Quadrant Knowledge Solutions Market Insights research provides detailed insights on CPG manufacturers are constantly making huge investments in trade marketing and in-store programs to alter consumer buying behavior while they are in the store.
In today’s highly competitive marketplace it has become extremely crucial for retailers to focus on the shopping experience of which product offered in the store is just one part. An effective and efficient store execution strategy not only leads to better customer acquisition but also helps in customer retention.
Ensuring robust data collection at the store level is one of the most critical steps that can lead to near-perfect store execution. Moreover, retail analytics backed by superior data collection methods would help CPG manufacturers to formulate better retail and trade partner strategies. Data collection using Image recognition can prove both time-saving and beneficial for the field sales team of CPG manufacturers. Image recognition is an act of scanning data sets using certain algorithms by looking for certain patterns or correlations. Concerning CPG manufacturers, Image recognition can act as an eye for the backend team which can attain direct visibility into various store formats, and store shelves and can execute plans accordingly.
According to Quadrant Knowledge Solutions “CPG manufacturers have been resolving the issue of in-store visibility by hiring market research companies to carry out thorough store audits and by sending out a vast network of merchandisers or field agents to manually gather on-shelf data by visiting several stores”. Ensuring robust data collection at the store level is one of the most critical steps that can lead to near-perfect store execution. Moreover, retail analytics backed by superior data collection methods would help CPG manufacturers to formulate better retail and trade partner strategies.
Table of Contents
- Current Retail Execution Scenario and How Image Recognition can help.
- Image Recognition in Retail Execution.
- Insights captured via Image Recognition
- Factors to acknowledge before IR adoption.
- Sales data correlation.
- Store analytics availability.
- Reduced change management.
- Final Word
This Market Insights is a part of Quadrant’s Retail Execution Platform practice https://quadrant-solutions.com/market_research/spark-matrix-retail-execution-platform-2022/
Author : Neelam Singh (Practice Director), Ankit Sharma (Analyst) at Quadrant Knowledge Solutions