Having the best product on the market and selling it at a competitive price isn’t a guarantee of success in 2020. With in-store private label brands and online competitors constantly eating up market share and making use of their data advantage, consumer packaged goods brands need to fight back by arming their field teams with artificial intelligence tools to gather data and use it to instantly diagnose, adjust and improve in-store retail execution and monitoring.
Storecheck Vision allows field reps like brokers and distributors to help CPG companies ensure in-store data is captured reliably, products are properly stocked, and displays are effectively capturing customers’ attention.
Customer retention is the name of the game. Research shows that it can cost five times more to attract a new customer compared to retaining an existing one. Even more compelling? Increasing customer retention rates by 5% increases profits by 25% to 95%, according to research done by Frederick Reichheld of Bain & Company.
Here’s how Vision works
1. Say cheese: Using a mobile device, field reps simply need to snap a photo of the product shelf during a retail store check. This is when Vision does its magic.
2. A picture says a thousand words: Supported by artificial intelligence, Vision analyzes the photograph and converts the visual information into usable data. Using shelf image recognition technology, Vision can instantly identify issues with planogram compliance, shelf availability, price tags and more.
3. From photo to big picture: The captured data is then automatically cross-referenced with company objectives to provide an accurate diagnosis of in-store execution at the point of sale.
4. The ultimate to do list: Within minutes, field reps receive a list of tasks that need to be completed during their visit, ordered according to each action’s economic impact.
Why choose Vision?
1. Precise Data Collection
CPGs put a lot of trust in their field reps to accurately capture in-store data. But nobody’s perfect. One small mistake or oversight could lead to an ill-advised promotion, overstocked product or lost sales.
Vision guarantees precise data collection at the point of sale through shelf image recognition.
2. Instant Diagnosis
When shelf issues are detected, they need to be addressed right away or brands risk losing out on sales and even losing customers.
Out of stocks cost CPG brands more than $47 billion annually, according to IRI research. The long-term effects are even more devastating: 37% of consumers have been shown to choose a different brand if they can’t find what they are looking for on the shelf, according to the National Association of Chain Drug Stores.
Forget gathering information, preparing manual reports and reporting to brand managers. Using store image recognition technology, Vision delivers a shelf display diagnosis in 5 minutes, helping field reps carry out important actions right away that will have an immediate impact on sales.
3. Reduce Operational Costs
By improving the efficiency and precision of data collection and analysis and allowing field teams to instantly optimize in-store execution, Vision can help reduce workload at the point of sale and increase field team profitability.
Field teams will spend less time:
- Manually reporting on conditions in-store
- Preparing reports for brand managers
Field teams will be able to spend more time:
- Getting more desirable facings and secondary placements
- Fortifying relationships with store managers
- Focusing on the stores that matter most
Want to efficiently monitor your perfect store execution, improve your retail POS data analysis and increase sales? Connect with Storecheck to see how Vision and their other complementary retail execution tools like Autopilot, Hub and Field can help you. Contact us