Brick and mortar retailers have long been at a disadvantage relative to their online counterparts, often including their own ecommerce sites, due to their limited ability to update in-store pricing to reflect current competitive conditions. While intra-day price changes are increasingly typical for many online retailers, a recent RIS study reported that almost half of retailers change in-store prices no more than once a week predominantly due to resource constraints. Displaydata removes this barrier by giving retailers the ability to easily, wirelessly, and instantly update store pricing and promotions, including loyalty programs. “We help retailers to execute their in-store price and promotional changes more efficiently and effectively. Our fully graphic, paper-white ESLs are able to display price along side QR codes with customer reviews and richer product information giving the consumer the same buying experience in-store as they would experience online”, stated Glenn Haertel, SVP Sales Americas, Displaydata. “We are extremely pleased to work with price intelligence leader 360pi to help retailers determine the right prices for their products and update them in-store.”
Crutchfield Corporation is one of the earlier adopters of the integrated 360pi-Displaydata solution to realize in-store dynamic pricing. “We are committed to providing our customers with the best value, and the combination of 360pi’s best in class price intelligence with Displaydata’s electronic shelf labels, is central to our ability to deliver on this promise”, said Jeff Bingaman, CIO, Crutchfield Corporation. “We take care of the showrooming for our customers, which lets them focus on selecting the best product for their needs. Enhanced customer trust translates to increased store conversions, shortened sales cycles, and more repeat business.”
“Under-priced products leave critical margin on the table and contribute to out-of-stocks, while over-priced products limit customer uptake and contribute to unsold inventory”, said Alexander Rink, CEO of 360pi. “360pi shows retailers when they are under- or over-priced, but they are often prevented from realizing the benefits of right-pricing their products due to the logistical constraints associated with manual price changes. Our integration with Displaydata opens the gates for innovative omnichannel retailers, like Crutchfield, to realize the full benefits of 360pi’s profitable pricing insights.”
Displaydata is a venture-backed private company established in 2000. It is the leader in the design and supply of dynamic digital display solutions incorporating fully graphic electronic shelf labels (ESLs) for retailers. Displaydata’s Dynamic Solution Suite features fully graphic, high definition, zero power displays of up to three colors. These are connected with a high-speed two-way RF ‘light touch’ infrastructure, and controlled by a suite of management and information software. Centrally managed and fully scalable, the solution easily, wirelessly and instantly updates everything from an individual ESL to an entire retail enterprise. Displaydata’s ESL Bluetooth Beacons enable promotional offers and added-value information to be sent direct to customers’ smartphones, for a more engaging and rewarding in-store experience.
360pi helps top retailers compete and win in an increasingly price transparent environment. 360pi actively monitors millions of products from hundreds of retailer websites and delivers price intelligence for exact and similar matched products with unprecedented accuracy. 360pi’s customer base of “brick & mortar”, e-commerce, and multichannel retailers accounts for over $US100 billion in annual retail sales and includes Ace Hardware, Build.com, Overstock.com, and RIS Fusion award-winner Best Buy Canada. 360pi clients gain real-time visibility into the market and full awareness of the competitive pricing landscape to “right price” to consumers. Ultimately, 360pi’s customers make smarter pricing decisions that drive increased conversions, revenues, margins and customer loyalty.
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Ketner Group PR + Marketing (for 360pi)