If you want your store to slay the competition efficiently, you have to put in place a successful in-store strategy. All Customer Packages Goods or CPG companies must undertake a perfect store execution to satisfy their shoppers and develop their sales. But it is often easier said than done. To help you achieve your goals, here are 4 retail execution strategies you can roll out.
- Spend More Time Merchandising
It may seem already obvious but it is still important to state explicitly that CPG companies must spend less time auditing to invest more in merchandising. It is highly recommended to abandon any outdated data collection system. According to a 2018 study, 44% of retailers still use manual in-store audit and measuring compliance solutions, it is time to adopt more technological options to have more time for merchandising. That will help you save both time and money. For instance, you can use a Computer Vision or CV solution. It can free up more than 50% of sales rep’s auditing time who will then be able to concentrate more on the selling activities.
- Give every Stock Keeping Unit more importance
Whether you have tens, hundreds or thousands of products offered for sale in your physical store, you should respect some discipline to increase the sales. For this purpose, the perfect store execution is to define the right category shelf-composition and ensure that every product is at the right place. Of course, it requires competences on Stock Keeping Unit or SKU and on fixture level which can be more complicated than many retailers expect. But for your convenience, you can use an automated retail image recognition technology. Thus, you will be able to identify and analyze easily all the SKU.
- Build an Efficient Communication between Business Partners
Many CPG companies have difficulties in their in-store execution and compliance because they do not have access to a real-time visibility of the store. Some of them do not possess any performing measurement and reporting systems either. However, it is crucial to set up a quality source of shelf reality that every stakeholder can access in real time. As far as the retail execution is concerned, both retailers and manufacturers should establish together a common language. It is the best solution to save time and become more efficient. This can, for example, help improve product facings.
- Use Innovative Data to Earn more Money from the Shelves
The lack of permanent visibility and intelligence on shelf conditions can negatively impact on the performance of a retail store. Every CPG company should monitor everything which is happening at its shelves in order to obtain realistic perspective on every factor and every component that can influence the clients’ decisions. It notably includes product presence, price compliance, assortment and placement.