Data-driven insights on out-of-stock product occurences
Out-of-stock occurrences can significantly impact sales velocity and ROI for retail brands and distributors. In this initial period, our customers will explore the different challenges that they face when it comes to out-of-stock occurrences, re-stocking and ensuring that the optimal amount of products is always on the shelves available for purchase by a customer on the sales floor. This phase also consists of an introduction to how advanced analytics and sense technology can be used to address the challenges that are being faced.
The benefits of this phase include:
Exploring a new, faster approach to better tackle out-of-stock occurrences.
Building a strong understanding around how advanced analytics and sense technology can maximize on-shelf availability and ROI.
After a strong understanding has been created around how to approach out-of-stock challenges, it is time for sense technology to take action in-store. During this phase, sense devices are placed on the end of push racks and they measure the distance between the sensors and the back of the paddle of the push racks. The sensors then send measurements to a base station they are connected to wirelessly.
The benefits of this phase include:
Gathering out-of-stock measurements in a fast, efficient manner that does not include the cumbersome approvals and installations of cameras or other devices.
Quick, scalable implementation that sheds light into an area of in-store analytics for the first time.
Now that sense technology has been implemented, it is time for advanced analytics to make an appearance and help ensure on-shelf availability. With the use of advanced analytics, the sensor measurements are cleaned up in real-time and notify a customer when there has been an out-of-stock occurrence based on a threshold that they have set. With this information, customers can also generate insights around why out-of-stock occurrences happen and how to prevent future ones.
The benefits of this phase include:
Increase sales velocity by being able to restock different locations in a timely manner.
Improve overall ROI and be able to influence key stakeholders by determining which stores perform better.
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