Retail report are similar to retail surveys but can be conducted more frequently and target one specific aspect of your presence in the store.
Having a powerful retail existence is all about making your product attractive and available to shoppers, in order to capture sales. 50% of consumers say they would shift to a different brand if they experience a merchandising mishap such as out-of-stock or incorrect labeling, This is why continuously following your brand’s performance on the shelf through in-store visits is a key to an effective retail strategy.
In this article, we discuss three types of retail reports:
- Merchandising field reports
- Promotion field reports
- Competitor reports
that you can refer to purify your retail strategy and improve your performance in the Industry.
accurately monitoring your performance is essential for you to make the most out of your representative store visits by repeatedly acquiring and analyzing the data they accumulate in the field. The best way to go about this is to build quality reports that help you stay organized and on target.
MERCHANDISING FIELD REPORT:
For brands making a remarkable amount of their sales in-store, merchandising reports are highly insightful. Merchandising reports come up with details regarding the conditions of their products on the shelf. Maybe one of their most valuable functions is that they help your merchandisers consistently track inventory and avoid the dreaded out-of-stock since when your product goes missing from the rack, your brand takes a big hit.
As the selling market becomes competitive, the ability to optimize on business processes while satisfying customer expectations has never been more important. Therefore, managing and channelizing data to work towards customer delight as well as generate healthy profits is crucial to surviving prosperously.
In the case of big retail players globally as well as in India, data or rather big data analytics is now being applied at every stage of the retail process – follow up make an appearance in popular products, predicting sales, and future demand through predictive simulation, optimizing product placements and offers via customer heat-mapping and many more.
Alongside this, identifying the customers likely to be interested in particular product types based on their previous purchase behaviors, working out the best way to approach them through targeted selling efforts, and finally working out what to sell them next is what forms the core of data analytics.
PROMOTION FIELD REPORTS:
Advertising events can help provide brands with a huge boost on engagement with new potential customers, but there’s no doubt they’re expensive on staffing and execution. Evaluate (and maximizing!) ROI depends on getting clear data about when and where your team executes events in the field, and how effective these events are ;
- Propaganda Type: Is it a sampling, demo, trade show, ?
- Event: What was the occasion? Was it a holiday?
- Span: What was the span and timing of the promo?
- Products: What was being sampled? How many units of it?
- Locate: Where were you physically locate within the store or at the event?
- Number of workers: How many workers staffed this event? Was this an appropriate number?
- Congestion: What was the foot congestion like during this event?
- Units: What was your starting point & ending point inventory? Were any units sold due to this boosting?
- Photos: Adding photos of the event helps managers visualize the event more
Recording results of all promotional events, either small or big, will prove beneficial in the future.
Be sure to identify that exactly what you are measuring your promotion’s success by beforehand not only can and should you track certain key metrics during the event, but keep in mind the effect that the event will have on your everyday sales metrics in the following weeks and in the even months.
If you maintain powerful records of all of this data, you can get important insights into the true effect of promotions on your sales over time.
Brands that invest in field sales teams get an inside look at competitors’ performance whenever reps are out in the field. Innovative brands use their field teams to report on competitors’ price points, shelf positions, market shares, and more. Here are some examples of what you should ask reps to look for when conducting a competitor report:
- Identifying Challengers: Who are your biggest challenges in this location? Which items are they successful with?
- Competitor Price: How does your competitor’s pricing differ from yours? Differences in sales between brands could be a result of calculated
- Competitor Promotion: Do they have running promotions or events?
- Competitor Image: This documentation will show merchandising efforts and packaging design by competitors.
- New Competitor Warning: Do you have a new neighbor on the shelf, or have any existing competitors scored more shelf space or launched a new
Competitive data allows managers and business owners to check the industry trends in real-time.
It provides perception on a micro, in-store level and also on macro insights, for example, that your beverage competitors are experimenting with natural fruit juice .
To summarise – Retail reporting is an important part of growth plans for any retail company. Collecting these insights provides an opportunity to act in market changes whether it’s something store-specific or industry-wide. Encouraging representatives to conduct at least one of these three retail reports during any store visit undoubtedly provides you with more information to go after your competition and make inform the decisions in the field. A constant flow of valuable information can make everyone’s life a lot easier when conducting a formal periodic reviews. .
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