ECR Retail Systems, the London-based Mobile Point of Sale (MPoS) specialist, has partnered with business data and intelligence company IBrandIQ to create a price matching service for retailers. The tool will enable shops to incentivise shoppers to buy in-store, rather than online at a later date, by offering more competitive prices on big-ticket items.
Using data scraping technology, the tablet based software provides retailers with an up-to-date breakdown of the prices of specific items at competing retail outlets. It also offers staff the ability to select an “eBay style” reserve price displaying how much that product can be discounted by to match rival retailers in order to secure a sale.
The technology, which is linked to ECR’s in-store mobile payment technology, streamlines the path to purchase, simplifying the transaction process for customers and increasing transparency for retailers, the company claims. Head office can monitor transactions in real-time to check on sales trends and manage stock levels of popular items.
With customers continually using smartphones and tablets whilst they are shopping the ECR and IBrandIQ system is designed to provide retailers with more power to offer a richer service and better value on branded electrical products, white goods and furniture items.
Simon Pont, CEO, ECR Retail Systems, said: “With the number of shoppers using mobile technology whilst they shop increasingly sharply each quarter, we felt it was pertinent to provider retailers with a system that give them greater control.
“The solution we have developed with IBrandIQ enhances our existing mobile payment solutions offering. Retail floor staff have access to a range of valuable data at the touch of the button and clear directives from head office and managers about what prices and deals they can offer customers to incentivise them to buy in-store.”
Sean Guinan, Founder and CEO, IBrandIQ, said: “Most shoppers are driven by price and convenience, but the perception that products are always cheaper online simply isn’t true. The solution we have jointly created with ECR is a true reflection of that. By data scraping prices of a number of products each day we can provide retailers with an accurate picture of the prices at which their competitors are selling. This provides them with the ability to sell at reserve prices, if it helps to secure a sale.”