Avery Dennison and VeriFone have partnered to create a smart-device enabled in-store price marking solution to help with markdowns.

Avery Dennison said that 35% of unit volumes are moving at discounted pricing, and that while effective execution is critical, most retailers currently rely on an innacurate, labour intensive process.

Using the traditional "red pen" markdown process, store associates can only complete three garments per minute with 63% accuracy, said Avery Dennison.

That means over a third of items are mismarked, leading to lost sales when a potential customer fails to see the deal the retailer intended to offer. It is also hard for the merchandising team to monitor the timing and execution of the markdown process, and to work with store operations to address stores that have particular execution challenges.

The solution combines the application with Avery Dennison's Pathfinder 6140 Printer, a one-piece scan, print and apply handheld price marking technology.

The solution ensures markdowns are executed accurately and productively. It also provides retail executives with full dashboard reporting capabilities, creating increased visibility into the process, allowing for continuous improvement.

"The Avery Dennison Markdown application is highly configurable with smart devices, allowing for rapid deployment so that retailers can drive ROI very quickly," said Mark Hill, vice president and general manager, global innovation and solutions, Avery Dennison.

"Through our partnership with VeriFone, we are providing our customers with a fully featured price marking solution as well as the ability to easily add additional modules such as mobile POS and clienteling to their smart device application suites."