Are Price Tags a Luxury?
We developed an AI-based solution for the Watch & Jewelry industry to solve the never-ending issue of price tags. Surprisingly, in 2024, retail staff still rely on basic and unaesthetic printed stickers or manually update triangular-shaped price bars. HQ brands also have to distribute their price lists on a regular basis to hundreds if not thousands of POS. Really?
What a waste of time, money and energy at the helm of computerized business acceleration. The Brainiak team has collected from brands and actors of the value chain many complaints regarding the prehistoric stage they are left regarding price tags. First and foremost: a poor presentation in dissonance with the rest of the product environment. Use of tape or visible stickers, stuck sometimes onto the usual "toblerone" price holders, prints from the backroom office printers...There is a clear disatisfaction on the qualitative pricing experience and a divergence vs. most luxury brand values. Second, there is a need for adjusting to travelers' currencies, especially in some high-traffic destinations and travel retail. Lastly, in the recent decades, price increases are a regular thing and will continue in the future. To give brands and retailers ultimate flexibility in adjusting prices following trends, a digital solution is required. Directly managed at the headquarter or local country level, changed can be implemented in a snap, with no filters or possible mistake at shop level.
Exceptional, almost Magical User Experience
Scan the product in window or counter, choose the currency and access always-up-to-date prices.
The app is initiated by the retail customer by the scan of a QR code placed in the showcase or counter, anywhere in the shop really. Then shoot at a product and its product appears magically right next to it on the phone or tablet screen. From a consumer standpoint, digital virtual price tags are a clear win with many advantages. A well and quickly informed client is more inclined to buy. Seeing prices through the camera view of their smartphones, customers can review them discretely. No more errors, or poor price displays damaging the brand image in the windows. There is almost a feeling that only THEY can have access to the pricing. Enhancing the purchasing experience, our web-based app can drive sales conversion and NPS (Net Promoting Score).
Results
What if...prices were the best indicators
When a client requests a product's price in luxury, he is most likely to show a good-level interest in it, and has passed many marketing funnel stages before. Because all requests are seamlessly digital, analytics are here also to provide brands with surgical data regarding viewing trends and bottom-funnel conversions. In addition, price scans can be triggers for discounts and special offers, delivered right in the palm of hesitating clients. Virtual price tag are phygital power at its best.
Contact us if your teams are tired of printing and sticking price tags.
And start a first pilot of virtual price tags today!
