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Study finds in-store displays aren't converting
A recent study found that in-store displays aren't pulling their weight in terms of customer conversions. According to Quri, up to half of displays in RiteAid and Target stores were missing items, particularly in the health and beauty aisles. One expert explains why merchandising continues to be a struggle.
Kristina: Merchandising is not a new consideration - why is this still a struggle for retailers?
David Gottlieb, President & COO, Quri: The retail execution model has seen minimal change for decades, but in that same time period the proliferation of SKUs, expansion of promotional and trade activities and growth in number of retailers and overall store counts has resulted in the continued struggle in merchandising execution. The reliance on outside brokers and sales agents to execute against a growing list of priorities and the lack of real tools and the right data to inform them as to actual SKUs, display and store-level performance continue to leave them in the dark as to what's actually happening. Uncovering and correcting these issues is now possible but requires embracing new data, tools and engaging in the proper change management to effectively incorporate them to drive change. Today, each store can be merchandised individually based on its own unique conditions, customizing execution in a sense to drive sales.
Kristina: What issues does improper merchandising raise for retailers?
David: Improper merchandising raises multiple issues for retailers, the most obvious of which is lost sales. Retailers share a common objective with manufacturers, which is to ensure consumers have the ability to find the products they want to purchase and can readily shop the brands they want each and every time they enter a store. When items are out-of-stock or displays are missing or poorly executed, the result is a missed sale that is potentially awarded to a competing retailer. Another issue that is increasing in importance for brick and mortar retailers is the rise of competition from online retailers. To effectively compete with them, and even have an advantage against those that don't operate physical locations, requires strong merchandising execution. Having products on-shelf, executing displays to maximize the shopper experience and ensuring consumers have the ability to discover new brands and products as they walk the store are critical merchandising imperatives.
More from David and Quri tomorrow, including tips for retailers to improve tentpole events.
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