Today’s consumer is digitally connected with access to a world of information that’s right at their fingertips. And, with a wide range of avenues now available to them with respect to ordering and receiving products, they’ve become used to getting what they want, when and how they want it. It’s driving their insatiable needs for convenience, challenging retailers and their distributor partners to innovate in order to meet their needs, or miss out on sales.
Expect no brand loyalty if you are out-of-stocks
There are a multitude of factors that can positively or negatively affect the levels of convenience that a consumer receives during their shopping experience, from customer service and marketing to store design and checkout. However, the leading contributor toward a dissatisfied customer is a lack of product availability.
According to a recent global shopper survey conducted by Zebra Technologies, 43% of retail associates surveyed cited customer complaints about out-of-stocks as their biggest point of frustration, while 39% of consumers left a store without purchasing due to the issue.
Transparency and accurate forecasting
In order to meet the growing demand for personalization and convenience, and ensure product availability, whether in-store or online, consumer packaged goods (CPG) companies and other distributors need to begin leveraging the potential of digital. With unique retail execution software solutions like those developed and offered by Storecheck, you can automate your retail POS data analysis during retail store visits and centralize your data on a single business intelligence platform, creating transparency within your supply chain and generating meaningful insights and analytics that enable your senior leaders and field teams with highly accurate, real-time information and understanding to generate bigger and better results for your business.
In this age of digitization and personalization, it’s more critical than ever to meet the needs of the consumer, providing them with the products and goods they want, when and how they want them. It’s one of the biggest challenges today, quickly becoming an imperative. But there are opportunities in the power of the data technology tools at your disposal, providing you with the potential to equip your operations with deep business intelligence to continue driving you forward and eliminate out-of-stocks once and for all.