All around the globe big companies fritter away a lot of cash on the several types of tools and activities which are designed to improve sales. Among the other things, the most well-known term when it comes to this matter is Retail Execution.
But what is that anyway?
Let’s imagine a situation where we visit a shop in order to get our favorite chocolate produced by brand . Then, we realize that the shelf where it used to be stored is totally empty. Exactly what will you do? Most probably you will grab another one, and that’s it. From the brand perspective, when many consumers will act just like you, the company will lose a lot of money. Empty shelf means no sales that simply provides to zero profits. Basically, Retail Execution comes down to all actions connected with the sale process for the last consumer.
Typically the key point here is to gather real-time data from the stores and act imMediately. Is that even feasible? Of course, it is – with the modern technologies and software available out there. Having that in mind, we could easily monitor if our goods are on the stores shelves and act appropriately it if needed. A great Retail Execution actions should provide also various in-store special offers to make our products more interesting to the consumers.
As we notices before, we can make use of dedicated application which will help us with preparing a good strategy, with execution and checking all the actions we have decided to take. The main important part is the continuous analysis and making conclusions from it to see what works and what’s not.