In the dynamic landscape of retail, brands and retailers are inextricably linked, each relying on the other for success. However, this symbiotic relationship can sometimes lead to challenges for brands aiming to assert themselves effectively within the retail space. From ensuring product availability to maximizing promotional performance, brands often face hurdles that can impact their bottom line. Yet, armed with the right strategies and data, brands can navigate these challenges with confidence, fostering a productive relationship with retailers while driving mutual success.
One of the key factors that keeps retailers awake at night is the trifecta of availability, promotional performance, and ranging. For brands, understanding and addressing these concerns head-on can lead to fruitful collaborations. By leveraging data, brands can identify gaps in product availability and ensure that their products are consistently stocked across all agreed-upon retailers. Granular, store-level data allows brands to pinpoint specific areas for improvement, facilitating targeted conversations with retailers to address issues effectively.
Enhancing Retailer-Brand Collaboration through a Data-Driven approach…
In a study conducted by Pricer that featured 1000 shoppers, they discovered that 50% of UK consumers believe that the reason for increased shelf gaps in-store was due to suppliers struggling to meet demand due to inflationary pressures on their production and manufacturing. This highlights the importance for brands and retailers to establish a harmonious partnership where they can meet the demands of the consumer and the current climate. The reality is, if their products aren’t seen or heard, they’re ultimately destined to fail.
Retailers and brands who recognise the value of adopting a data-centric approach are the ones poised for long-term success. Supporting this, Collibra discovered that data-centric businesses are 58% more likely to exceed revenue goals. By leveraging advanced data, they can pinpoint the effects of significant societal events on consumer behaviour. Such insights enable them to curate innovative shopping experiences that can boost customer satisfaction and foster loyalty. Tracking metrics such as performance, profitability, and compliance provides essential insights that guide future strategies.
Effective communication is essential in challenging retailers while maintaining a collaborative partnership. By channeling conversations into non-negotiables based on data-driven insights, brands can assert their needs while fostering a constructive dialogue with retailers.
This approach helps reduce blockers throughout the supply chain, ensuring smoother operations and enhanced performance.
Data-driven analysis plays a pivotal role in challenging retailers effectively. Brands can analyse the rate of sale, stock position, and forward forecasts to provide actionable recommendations to retailers. By demonstrating the potential impact of stock shortages on sales performance, brands can advocate for adequate inventory levels to prevent out-of-stock situations during promotions. Historical sales data can also inform forecasting and future planning, allowing brands to anticipate demand fluctuations and optimize inventory management strategies.
Moreover, brands can capitalise on new product launches by closely monitoring sales performance and identifying areas of opportunity or concern. By leveraging data to track product movement across different stores, brands can confidently challenge retailers to address any issues hindering sales growth. Additionally, monitoring the impact of promotions in-store allows brands to ensure that their investment yields maximum returns, driving incremental sales increases and optimizing promotional strategies.
Say hello to Reapp, the ultimate FMCG toolkit for brands…
Reapp is a suite of intelligent analysis software and tools designed to help businesses score sales and better manage stock. By providing sales and stock insights in a matter of seconds, using industry-leading AI technology and image recognition software to identify problems in compliance or gaps in stock levels and providing insight into valuable purchasing analytics, we’ve truly got you covered!
Brands who invest in Reapp’s data practices can be assured consistency, accuracy, and timeliness. With proper data management, brands can count on our software to provide reliable insight, crucial for effective and strategic decision making.
If you’re a retailer or brand aiming to stay ahead by maximising your data journey and making informed decisions, contact us today!
Let our technology handle the hard work while we demonstrate what Reapp can do for you…
Looking ahead…
Ultimately, the key to effectively challenging retailers lies in leveraging data-driven insights to drive informed decisions and facilitate constructive conversations. By addressing retailers’ concerns regarding availability, promotional performance, and ranging, brands can strengthen their position in the retail space while fostering mutually beneficial partnerships. Through collaboration and strategic communication, brands can navigate challenges with confidence, driving success for both parties involved.
