Is Automation The Future of Retail Execution?
The future of retail execution is likely to involve a combination of online and in-person shopping experiences. As technology continues to advance, we can expect to see more seamless integration between online and physical retail spaces.
There may also be increased use of artificial intelligence and automation in the retail industry, which could lead to more personalized shopping experiences and improved efficiency.
Additionally, the use of mobile devices and other technology is likely to play a larger role in the retail experience, allowing not only customers but also manufacturers and CPGs to easily access product information from anywhere.
What is influencing the retail execution landscape?
Retail execution is expected to be heavily influenced by technology and the increasing use of automation. This will enable retailers to more efficiently and accurately manage their operations, including inventory management, customer service, and product pricing.
2023 trends in retail execution
One of the key trends in the future of retail execution is the use of artificial intelligence (AI) and machine learning to make data-driven decisions.
AI algorithms can analyze large amounts of data from various sources, such as customer behavior, sales data, and market trends, to identify patterns and predict future demand.
This will enable retailers to better anticipate customer needs and tailor their products and services accordingly.
Another trend is the use of automation and robotics to streamline various tasks and processes.
For example, automated inventory management systems can track and manage stock levels, while robotic systems can handle tasks such as packing and sorting products.
This will help retailers to reduce labor costs and improve operational efficiency.
Additionally, the rise of e-commerce and digital platforms is expected to continue to impact the future of retail execution.
This will require retailers to focus on optimizing their online presence and providing seamless, convenient, and personalized experiences to customers.
Automation in retail execution: The store audit automation
Store audits are usually performed by CPG workers or third parties hired to do them in order to compile and analyze information regarding stock levels, product location, planogram compliance, and evaluate the quality of in-store displays and promotional materials.
Nonetheless, 44% of workers still use manual methods to perform retail execution activities which leaves behind real-time data and granular insights that could be crucial for the brand’s decision-making.
There are several steps that can be taken to automate store audit task lists:
Identify the tasks that can be automated:
Start by identifying which tasks in the store audit process can be automated. These may include tasks such as data collection, data analysis, and report generation.
Twnel allows you to capture images, consumer insights, pricing information, and even competitor adjacencies using conversational automation (bots that guide workers in the step-by-step process of information collection.
Use technology to automate the tasks:
Once the tasks have been identified, use technology such as AI and machine learning to automate the tasks. This can be done through the use of software and applications that are specifically designed for store audit automation.
It is very important for companies to not only rely solely on desktop tools. Companies need to implement mobile tools in order to facilitate the collection of information at the POS (point of sale).
Make sure to consider technology that can easily integrate with existing systems in order to increase the ROA (return on assets) and therefore get more bang for your buck!
Set up automatic reminders and alerts:
Use technology to set up automatic reminders and alerts for tasks that need to be completed. Twnel does that pretty well by allowing companies to send broadcast messages to each worker in the field. This can help to ensure that all tasks are completed on time and that the store audit process is carried out smoothly.
Monitor and evaluate the results:
Regularly monitor and evaluate the results of the automated store audit process to ensure that it is working effectively and achieving the desired outcomes.
Overall, automating store audit task lists can help to streamline the process and reduce the time and effort required to carry out store audits.
How can CPGs benefit from the use of automation?
CPGs (consumer packaged goods) companies can benefit from the use of automation and AI for retail execution in several ways:
- Improved efficiency and accuracy: Automation and AI can help to improve the efficiency and accuracy of retail execution processes, such as data collection, analysis, and reporting. This can help to reduce errors and ensure that the right decisions are made based on accurate data.
- Increased sales and revenue: By using data analytics to identify trends and insights, CPGs can tailor their marketing and sales strategies to drive sales and revenue.
- Better inventory management: Automation and AI can help CPGs to better manage their inventory, ensuring that the right products are in stock and available to customers when they need them.
As a whole, the use of automation and AI for retail execution can help CPGs to improve their operations and increase their competitive advantage in the marketplace.
The steps to be taken by manufacturers and how automation might help
To improve in-store merchandising using automation, CPGs can take the following steps:
- Identify key areas for improvement: Start by identifying areas where in-store merchandising could be improved, such as product placement, shelf arrangement, and signage.
- Use data analytics to gather insights: Use data analytics to gather insights on customer preferences, buying habits, and other relevant information. This can help to identify the best strategies for in-store merchandising.
- Implement automated solutions: Use technology such as AI and machine learning to automate in-store merchandising tasks, such as product placement and shelf arrangement. This can help to ensure that products are placed in the most effective locations for maximum visibility and sales.
- Monitor and evaluate the results: Regularly monitor and evaluate the results of the automated in-store merchandising solutions to ensure that they are achieving the desired outcomes and driving sales.