What is Smart Merchandising, and how does it impact retail execution?
Smart merchandising is a data-driven retail technology that transforms retail shelf data into actionable insights. With the help of advanced AI algorithms, it enables retailers to automate shelf management, capture key performance indicators (KPIs) in real time, and optimize various aspects of store merchandising for improved sales and customer experience.
How does Smart Merchandising simplify KPI tracking?
Smart Merchandising streamlines KPI tracking with an intuitive approach:
- Share of Shelf Analysis: Analyze the share of shelf space each product occupies, optimizing visibility and brand presence.
- Out-of-Stock Analysis: Identify and address out-of-stock situations promptly, preventing missed sales opportunities.
- Pricing Analysis: Monitor and adjust pricing strategies to remain competitive and appealing to customers.
Secondary Display & Promotions
- Effectiveness: Evaluate the effectiveness of secondary displays and promotions in driving sales.
- Availability & Facing Compliance: Ensure products are available and correctly faced, contributing to an inviting shopping experience.
- Compliance: Verify that planogram layouts are followed to enhance store aesthetics and sales potential.
How does Smart Merchandising transform shelf management?
Smart Merchandising shifts the approach from guesswork to data-driven insights. By relying on accurate data and real-time images, salespersons can make decisions that positively impact shelf management, sales, and overall store performance. He can do this by simply clicking a photo of the shelf and relevant KPIs will be calculated via AI/ML.
Can Smart Merchandising help prevent stockouts and overstock situations?
Absolutely. By capturing real-time data on stock levels and using advanced analytics, Smart Merchandising can detect and prevent both stockouts (products being out of stock) and overstock situations (excessive inventory). This optimization of stock levels not only reduces missed sales opportunities but also prevents unnecessary carrying costs.
How does Smart Merchandising impact the bottom line for retailers and brands?
Smart Merchandising has a direct impact on the bottom line by optimizing various processes and increasing operational efficiency. With improved product placement and availability, sales revenue increases. Simultaneously, reduced travel time and streamlined processes lead to cost savings. These combined effects enhance profitability for both retailers and businesses.
Is Smart Merchandising suitable for businesses of all sizes?
Yes, Smart Merchandising can benefit businesses of all sizes. While larger enterprises may leverage their capabilities for widespread store management, smaller businesses can still enjoy the advantages of data-driven insights to enhance shelf execution and improve sales. The scalability and adaptability of Smart Merchandising make it a valuable tool for businesses regardless of their size.