ESLs in New Retail for Expiry Product Alerts and Promotions:
Automated Alerts: ESLs can be connected to inventory systems to monitor product expiry dates. When a product is nearing expiry, the ESL can trigger a visual alert, changing the display to highlight this item for attention.
Promotions: Prices and discounts can be dynamically adjusted on the ESL in real-time to encourage the sale of near-expiry products. Retailers can apply time-sensitive discounts to increase turnover.
Handling Expired Products: Once a product expires, the ESL can automatically remove it from the sale display. Sensors (IoT-based) can trigger notifications for store staff to remove expired items from shelves.
Innovative Solution for Expired Products:
Automated Shelf Monitoring: Implement smart sensors that detect when a product has exceeded its shelf life. The system could flag the product with a warning on the ESL and notify employees to take immediate action for removal.
Waste Management Integration: Connect the system with smart waste management protocols. When a product expires, data on wastage can be collected, helping retailers track and reduce future waste through better inventory planning and AI-driven forecasting.
Innovation Example:
AI-Powered Price Adjustment: Utilize AI to automatically reduce prices as the expiry date approaches. This dynamic pricing can be based on customer demand, store foot traffic, and product type to optimize sales and avoid waste.
By implementing such methods, retailers can enhance efficiency in managing perishable goods, drive promotions effectively, and reduce product wastage.
