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Enabled by flexible technology, you can provide clear directions on how to handle obsolete inventory. Confirmation of correctly—or incorrectly—packaged products helps identify bottlenecks, ensure perfect execution, and avoid frustrating shoppers. With GoSpotCheck, you can receive data about damaged goods in real time, and ensure that you are equipping your team with instructions for when obstacles arise.
The Cost of Ineffective Merchandising
Ineffective merchandising can lead you down a dangerous road. Not only are you risking misrepresenting your brand, but when merchandising efforts aren’t up to par, you are almost guaranteed to lose sales. Damaged packaging, poor product placement, and empty shelves will cost you. Did you know that retailers lose almost 12% of annual revenue as a result of poor inventory management and preventable returns? Don’t be part of this statistic.
According to Total Retail...
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As a consumer goods company with hungry competition, merchandising is extremely important to maximize the power of brand recognition. Consumers need to have a positive interaction with your brand in order to complete purchases and continue purchasing in the future.
By using a tool like GoSpotCheck, you can track sell-through, and use that data to convince store managers to devote more shelf space to your products and specific SKUs. Additionally, with photo-capture capabilities, you can assign photo tasks which offer visibility into the look of your products and displays. Pictures can also be utilized to verify that placement meets brand standards. Capitalize on effective display and product placement—by analyzing data to repeat what works—to win consumers rather than potentially turning them away.
damaged goods shatter customer relations
Correctly placed displays and products
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Don’t let damaged goods cost you customers. With a field management solution that tracks in-store activity, your team can mark when they find damaged or mislabeled products. This gives you real-time insight into when and where a problem may be occurring, so that you can offer resolution in a timely, efficient manner. You may discover that it’s even time for a conversation with your suppliers about recurring packaging or labeling issues.
The Importance of Placement
The challenge to optimize your brand grows larger as shoppers continue to go online to research and buy CPG products. With this in mind, in-store experiences need to exceed expectations, appeal to the correct demographic, and capitalize on current trends. This means that when shoppers are in-store, your brand must stand out. Even the smallest errors can have detrimental short and long-term consequences.
With strategy in place, the next step is execution. Damaged or mislabeled products need to be taken care of, products and displays where they should be, and inventory levels appropriate for well-stocked shelves. With GoSpotCheck’s flexible capabilities, it is easy for any team to conduct audits directly from a store, account, or any other location. Your team can confirm merchandising is up to brand standards and quickly verify efficient execution.
Execution is Key
Ineffective inventory management opens the door for consumers to buy your competitor’s products and—most importantly—results in lost sales.
With adequate packaging and labels, in addition to ideal shelf space and display placement, you might think you’re good to go. While those are both very important, they are only relevant when products are available to purchase.
The Risks of Poor Packaging and Labeling
for the CPG Industry
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Fifteen percent of promoted sales are lost due to stockouts, and it’s a phenomenon nearly all shoppers have experienced.
It All Comes Down to Inventory Management
Technology is Essential in the CPG Industry
returns can cost you
Proper installation and placement
There’s no denying that poor packaging and mislabeled products lead to lost sales. When packaging is damaged, labels are incorrect, or pricing is outdated, consumers may turn to your competitors. This experience as a whole can also lead shoppers to make poor assumptions about the quality of your brand and deter them from future purchases.
In this guide, we will outline the costs of ineffective merchandising and how you can ensure better execution with a field management solution like GoSpotCheck. The ability to monitor what’s happening in-store and track field activity empowers innovative organizations to act fast when problems arise. With flexible technology, you can exchange pictures, create and assign important tasks, and verify correct execution. In addition, you can receive real-time data and gain insights into whether product placements, pricing, and promotions meet your standards. Keep reading to learn how to avoid merchandising mishaps that cost you sales.
When you have a pulse on your inventory levels and can be alerted when something is out of stock, you can act quickly to replenish the order. Don’t let empty shelves be the reason you are losing sales. As you continue to collect information about inventory levels, dive into the data further to identify what changes are necessary to decrease the likelihood of out-of-stocks. When you don’t have inventory on the shelves, it is costing you the sale itself, along with the wasted cost of promotional materials and frustration for potentially loyal customers.
Whether it is point-of-purchase displays, endcaps, or shelves, you want to use placement to your advantage—and then verify correct placement to better understand product performance.
Did you know that the leading cause for returns is defective or poor quality of purchased product? While in-store shoppers may become frustrated by damaged or mislabeled products, the consumers that actually purchase those products and come back to the store to return them are almost guaranteed to be upset.
As merchandising and demand planning move to finer levels of granularity, CPG companies will need to respond to real-time shelf activity and conditions, and incorporate shelf-level economics into their thinking.
A field management solution, like GoSpotCheck, also gives you the ability to work with your team in real time and enables fast, appropriate responses to merchandising obstacles. Mitigating the costs of ineffective merchandising, as well as identifying trends that prevent you from selling more, are completed with the right people and technology.
Product placement is one of the most critical aspects of in-store merchandising. Avoid frustrating your customers and loss of sales by focusing on...
This begs the question: What technology do you currently have in place that helps you monitor shelf activity and conditions?
Don’t Let Ineffective Merchandising Be Your Downfall
Learn how other companies leverage GoSpotCheck to gain visibility and drive execution.