Why consumer goods companies need the right tech on board for the next generation of customers.
Retail execution has been around in some form or other ever since the first store with shelves of goods from different suppliers opened its doors. There's always been competition between those businesses to ensure their products are displayed prominently, with optimal shelf space. Likewise, each business strives to establish and maintain a strong relationship with the retailer, to ensure continual sales success.
And like anything else, retail execution has evolved over the centuries as commerce grew, more products were created and customer demands changed. Now, in the 21st century, digital transformation is crucial for almost any organisation, and especially so for retail execution strategies. Now more than ever, consumer goods companies need to leverage purpose-built retail execution tech if they're going to remain competitive. They need data-driven insights to make faster, better decisions, helping to increase their visibility in bricks-and-mortar stores.
The challenges of omnichannel retail
We live in a world where consumers have multiple purchasing options. What this means for consumer goods companies is they need to the ability to make swift decisions, on the fly when necessary. Leveraging data is the way to achieve this. PepsiCo'sChief Data & Analytics Officer, Vikram Somaya had this to say about the importance of data:
"Today, consumers demand more relevant, personalised and streamlined experiences as they quickly move in and out of brick-and-mortar stores, restaurants, gas stations, e-commerce destinations, streaming video, social channels and everything in between. These highly dynamic consumer behaviours require a high level of proficiency and understanding of data and analytics across all functions and levels of the company to compete and pave the way forward."
Harnessing the power of data means you need the right tech on board. There's a range of new tech designed to empower retail execution strategies, combining data from multiple sources into meaningful, actionable insights. When you implement a retail execution platform, you're collecting relevant, real-time information. You can then leverage that data to learn how to win at the shelf and you can share that data with retailers, so they maintain current information about product availability and the sales from promotions. They need to ensure that you have an up-to-date, comprehensive view into what is actually happening in the store.
How to get started on transforming your retail execution strategy
If you haven't begun your digital transformation journey yet, or you're at the beginning of it, you're probably wondering what the next steps are in making sure you invest in the right tech for your company. To help you with this, we've developed the Ultimate Guide to Retail Execution. It's all about how to leverage data-driven insights and decision-making to ensure your products stand out on the shelf. In it, we cover:
· What retail execution actually is, where it came from and its different aspects
· How retail execution drives in-store performance
· Retail execution best practices, especially the importance of harnessing purpose-built tech
· What to look for in a retail execution platform - the must-haves
· What tools are needed to execute retail and promotion campaigns
· A quick look at the Opmetrix retail execution solution
The key to successful retail execution is being able to use data collected from a purpose-built solution so that you can make fast, effective decisions for your field teams, resulting in improved visibility and availability of your products on any retailer's shelf.
Ready to take your retail execution strategy to the next level? Download The Ultimate Guide to Retail Execution now.
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