Powering Innovation Through E-labeling
by Rob Minns, on April 30, 2020
Now more than ever, organizations will begin to review how they operate, how they engage with customers, and how they go to market. The COVID-19 pandemic will deliver shifts in business strategies around the world, and it's possible that e-labeling can open up new possibilities for organizations to get ahead and achieve a competitive advantage.
In our recent report 'In2: Driving Value Through Digitalization', I explore the topic of e-labeling as a route to improved organizational success. But why exactly are customers seeking to power their innovation strategies through e-labeling, and what value can it deliver?
Transforming Customer Interactions
Data can be so incredibly powerful. By enabling two-way interaction, e-labeling presents a significant opportunity for organizations to gather data in ways, and locations, they would never have previously been able to.
Once consumers are in the habit of scanning a QR code (or equivalent), they move from the physical world to a digital one where the possibilities are limitless. This is especially relevant for companies whose route to market means they don't have a relationship with the end consumer. As a result, these companies cannot effectively gather consumer insight that can impact product/service innovation, data-driven strategies, response to market trends, and suffer from an inability to drive direct sales.
E-labeling opens the door to market research, consumer dialogue, and, ultimately, an intimate understanding of customers. And that's the key to brand loyalty and increased sales.
Gathering personal details, product preferences, and lifestyle data, for example, means businesses begin to build a better picture of their consumers. And it presents them with an opportunity to provide highly personalized and improved experiences as well as informing their go to market strategies. In these uncertain times, the opportunities presented by e-labeling should not be ignored.
E-labeling Success Stories
Beyond some well-publicized examples – electronic instructions for use (eIFU) being one example – Loftware is beginning to see more examples of e-labeling success stories that are delivering significant financial results for organizations. For instance, we see exciting developments in e-labeling being used as part of strategic loyalty programs. Through uniquely identifying every product with a scannable code, consumers can register their purchase and link into a loyalty programme where they earn points redeemable against other brand products. It's far more accessible, quicker, and more effective than paper-based loyalty programs. And it opens a real-time dialogue with the consumer so opportunities can be maximized.
Upselling and highly personalized consumer experiences are areas in which Loftware sees growth too. Through unique QR codes, one leading outdoor product company is efficiently and effectively identifying and implementing upsell opportunities. A quick code scan takes the consumer to an e-commerce site where they register their details and receive highly personalized product recommendations. Immediately they create an opportunity for a lifetime relationship between the brand and consumer.
Find out more
Take a look at the full article in the 'In2: Driving Value Through Digitalization' report to find out more about the opportunities e-labeling can present for your organization and why now is the time to act.