Consumer Goods Industry is like a Fairy Tale where you see things in a Supermarket beautifully displayed and gives you the urge to buy thing even don’t need them. So every Consumer Goods major want to make their product speak and welcome you to take them home. Now let see in this blog article what makes you to improve the Shelf Performance with a Mobile Retail Audit Solution.
Paper, clipboards, laptops and spreadsheets continue to dominate the way retail audit information is collected and consolidated. Conducting retail audits is necessary to remain competitive in an industry where multiple products and brands fight for the attention of consumers. The reality of the traditional retail audit process is that there is a considerable time gap from when retail audits are conducted to when a manger see the reports and can respond to trends or critical situations. Data accuracy is also a concern of any process that involves transferring data from paper, and then consolidating it to produce management reports .What FMCG (fast moving consumer goods) companies need is a complete, end‐to‐end retail audit solution that enables managers to influence the shelf performance of their products and brands in real‐time while reducing the overall costs of conducing retail audits.
IMPROVING SHELF-PERFORMANCE OF FMCG/Consumer Goods
How can the retail audit process tangibly improve product and brand performance as measured by market share and revenue? By replacing clipboards and spreadsheets with a smartphone‐based retail audit solution,
FMCG companies can receive immediate and accurate results and gain even more market intelligence . This translates to better and faster decisions and a new ability to immediately respond to store‐level trends and discrepancies.
An innovative and end‐to‐end solution is necessary to get the most out of retail audits and needs to be:
• Quick ‐ fast to deploy with rapid data collection and immediate reporting
• Insightful ‐ to get more accurate reporting on key performance indicators and brand metrics
• Responsive ‐ to make better & faster decisions to gain competitive advantage
A Quick retail auditing solution also needs to be customizable for gaining internal adoption and to achieve immediate insight into the retail channel.The mobile solution should be easy for both IT departments to implement and business managers to use ‐ one that requires no programming or technical knowledge to define & deploy surveys or to collect & review results.
An Ideal Mobile CRM Consumer goods Solution have a built‐in campaign manager makes creating and modifying surveys simple. With just one click, the surveys are automatically deployed to auditor’s smartphones in seconds. And once completed, surveys are submitted on the smartphone and results instantly compiled to generate up‐to‐date reports for head office. What this means for FMCG companies, in addition to gaining immediate market insight, is the ability to conduct even more intelligence gathering via retail audits. Because it’s so quick and easy to deploy, business managers can send out even more surveys to the field in order to gain the advantage necessary to win on the shelves. And since the auditors no longer need to re‐key in data, more time for value‐added activities is created.
Good insight is the key to managing FMCG and is dependent on reliable data from the retail channels. The more accurate the results from retail audits, the better the insight. Therefore increasing the accuracy of audits is key when considering a mobile retail audit solution. Not only are mobile surveys intuitive to fill in for an auditor, they also eliminate blank and illegible responses common to paper‐based systems. Data accuracy can also be improved by thoughtfully selecting the right response type. A best practice is to choose response types that:
• Are easy and intuitive for auditors to fill‐in (ie. checkboxes or drop‐down menus)
• Reduces the chance of input error (ie. mandatory fields or input parameters)
• And produces powerful insights when analyzed (ie. average or sum calculations)
A mobile retail audit solution is of no benefit if it doesn’t ultimately contribute to improving agility and increasing market share and revenue. The ability to respond quickly to what is happening on the shelves is reliant on how fast reports can be generated when the latest retail results come in.
With online Retail Audit the data gets immediately compiled to produce management reports that FMCG companies can rely on for monitoring its KPI (key performance indicators) and brand metrics as well as stay up‐to date on market trends and the competition.
• Summary Reports show product and brand performance throughout the overall retail channel and are effective for executive reporting and highlighting trends. Built‐in filters enable top‐down views into specific
regions, banners, or products to highlight any performance issues that may exist.
• Detail Reports give a bottom‐up view of the results and show specific responses to each question that can pin‐point red flags or zero in on trends and discrepancies that might get overlooked in the summary
reports. These reports are key for the day‐to‐day business manager responsible for meeting sales targets and needing to influence product and brand performance in real‐time.
• Usage Reports are good for operations and sales management purposes to highlight efficiencies, show individual performance, and estimate future campaign deployment timelines.
Winning on the shelves is what it all comes down to.
Conducting retail audits using Smartphones improves the timeliness and accuracy of reports that enable managers to respond faster to store‐level trends or crisis situations. These results in better shelf performance of FMCG and reduced costs associated with conducting retail audits. It’s important for FMCG companies to be innovative and resourceful in order to maintain competitive advantage in the battle of the brands. Changing the way retail audits are conducted by adopting a proven mobile solution can be one way to achieve this. With Fortune 500 companies already deploying Best of CG CRM ’s retail performance management solutions, it only makes sense to go with them as a tested and proven solution for the most accurate and timely insight from your retail audits.
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