Jul 17 2015
We’ve all been there. You walk into a retailer, let’s say, a local electronics shop. An eager sales rep greets you, and offers to help. You know exactly the product you want but you just need help navigating the store. The rep guides you to the right aisle, only to realize that the product is out of stock. The rep’s face flushes, and they scurry off to check the back room. The rep returns 5 minutes later – empty handed – and you either leave the store with a competing product or with nothing and a feeling of dissatisfaction.
Consider how this scenario can be damaging for that particular brand. How often will a customer buy a competing product? Does this experience hurt the company’s brand value?
As a sales professional, you can avoid these situations with better information and greater insight for your brick and mortar outlets. With the right analytics platform, sales teams are now able to access critical product and store information, such as:
- Price fluctuations
- On-hand inventory by store and SKU
- Current out-of-stocks across the entire retail network
- Sales growth for existing products and new product launches
- Sell-through rates
- Marketing ROI and promo sales lift
For marketers and sales managers, sales planning can be very challenging without access to all of your retail data. While it’s relatively easy to obtain this data for online channels like Amazon and self-hosted e-commerce sites, coordinating and harmonizing sales data for brick and mortar stores is still a persistent challenge. And this is despite the fact that the in-store sales represent 94% of total retail sales in the U.S. market. To gain more insight into store-level sales, retail professionals are now using cross-retailer analytics platforms to capitalize on brick and mortar data.
With retailers sharing data in a variety of different formats (portals, EDI, spreadsheets, etc.), it’s challenging to get a bird’s-eye view of your brick and mortar sales. Rather than look at retailers on an account-by-account basis, sales teams are now taking steps to organize all of their retail data in one location for greater accessibility and faster reporting. Whether analyzing sales momentum for a new product launch, or tracking your latest marketing initiative, retail-ready analytics solutions are designed to provide quick insights without the hassle of spreadsheets or vendor portals.
Mobile analytics apps have also become essential tools that enable sales teams to make better use of retail data in the field. To better equip sales and brand reps, companies are turning to the cloud to make sales data more accessible on the road. With mobile analytics, sales reps are now able to scan UPCs and access rich product information in real-time during store visits. This allows reps to view sales figures and compare store performance on-the-go. And with access to inventory data, a rep can now scan an out-of-stock product and find out just how long the product has been out-of-stock for. Mobile access to sales data is enabling reps to have more meaningful conversations with store managers and resolve store-level issues at the source.
Are you a retail executive seeking ways to help your sales organization be more effective? Are you harnessing retail data to empower your sales team with information and insights for your business? See how Askuity is helping product companies to capitalize on actionable insights with greater business visibility.