A recent customer panel hosted by Wiser Solutions revealed critical insights that demonstrate the agility and adaptability of brands. As the world navigated the complexities brought on by COVID-19, retail strategies had to evolve rapidly to maintain a competitive edge. Leaders from top-performing brands shared their experiences and strategies covering a range of topics—from the impacts of the pandemic to the innovative use of technology and data in crafting successful sales strategies.
A core theme discussed was the accelerated adoption of technology in the face of adversity. Panelists emphasized the significance of seamless integration of digital tools in response to COVID-19, which enabled continued engagement with consumers and efficient operational management. By leveraging data-driven insights and fostering a culture of innovation, these brands have been able to swiftly adapt and prioritize retail execution to stay ahead in the industry.
The panelists also delved into the specifics of setting new benchmarks and KPIs that reflect the current retail environment’s demands. The importance of agility in sales strategies was highlighted, as brands recalibrate their approaches to meet consumers where they are. By understanding and acting on these evolved metrics, brands can optimize their offerings, increase revenue, and forge stronger connections with their customers.
Here, we dissect the essential learnings from the discussion, framing how brands can effectively harness these insights to amplify retail performance and ultimately, increase revenue.
The Impact of COVID-19 on eCommerce Transition
- Supply chain constraints and logistical issues are central concerns, necessitating a focus on product availability and shelf stock maintenance to meet consumer demand.
- Broker partnerships are strategically leveraged to address in-store issues such as correcting stock shortages and optimizing product display.
- Studies show that the duration for out-of-stock items to reappear in online search results and shopping carts can extend up to a week, underscoring the importance of diligent inventory management.
- Data indicates that online grocery pickup garners higher average sales per trip, emphasizing the significance of this shopping method.
- Observations reveal that a predominant majority of shoppers during mid-morning hours at grocery stores are fulfilling online orders, placing increased pressure on in-store inventory and shelf presentation, and highlighting the impact that services like online grocery pickup have had on brick-and-mortar stores.
- The acceleration of the “brickandmortar.com” trend due to COVID-19 emphasizes the blending of eCommerce and traditional retail spaces.
- It has become increasingly evident that crafting a distinctive and memorable customer experience is vital, regardless of whether the interaction occurs online or within a physical retail setting.
Leveraging Technology for Retail Innovation
- The Wiser platform, particularly when it comes to Retail Execution Management, is instrumental in gathering critical data on the display compliance, which is a vital aspect of the customer journey.
- Some brands have implemented displays with internet connectivity as a core feature, enabling a showcase of the comprehensive capabilities inherent in the suite of products. This also allows brands to gather data using that internet connection.
- The objective remains to educate, inspire, and engage customers, while also benefiting from the two-way data flow; this facilitates measurement of key metrics such as customer engagement and dwell time.
Breaking Down Data Silos
- Integrated data solutions enable precise monitoring of connected display uptime, ensuring high-value target stores remain a priority.
- Automated notifications alert field representatives to technical issues, prompting immediate on-site responses to maintain optimal functionality.
- Proactive use of data analytics allows for strategic deployment of field resources, enhancing retail performance and driving consumer engagement.
Performance Metrics
- Ensuring promotional compliance is vital, including verifying the correct implementation of offers such as “Buy One Get One Free” (BOGO), multi-buy discounts, and other retail promotions. This diligence is paramount in order to guarantee that expenditures lead to the desired retail presence and sales impact.
- A company’s key performance indicators (KPIs) should be rigorously monitored through direct retail channels and partnerships, utilizing data to refine and enhance in-store strategies, with a special emphasis on key accounts where direct influence is essential.
- A shift in focus toward driving unit sales necessitates strategic placement of in-store displays and vigilant management of stock levels, highlighting the increasing importance of methods that directly boost product movement over tactics solely aimed at increasing revenue.
- Collaborations with data software platforms like Wiser Solutions and investing in independent channel-focused tools, empower the company to aggregate sales data and craft compelling narratives that fully encapsulate the company’s market performance.
- The ability to synthesize comprehensive sales data into accessible presentations has transitioned the approach from relying on distributors for data to proactively crafting informed sales narratives, ensuring strategic meetings are backed by full-fledged and persuasive data stories.
Adapting Sales Strategy to Current Retail Trends
- Differentiating marketing strategies is critical to avoid a reliance on discounts, thus preserving the full price sales integrity which is vital for maintaining a brand’s premium status.
- Establishing prices in the fashion industry hinges more on understanding and targeting the customer’s willingness to pay, rather than simply competing on price with other brands.
Applying Wiser Panel Insights to Your Business
Retail businesses are rapidly evolving, with data-driven strategies becoming increasingly essential for staying ahead in the competitive market. Wiser Solutions offers unparalleled advantages by providing comprehensive analytics and insights, crucial in crafting informed and dynamic sales strategies. Businesses that leverage these insights can expect to:
- Build Tailored Marketing Campaigns: Differentiate consumer segments based on their spending habits, allowing for precise targeting. Marketing initiatives can thus be crafted to appeal to the unique preferences of full-price shoppers versus discount-driven consumers, elegantly avoiding the pitfalls of broad discount strategies.
- Optimize Assortment and Inventory Levels: Gain real-time insights into product performance across various retail channels. This enables businesses to make agile decisions regarding inventory distribution, ensuring that the right products are available at the right locations to meet consumer demand effectively.
- Adjust Retail Execution for Maximum Impact: Understand the nuances of high-end and outlet store dynamics to tailor retail execution. By equipping businesses with the data needed to assess and respond to retail trends, Wiser facilitates a balanced retail approach, catering to diverse customer bases without compromising brand value.
Harnessing the power of data, Wiser Solutions empowers businesses to fine-tune their approaches to meet the ever-changing landscape of retail. Companies can capitalize on granular insights to drive sales and foster strong relationships with distributors and consumers alike, ultimately enhancing their brand’s presence in a crowded marketplace. With Wiser’s analytics at their disposal, businesses can turn information into actionable tactics, ensuring their retail strategies are as informed as they are effective.
For more insights from our customer panels, check out the other blogs in this series:
