What is Retail Execution?
First, let’s clarify what Retail Execution is because sometimes the definition may vary depending on the industry, the size of the company, etc.
If the strategy of how a company wants to achieve the perfect store is the theory, Retail Execution is the practice. That is, how the products or the second viewings of products are presented at the key moment, at points of sale.
The main goals are:
- Achieve the highest degree of conversion at the point of sale.
- Verify the number of facings and improve shelf positioning.
- Audit the number of references and space quota.
- Negotiate second exhibitions and displays at the point of sale.
- Improve commercial productivity by increasing the number of visits.
Consumers still prefer to buy in a physical store
The rise of e-commerce is one of the new trends that are changing the market and this is an ongoing increasing threat.
However, today, the consumer continues to prefer offline shopping as evidenced in a study by Shop.co that also reveals that the main reasons are that costumers want to be able to touch and feel the product and that they find the offline purchase process easier.
The reality is that physical shopping and online shopping are not two opposite worlds, but they need learn from each other, so developing omnichannel strategies is essential for business success.
The best laid plans fail if they are not implemented properly
Napoleon said, “No plan survives contact with the enemy.”
In an office, you can design the most perfect marketing plan or strategy, but that is of no use if you do not then implement it in the proper way or monitor it closely.
What do you think will happen if your customer wants to buy your product, but it has sold out and not been replaced? What if the owner of the point of sale does not share your priorities?
You can have losses running to millions.
According to the Promotion Optimization Institute, 90% of companies report issues when carrying out their plans at their sales point. You can’t leave these things to chance.
How can you face these challenges?
Using software to monitor and audit store activity will increase the efficiency of your operations at the point of sale and improve the productivity of your salespeople.
A simple interface will allow you to collect all the data you need from any mobile device that your sales team uses. All actions and information are synchronized and integrated directly with your ERP for accurate and real-time knowledge of what is happening.
According to the 2019 POI State of Industry Report, only 28.5% agree that they have the tools they need to make appropriate decisions.
Since the appearance of SaaS (software as a service), the cloud and mobile technologies, retail execution software have become an essential tool to guarantee the success of this task.
How can retail execution software help you increase your sales?
These types of software offer several benefits to boost your sales thanks to very advanced technological features.
1. Real-time data collection and processing
According to the Promotion Optimization Institute, 81% of respondents reported issues when trying to get retailers to share useful data with them. Therefore, your salespeople must be able to collect as much information as possible, quickly and effectively, regardless the mobile device they use. This includes photographs of linear shelves or displays.
This data is updated in real time with other centrally available information (current commercial agreements, available stock, order history, etc.) to facilitate the salesperson’s work at the point of sale.
2. Point of sale auditing
Audits at the point of sale are the key of success in retail execution, since not doing them would make it impossible to know what is happening in store: compliance with agreements, competition analysis, prices, etc.
Image recognition technology allows you to obtain important information in just a few minutes after taking a picture of the shelves: breaks in the linear shelves, number of facings, prices, etc.
3. Improving results in commercial operations
Quickly and reliably collecting all data allows the point of sale manager to have more information and a favourable position when negotiating: fulfilment of commitments, order history, lead scoring, reporting and custom promotions, upsell or cross-sell opportunities, etc.
Similarly, this type of software allows you to perform tasks much faster (order taking, auditing, etc.) so that the salesperson has more time to deal with the customer and this is the most important task to obtain results.
And the best is yet to come…