Overview
Upgrading to a modern merchandising solution should be one of your top priorities as you plan out your budget and business strategy. Act now to ensure you start reaping the full benefits today.
Merchandising is an important activity for retailers, but persistent staff shortages mean employees’ time is better spent actually serving customers. Using agency and broker merchandising reps is an established practice among retailers and CPGs. However, the traditional model has its drawbacks.
It is important to reinvent the old way of doing things and use computer vision solutions. The use of intelligent cameras so both retailers and CPG companies can have “eyes” where people can’t always be, like on shelves to validate promotional display compliance, automatically notify store employees when shelves need to be straightened or restocked, and analyze back-of-store stock levels to signal CPG companies about product reorders.
Top 10 benefits of Image Recognition (IR)-based retail execution
- Closing gaps between the actual state and ideal state of shelf strategy, pricing, promotions and POS to create more Perfect Stores and lift sales.
- Monitoring field team performance, with the ability for managers to identify high-performing and under-performing sales reps so they can help every rep to improve retail execution and improve their chances of hitting or exceeding their performance targets.
- Understanding how much help each store needs, enabling managers to prioritize their field team’s efforts so they focus on stores needing the most assistance.
- Freeing up sales reps to perform value-added activities such as selling in promotions, building relationships with store managers, and educating them about creating the Perfect Store.
- Countering competitor activity quickly by tweaking the pricing strategy, quickly identifying competitors’ new products or rolling out point of sale promotions and incentives.
- Helping analysts to understand which sales strategies are working and which aren’t, so they can extrapolate the most effective ones and optimize execution across routes and territories.
- Providing every member of the sales team with a tool for shelf data collection and monitoring to get real-time shelf data and report on retail execution when they are in the marketplace.
- Building a centralized repository of robust, objective, standardized information that can be accessed by other departments and integrated with other systems to support trend analysis, continuous improvement and future planning.
- Delivering an attractive ROI by increasing sales, improving field force performance and reducing spending on sample market data and external compliance audits.
- Embedding state-of-the-art technology into sales processes, unlocking future opportunities for efficiencies and growth.
If you want to explore how you can implement IR technology into your store, contact us today.
