Getting retail execution right is a lot of work. Multiple techniques need to go into implementing and optimizing your retail execution strategy, and it can all seem like a gargantuan task. Keeping up with everything is tough, particularly when you need to manage multiple stores and you can’t be everywhere at once. Fortunately, there are tools and methods that you can use to optimize your retail execution strategy and get the best results.
What is Retail Execution?
Retail execution encompasses the activities that your business carries out in-store to implement your branding and promotional strategies. It ensures you present your brand in the right way and aims to increase your sales, putting your products on the shelves at the best time and presenting them in the best way.
There are various techniques that might be used to implement a retail execution strategy in your stores. These include retail audits, asset merchandising, promotional checks, and other activities. Ensuring you implement the right activities in your stores is vital, and for that, you need the right data about product availability, sales, team performance, and more.
Adopting the Best Retail Execution Strategy and Practices
Implementing the right retail execution strategy and best practices requires careful consideration of the business’s goals and clear oversight of what’s happening in-store. With the most appropriate strategies for your retail stores, you can ensure your retail execution is optimized as efficiently as possible.
Track product availability
Out-of-stock items can lead to a loss of sales due to missed opportunities. When you use the right product availability tracking and planogram guidelines, you can ensure your stores stay on top of stock and improve sales numbers. Auditing product availability, including both what is currently on the shelves and what’s in storage, is a must for businesses that want to track the performance of their stores. By keeping clear records of what’s on the shelves and even taking photos, as well as tracking data such as returns, expiry dates, and more, you can sell more, avoid running out of stock and prevent waste
In-store promotions are an essential way to implement your brand and marketing strategy across your stores. It’s important to be able to monitor promotions using the right data so that they can be executed properly. There are multiple factors that can be monitored when carrying out promotions, including how visible a promotional display is to customers, whether customers interact with or ask questions about a promotion, and both the availability of a promotion and the sales it generates. Collecting data in regard to promotions gives you the information that you need to improve future promotions.
Improve team performance
The performance and productivity of your team should be monitored carefully so that they can be optimized. You need your retail teams to perform optimally and fulfill their duties as expected. Keeping an eye on staff coverage is also an important part of making sure your stores are performing well and your retail execution strategy is optimized. Shelvz can help you to follow up on day-to-day activities, as well as monitor team productivity and coverage so that you have a complete picture of the performance of your stores.
Make better decisions with real-time data
When you have real-time data coming in from your stores, you have the information that you need to make better decisions and improve your retail execution strategy. When your field teams have the right software and training to collect data in-store, you can benefit from more accurate sales forecasts, detailed reports, and data that can be used for competitive comparison. You can make faster decisions based on solid facts to improve the performance of your teams and your stores across the board.
How an All-in-One Modular Solution Works for Your Retail Execution Strategy
The right solutions are needed to help your business bring a retail execution strategy together and carry it out efficiently. With an all-in-one modular solution such as Shelvz, your stores will benefit from a centralized retail execution strategy. You can customize the solution to the needs of your customers and benefit from tools that improve workflow tracking and optimization. Improve performance and productivity with a modular solution that enables you to continually grow your business through effective retail execution.
Discover how an all-in-one modular solution can work for your business. Shelvz enables you to optimize your team’s activity with our mobile app and web portal working together. Book a demo today to find out more about how Shelvz can work for you.