In the dynamic world of retail execution, pursuing perfection for 'the perfect store' is an ongoing journey. While measurements on the shop floor are familiar, the power of repeated and frequent monitoring is often underestimated.
At SmartSpotter Australia, we believe that continuous monitoring is the key to unlocking the full potential of retail execution, paving the way for consistent improvements every day.
The need for structural monitoring
In the intricate retail landscape, long-term agreements govern aspects like product availability, second placement, and share of shelf. However, the missing piece in this puzzle is structural monitoring, a practice that is second nature in various industries, such as telecommunications. The introduction of 'third-party monitoring' adds a layer of credibility and independence, setting a new standard for trust and reliability.
Six reasons why continuous measurement can boost your competitive advantage
1. Context and trends speak volumes
A one-time measurement can be deceiving. Imagine on-shelf availability at 92%... a decent figure. Now, consider that it was 98% just a week ago and dropped to 87% the week after. Suddenly, a narrative unfolds, revealing trends that empower retailers and suppliers to delve into the root causes of these fluctuations.
2. Prompt responses for optimal results
An on-shelf availability score of 87% implies missing out on 13% potential turnover. Quantifying this financially ignites urgency, prompting collaborative problem-solving between retailers and suppliers for immediate action.
3. Cost efficiency beyond the surface
The traditional approach of engaging suppliers for one-off investigations carries hidden costs. Continuous monitoring proves more cost-effective, eliminating redundant administrative efforts and decision-making associated with ad-hoc requests.
4. Seamless business operations
Elevate your business operations by making monitoring a daily routine. No more guessing games about on-shelf availability; proactive intervention becomes the norm as soon as warning lights appear on the dashboard.
5. Frequency matters: One-off or continuous monitoring?
Not all components demand the same level of scrutiny. While quarterly measurements suffice for less dynamic elements, continuous monitoring becomes the linchpin for dynamic components like promotions and on-shelf availability.
6. Unlocking growth through transparency
Implementing an 'always-on monitor' isn't just about data; it's about transparency. This transparent approach fosters a sense of mutual responsibility, optimising the partnership between retailers and suppliers and fostering joint growth.
Curious about the possibilities with in-store monitoring? Connect with our SmartSpotter Australia experts at hello@smartspotter.com.au
SmartSpotter is an Associate Member of the Drinks Association.