If you’ve looked up at our previous blog over here, you would remember how we said and even proved that display compliance plays a major role in enhancing a product’s sales or a company’s limited promotions when it enters into the market. However, we also defined how lack of a certain Store Level Analysis (SLA) rate could’ve vacuumed the positive scenarios that one had planned out from the display compliance strategy. Moving further into this blog you will get to understand how SLAs can be implemented and checked on a regular basis to help you understand the ground reality of sales occurring in every franchise you own as a marketeer/businessman.
To heat up your memory, Display Compliance is a strategy that a firm/store either uses, or gets requested to use the promotional displaying standouts and visual advertisements by the product’s companies in order to run a promotion for a new product or an ongoing product line’s sale. This has been a significant role model in bringing up new frontiers to the sales industry, yet there’s an insignificant catch to it.
Modern Display Compliances’ reach across 40% of the average and random set of stores shortlisted to display is unanimously detached because 40% of the selected stores don’t even get the promotional clauses, decorative, and all the compliances they were promised to get as a part of the campaign.
The main thing that slacks, in this case, is that the investors and the companies are unaware of these incidents. They can purely be accidental as well, but in the end, the loss is still incurred. To prevent this, SLAs can play a major role:
· Addition of SKUs:
Stock Keeping Units — or simply SKUs, are the technological division of the scheme where the stocks present under the particular compliance section is scanned. They are scanned for the total tally of items, how many items were sold, how far does the DC works in comparison to the SLA, and so on. This is an integral part of the Display Compliance work in any store and makes sure that every store has a perfect offer to display for the customers to consider the promotions.
· Image Recognition Methods:
Along with SKUs, our software at Xtract also avails the usage of a special program called the Image Recognition Model (or simply IRC Model). This process works in a few steps:
- The cameras of the store are integrated with the software that regularly checks for the changes that occur on the shelves of that store. In case of privacy, a handheld app is given for you to check onto the stocks on the shelves using the camera in your smartphones.
2. The IRC model is trained with the images of thousands of products from top-tier companies in order to easily recognize the products once the photo is taken.
3. The IRC model will also recognize whether the Display Compliances that were planned to commence at the particular time period have commenced or not.
4. The model is also trained accordingly to check the product count under the particular promoted sections of the store as well.
5. If the model finds that the display compliance is either not applied or hasn’t even reached, then it shares the info to the main database.
In such cases, the SLAs are calculated regularly and accurately, thus not letting the revenue spent on the DCs going to waste. In Xtract, we keep our head in the game of on-spot servicing and not delaying the process furthermore.
· OOS Alerts:
Out-Of-Stock (or simply OOS) alerts are mandatory in every way for a retailer to convey the message of new set of purchases to his supplier. Why not bridge the huge gap of first finding the stockage’s shortage, conveying it to the store manager, then the store manager making the call for supplies, and so on by simply letting the Xtract do the call for you in an instant.
The IRC Models find the lack of any such items in the stack and directly updates it in the database of the supplier to make amends from his end. The delivery time is the only thing that has to be considered of after we’ve made the call-up process quicker.
In each and every way, Xtract makes sure that the certain display compliance that is set to define new products in the market doesn’t lose back even an ounce of the profit that it could potentially make.
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“We Xtract the greatness from the goodness!”