17th Nov, 2021
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- Lack of automated technologies hampers data collection, report creation, and retail execution, decreasing the overall store productivityÂ
- Swift adoption of a 360-degree retail engine creates an interconnected store ecosystem that boosts efficiency and reduces costsÂ
- Leading OEM brands are harnessing the potential of automation technology to systematize workflows and execute tasks with minimal human intervention
The retail industry is under a massive pressure, with margins stressed from all sides. From higher costs of managing supply chains and decreasing footfalls to rising competition and technological disruptions, businesses worldwide struggle to adapt and stay afloat. Additionally, customer expectations continue to evolve as e-commerce platforms raise the bar for personalized experience on the back of an advantaged cost structure. Battling multi-dimensional business challenges, the future of retail and the broader value chain will be shaped by automation technology. Retail automation solutions will create organizations with fewer layers and a better-trained workforce. It is supported by real-time data andÂ retail analytics.
More than half of retail operations can be automated using current, at-scale technologies such asÂ planogram automation, sales force automation, etc. Activities such as retail branding, marketing, and store hygiene can also be moved on autopilot for better efficacy. While the dialogue on retail automation has started, not many retailers possess the infrastructure to implement automated technologies. Businesses struggle due to manual processes for data analytics, store hygiene, along with in-store branding and marketing activities.
Bottlenecks that leading OEM brands face
Lack of retail automation leads to ineffective visual merchandising and retail execution, decreasing the perceived brand value among consumers. It also hampers retail hygiene and compliance scores. An evaluation of available automation technologies reveals that the bottlenecks are primarily due to a lack of skills and capabilities. Retailers struggle to break free from the soft tyranny of manual processes, which increases budgets and brings inefficiencies in the system. The unavailability of a robust retail management program creates the following business challenges for OEM retailers:
- Inaccurate database due to the manual process of collecting and reporting on-ground data
- Poor auditing standards to monitor new product image against competitors
- Poor or zero visibility due to wrong or ineffective branding standards
- Ineffective deployment of planograms and customer service tools hampering brand value at stores
Automating end-to-end retail execution process to counter the challengesÂ
The swift adoption of retail automation solutions becomes crucial to optimize business-critical processes and improve operations across stores. Implementing a 360-degree retail engine helps create an interconnected store ecosystem that boosts efficiency and reduces costs. A sound retail execution strategy powered by automation technologies helps streamline retail audit, workforce productivity, hygiene activities, etc., through accurate data collection and reporting.
A leading global handset manufacturer effected comprehensive retail solutions to break through the challenges of data inaccuracies, manual processes, and ineffective retail executions. The company deployed a composite mix of retail management strategies supported by automation technology.
Read the complete success story here:
A leading handset manufacturer successfully automated workflows and executed tasks with minimal manual intervention. The company deployed smart retail execution strategies propelled by AI and ML-led tools to enhance the data collection and report creation capabilities. Riding the advantage of an all-embracing retail solution, the global handset manufacturer harvested the following benefits:
- Complete list of stores assigned for visits, with the flexibility to add stores
- A centralized software for automated ground reporting that allowed retail auditors to collect store data and submit it for validations to the stakeholders
- Validated retail audit for backend managers to ensure data accuracy
- Automated retail management software enabled standard dynamic reporting for a consolidated data view
- A user-friendly dashboard to track retail hygiene activities across 2700 stores with element-wise compliance scores and deep data drill-down
These solutions helped the handset company achieve an 8% improvement in brand visibility across locations within 10 months. Retail automation software helped with a 60% reduction in time taken for end-to-end activity completion and report creation. They were also able to achieve an overall 20% improvement in data accuracy.
Get a deeper understanding of Denaveâs sweeping retail solutions and how it helped a leading global handset manufacturer to accomplish a 20% increase in data accuracy.Â Click hereÂ to read the full case study.
End-to-end retail automation solution increases business productivity by automating repetitive tasks that reduce overheads and improves the ROI. It empowers retailers to make smarter and more confident decisions by streamlining data collection and report creation activities. Accurate on-ground data about products, inventories, customer preferences, etc., allows retailers to identify key growth barriers and eliminate them. With automation, businesses can seamlessly integrate store operations, standardize workflows, and build consistent store models for increased brand visibility. Retail automation is the elixir that will revive the industry and pilot it to new pinnacles of success.
Also, read our whitepaperÂ âUnderstanding Challenges and Identifying Opportunities to Enable Breakthrough Solutions for Retail Success in 2021 and Beyondâ to get a step-by-step breakdown of modern market challenges and next-gen retail solutions that will power customer engagement and support sales growth across sectors. Download the report now!Â
Automating mundane store operations helps reduce overheads and allows the workforce to prioritize sales-related activities. Modern businesses will be built on a smart mix of technological and human capital with higher investment in the former. Automated retail solutions empower retailers to make smarter and more confident decisions to scale businesses in the future.