22nd Dec, 2021
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- Rise of omnichannel trade warrants the use of tech-enabled audits to extract valuable, actionable business insights across all customer touchpoints
- Big OEM brands face bottlenecks due to manual audit strategies and slow rate of technology adoption
- Embracing automated retail solutions offers 360-degree connectivity across visual merchandising, workforce performance, store compliance, BTL activations, and more
- A leading handset manufacturer improved its brand visibility and hygiene compliance scores with the help of a customizable web audit platform and data collection forms
In an otherwise wonky marketplace, structuredÂ retail audits and visual merchandisingÂ programs empower retailers to optimize in-store operations. With the advent of omnichannel trade, it becomes crucial to leverage modern technology to extract valuable, action-ready insights across all customer touchpoints. Tech-enabled audits enable key business stakeholders to track, monitor, and measure the performance of stores and their workforce. It helps them identify gaps within the operations and eliminate the unproductive strategies.
Capturing accurate field data that affects store wellness and revenue is essential in a dynamic market environment. However, retailers often get struck out while developing an organized and detailed audit plan. They stutter to implement an integrated retail execution and tracking the compliance to brand standards across stores. The manual process of reporting, muddled store visits, and slow rate of technology adoption are some of the fundamental challenges paralyzing store visibility and sales conversions for OEM retailers.
Key bottlenecks faced by OEM retailers
While there are no one-size-fits-all audit solutions, retailers often stumble upon a series of quite similar challenges that compromises their store productivity. One of the prevalent concerns within the OEM industry is low technology incorporation. Manual processes of data collection, reporting, and visual merchandising management increases time and cost overruns. The absence of unified retail management software causes roadblocks in seamlessly tracking branding and POSM deployments across stores.
OEM is the most competitive sector in the retail segment, motivating brands to innovate and keep tight control over inventory, merchandising, workforce productivity, and more. Ineffective audit plans can hurt customer engagement and sales possibilities as unyielding strategies go undetected. Under the duress of labor-intensive processes and siloed work arrangement, major electronic and computer brands face the following set of challenges:
- Limited visibility of the field activity and productivity of auditors/ visual merchandisers
- Manual reporting of retail execution activities leading to loss of business-critical audit data
- No maker-checker mechanism to validate the retail audit and visual merchandising data
- Manual reporting infrastructure causing delayed transmission of data from field force to decision-makers
Embracing technology-led retail solutions to streamline the audit and visual merchandisingÂ
In an increasingly competitive business environment, brands must also adapt and evolve their in-store operations to keep up with customer demands and expectations. Embracing tech-enabled retail audits offers 360-degree connectivity across visual merchandising, workforce performance, store compliance,Â BTL activations, and more. Furthermore, a unified tech platform allows real-time information, field force tracking, and merchandising optimization for improved brand compliance. It helps create a connected store ecosystem and execute consistent visual merchandising, retail hygiene, and compliance management.
Leading OEM brands triumphed over the challenges of manual auditing and siloed retail execution by espousing technology solutions. The company primarily leveraged automation for enabling end-to-end retail execution.
Read the complete success story here:
A leading global handset manufacturer effected comprehensive automated retail solutions to boost hygiene compliance across stores. The business objectives of the company were to improve brand visibility and track branding adherence, updating POSM deployments, and more. The company deployed the following set of retail solutions to rejuvenate its stagnant operations in 2825 stores across 165 cities in India:
- Planned store visits with permanent journey plan-based allocations, with the flexibility to add stores
- Deployed simple, efficient, and customizable data collection forms for faster visit closures and enhanced productivity
- Deployed mobile dashboard for retail auditors to monitor approved and rejected visits
- Implemented web-based auditor for quick validation of field audit data
- Centralized compliance management mechanism to log and track issues
- An intelligent dashboard with a customized role-based view of retail hygiene scores with inferences, trend analysis, and data analytics for building or altering strategies
With the help of the aforementioned retail solutions, the handset company achieved a 2X increase in monthly to key partners and improved compliance. They witnessed a 15-20% improvement in hygiene compliance scores with 30-40% faster turnaround time resolution. Also, the company gained 30% faster replenishment of point of sales materials.
Get deeper insights into Denaveâs comprehensive automation solution to enable end-to-end retail execution and how it armed a leading handset manufacturer to boost brand visibility and hygiene compliance across stores in India.Â Click hereÂ to read the complete case study.Â
Continuously monitoring store operations and tracking performances against rapidly evolving customer behavior and business dynamics is key to stay ahead in the race towards success. A unified web auditor along with customizable mobile dashboards helps enforce a top to bottom retail audit program that allows real-time tracking of on-ground data and easy reporting to key decision-makers. Smart web audit functionalities facilitate automated BI analytics and derive actionable market intelligence to course-correct their in-store operations. Smart implementation of tech-enabled retail solutions is crucial to be flexible and future-ready against any disruptions.
Additionally, delve deep into Denaveâs integrated retail audit and visual merchandising capabilities and learn how it can successfully augment in-store operations. Read our blogÂ âCore Denave Retail Capabilities: Retail Audits and Visual Merchandising to Augment Retail OperationsâÂ to know more.