If you’re selling various products at multiple locations in different geographies, how do you know which stores have set up displays to create the perfect store execution? How do you know if items have been placed near complementary products, making best use of available shelf space? How do you track where products are selling well — or not selling at all — and understand sales rates?
You could analyze sales data and send a rep into each store to perform a retail store check, manually audit the configuration of goods, analyze the information and prepare a report.
But many forward-thinking brands and retailers are leaving this tedious and subjective work to faster and more-efficient AI and image recognition solutions for retail.
Retail execution platforms like Storecheck’s Vision are helping brands analyze real world situations and instantly extract meaningful data to help increase sales.
Here are 5 ways brands are using image recognition to boost sales:
- Optimizing product placement and planogram compliance
Most brands invest a lot of time and money into planning their product placement strategies and in store execution, ensuring the right products are in the right places on the right shelves.
The shelf is, after all, where customers make important purchasing decisions. The shelf is also where loyal customers are made.
However, simply having a store plan is not enough — brands need to ensure the plan has been implemented correctly.
Here’s how retail execution tools, like Storecheck’s Vision, typically work:
- A field rep or auditor simply needs to snap a photo of a store shelf
- Image recognition tools can provide an instant assessment of compliance and provide a detailed list of actions to be performed
- Auditors can take corrective action while still in store
- Detecting empty shelf space
An empty shelf represents more than just a lost opportunity for a sale, it can also lead to the loss of a customer. If a repeat customer can’t find the product they are looking for, they might be forced to choose a competitor’s product instead. Maybe they’ll look for the original product next time they go shopping, maybe they won’t.
The good news is that brands can leverage image recognition to automatically identify empty shelves via store image recognition and send out empty shelf alerts to ensure customers can always find the products they want when they know where to look.
- Assessing competition
Tracking in-store competition can help brands identify opportunities for growth.
Image recognition technology can be used to monitor competitor shelves and instantly extract insights about product placements, promotions and brand presence.
These insights can help brands understand their own performance (a competitor’s promotion might be responsible for a dip in sales) and prepare for battle by copying or countering sales tactics.
Image recognition tools like Storecheck’s Vision are helping retailers increase operational efficiency, reduce workload and improve in-store execution in a way that directly influences customer behaviour and increases sales.
Want to efficiently monitor your perfect store execution or improve your retail POS data analysis? Connect with Storecheck to see how their retail execution tools can help you: https://www.storecheck.com/en/contact