Retail Questions are Now Easy to Answer
The FMCG industry can be a somewhat highly complex system. Today, we know that shopping is an experience of choice: people can buy online or in person, shopping behaviors constantly change, and bringing a formidable customer experience is as necessary as the product itself.
Therefore, ensuring that retailers comply is so essential yet a bit tricky. Having that information at hand can help to drive sales. As SmartSpotter has helped several companies over the years with their most pressing issues and retail questions, as a result of this, we raise some questions that all brands are likely to have:
Are my products available for purchase on the shelf?
Products in-store might not be available for purchase for many different reasons. These may include:
The stock did not arrive.
Retailers did not set up the display on time.
The stock is collecting dust in the backroom.
Staff missed restocking the shelf once it was empty.
For a Company, these out-of-stock situations can cost millions.
Most brands lack in-store visibility, so availability on-shelf is a logical concern.
Are my products in the right location inside the store?
In-store product placement is also crucial in merchandising. It includes planograms, visual representations (diagrams) of how and where specific products should be placed on shelves, and/or displays that help merchandisers maximize capacity.
Effective in-store product placement boosts brand recognition and increases customer conversion rates, maximizing sales. However, brands may question whether their products are positioned correctly in-store. That influences whether customers see the product and miss a selling opportunity.
Are my products well presented?
Product presentation is no slouch in terms of importance. It attracts attention; it maximizes sales. It is essential to present a clean and organized shelf and arrange products in a way that facilitates easier decision-making for customers, as they sometimes have too many options and might feel overwhelmed.
Having said this, it is safe to say that brands are concerned about the product presentation and whether it adapts to both the target audience and the company's values and marketing objectives.
Are my product displays correctly executed?
This question aligns with the previous one: appearances matter in retail and FMCGs. Executing retail displays is essential if you want to engage shoppers. However, the lack of retail compliance can affect the initially designed purpose of an off-location display.
Displays, Aisle Fins, wobblers, and many other point-of-sale materials are expensive. Hence, if retail partners do not execute this POS material adequately, it is only logical that brands will become concerned.
Are the promotions placed and the products correctly ticketed?
If consumers do not see the prices of a product on the shelf, they will avoid the purchase. The lack of ticket execution can be very damaging for a supplier. It can deter sales and lead to customer disengagement. Non-compliance in this regard can even result in fines for each instance.
Does the store have a well-trained staff that is on top of things?
Keeping retail operations on track can be difficult. It requires many roles, responsibilities, and challenges. So, it is only natural that brands ask if the employees, retail partners, and other staff are complying to meet the demands of a supplier.
What do customers think about the product and/or the execution of the display?
Focusing on valuable customer experience is essential to set a company apart from the competition. Ultimately, that's the factor that defines which business is better over quality and quantity.
Brands often wonder what shoppers think about the products displayed. This kind of information is crucial because it helps integrate customer experience into the business model and thus improves engagement.
How are my competitors marketing their products?
We are aware that competition in the retail industry is fierce. Therefore, knowing the competition and obtaining information about how your business stacks up against them is crucial. In addition, it can help you evaluate your business performance and find ways of improving.
Thus, brands often ask: how are my competitors displaying their products? How are their products positioned on the shelf? What do their promotions feature?
These questions lead to a cross-comparison with their own business, ultimately leading to measurable improvement.
SmartSpotter Brings you fast and affordable answers to these questions!
As hard as they may seem, all these questions and issues have an easy solution: Mobile Audits.
We know that store audits are critical to maintaining profitability and compliance. However, we also know that mobile technology has revolutionized retail audits, and now, key performance indicators in retail have become increasingly easier to monitor and analyze.
So don't worry—SmartSpotter has your back! Using the combined power of crowdsourcing and Artificial Intelligence, any FMCG Company can increase its bottom line by achieving full audit coverage and getting faster, timely, and accurate results.