Even if you have the best product on the market, your brand cannot experience success if you’re being overshadowed by the competition. A solid in-store retail execution strategy is your secret weapon for driving retail sales and staying afloat in this ultra-competitive environment. To come out on top, CPG companies must keep their products properly stocked and be able to capture shoppers’ attention at the store level. Being diligent about these details will give your brand the edge it needs to stay relevant in the marketplace.
One component of a supplier’s in-store execution toolbox is merchandising. While this area of a retail strategy has several facets, companies should focus their attention on preventing out-of-stock instances. A sizable 37% of consumers will choose another brand if their first choice is unavailable.
Retail merchandising best practices for preventing stockouts include:
Preparing for seasonal spikes in purchasing
Maintaining accurate inventory data
Performing data-backed demand forecasting
Properly training store merchandisers
Implementing efficient processes for shelf replenishment
Planograms enable brands to ensure their in-store execution strategy is being upheld. Including planograms as part of a retail store audit makes it easier for merchandisers to verify that each SKU is located exactly where it needs to be. In addition to promoting profitability on the shelf, planograms are useful for creating consistency across retailers, thus improving brand recognition.
While adequately stocked shelves can have an impact on purchasing behavior, brands first need to draw consumers to their products in the store. One of the best retail sales techniques suppliers have at their disposal is in-store displays. Creative, innovative point-of-purchase displays and signage help your brand stand out amongst the noise and conveys a memorable message to shoppers.
Consider the power of high tech in retail as part of your in-store execution strategy. An interactive experience is far more engaging than a static display and thus can drive sales even further. Ksubaka, a tech company that specializes in gamified in-store displays, shared the results of a project for its client, L’oreal. The company created a racing game that consumers could play on iPads located nearby L’oreal products in the store. As a result of this campaign, the brand experienced an 8% sales uplift for the product line and a 79% sales uplift for the entire category.
The retail space is more crowded than ever, and your brand needs to be at the forefront of consumers’ minds in order to survive. Two aspects of retail execution that are in a supplier’s control are how well-maintained their shelf space is and how effective they are at driving foot traffic to their brand. Keeping this in mind will allow you to keep the competition at bay and boost in-store sales.
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Victoria is a Marketing Associate at Repsly, where she leads the company's P.R. and social media efforts. You can also catch her prepping for slew of exciting industry events. A New England native, Victoria has spent time living in Italy and traveling throughout Europe before settling back in Boston. When she's not planning her next trip, V is probably tasting wine or brushing up on her Italian.