Retail execution is the last stage in the sales process for in-store purchases. Consumer packaged goods (CPG) companies must take this final chance to convince their customers to make a purchase. Retail execution includes all of the activities that are used to deliver the business’s brand strategy in the store to grow the number of sales.
Collecting essential data helps teams to make the right decisions in retail execution. With valuable data, it is easier to make informed decisions that are based on past and current performance, removing any of the guesswork.
Retail Building Blocks: Importance of Data & the Benefit of a Consolidated Platform
Planning for retail execution requires a number of building blocks that will make up your strategy. You need to understand what your goal is and what method you’re going to use, as well as how you’re going to measure the results. You know that your goal is to increase sales and that you will be aiming to continually improve your strategy together with your field team. But it’s also essential to know how you are going to measure your results, and for that you need data.
There are three key types of data that you should be collecting to gain the insights that you need into your performance. These three types of data will inform your data-driven decisions for better results.
When planning for retail execution, keep these types of data in mind:
1. Observational Data
Observational data encompasses the visual elements of retail execution. It includes anything that can be seen and observed, from the current condition of the store’s shelves and displays to what could be improved. To collect observational data, your team needs to bring awareness to products and their presence.
Mystery shoppers can help you to ensure the sales team has extensive knowledge of what’s on the shelves. A mystery shopper can ask pertinent questions that will test the knowledge of your team. Sales assistants who have an in-depth knowledge of the product range are a significant factor in customer satisfaction, with 78% of shoppers saying it’s a critical factor for in-store shopping.
In-depth market research reveals more information about the success of your retail execution strategy. The Shelvz Market Research module enables you to connect with your audience and gain insights through campaign creation and monitoring. Customizable dashboards provide high-level insights into what’s happening in your stores.
2. Activity Data
Activity data relates to the things that you do with what you see. What actions will your teams take to ensure your retail execution strategy is carried out effectively? This will include activities such as optimizing displays, stocking shelves, and other essential activities. Although retail businesses perceive a compliance rate for retail displays of 70%, the reality is that most only show a 40% compliance rate. This shows the importance of collecting the right data so that you can make data-driven decisions and keep improving.
Shelvz helps you with both retail execution and promotion execution to ensure your strategies are put in place in-store. With these modules, you can gather vital data on the activities that are being carried out across stores. You gain insights into your consumers, the performance of your displays, and the activity of your teams to optimize your stores across the board. Focusing on the use of planograms, promotions, and display compliance will help improve decision-making using solid data.
3. Sales Data
Sales data is, as it sounds, the data relating to completed sales. Which products are selling, in what volumes, and when do they sell best? Tracking the merchandise that is selling in stores and how sales relate to displays ensures you have the right data to optimize your retail execution strategy.
Out-of-stock products could be costing retailers $1.75T, which demonstrates how important it is to know what’s selling and how fast. If products sell faster than you can stock them, your business could be losing out on a lot of revenue.
Our Sales Force module gives you complete oversight over your sales and all financial transactions. Get vital data on top-selling SKUs, sales targets, top-performing stores, and sales reps, and more to make better decisions. With both merchandisers and sales on one platform, you can streamline the process of identifying opportunities for improvement and avoid out-of-stocks.
Consolidate your business' retail execution data
Find out more about what Shelvz can do for your business by booking a demo. One of our customer service representatives will be in touch shortly to set a time and date.