CPG companies face the constant challenge of providing a consistent brand experience across all stores, locations and platforms. That challenge is one that has the impact to significantly impact the path to purchase and brand loyalty, and as the omnichannel world evolves, the potential for inconsistencies will only grow.
Investing in the in-store experience therefore remains a high priority, and for good reason. In-store placement and promotion carries a lot of power to move volume, which makes it critical to know what each store looks like to maximize promotional success and local sales. Yet CPG brand leaders are often unable to make store visits as often as they would like and rely on merchandisers to execute brand standards, making them guardians of brand engagement. As HQ looks at ways to optimize performance and strengthen brand engagement, technology has the power to set brands apart.
Maximizing Performance with Data, AI and ML
For CGP brand leaders looking for ways to ensure the high standards set by HQ are met while planning and executing impactful promotions, artificial intelligence (AI) and machine learning (ML) insights provided by companies like OR are providing game changing insights. With OR, CPG leaders are enhancing overall performance due to a deeper understanding of in-store activity and local trends. Those insights are then informing merchandising strategy, ensuring promotions and placement are impactful, ultimately maximizing sales opportunities.
As the world starts getting back to pre-COVID activities, connecting with consumers in a meaningful way has never been more important. According to a recent Google survey, leveraging data, AI, and ML to detect and predict customer trends and connect with them “differentiates the (CPG) leaders in this new world by unlocking unprecedented value and competitive advantage.” It also found that cloud, AI/ ML, and analytics for CPGs is expected to unlock at least $490 billion in value for CPG by 2023, and OR is helping CPG companies around the world unlock that value.
Executing a Flawless Visual Merchandising Strategy
A visual merchandising strategy should be given the same priority as a brand strategy, and OR not only helps retailers gather the insights to inform an effective strategy, but also provides a platform that ensures it is executed as successfully as possible. OR empowers CPG leaders to communicate with clear direction on execution, and syncs up all communication into one easy to find (and respond) place, making collaboration seamless. Compliance is also built-in giving management full visibility into what is happening in the field. From planning and execution to photo compliance, every detail is tracked and shared, so that head office knows what is happening in every in-market display at all times.
As the CPG industry and consumer preferences evolve, those that are investing in technology and data are unlocking value and gaining a competitive advantage. The strategic use of technology can give CPG leaders confidence that sales opportunities are maximized in three fundamental ways – strengthened communication, increased compliance, and enhanced performance and execution. Effectively developing and executing a visual merchandising strategy in a way that stays true to the brand can make or break the in-store customer experience, and OR helps remove the guesswork.