In the competitive landscape of retail, every shelf and every product counts. Understanding the dynamics of your shelf space in real-time can be a game-changer. Shop 'n Save, a well-known grocery retailer, recently experienced this firsthand. Let's explore their journey in achieving real-time shelf visibility and the value it unlocked.
Shop 'n Save decided to take a leap towards real-time shelf visibility. They deployed Shelfmark Scout on their bread aisle to understand how shelf insights could give them a competitive edge in running their business. Over the course of two weeks, the system took continuous shelf images of a sub-sample of nine bread products.
The data gathered from this two-week study was eye-opening. The system uncovered that one of their highest selling products was consistently out of stock for an entire day before the next delivery arrived. This resulted in missed sales opportunities and disappointed customers.
On the other hand, another high selling bread product never fell below 50% stock levels. While this may seem good at first the reality is that this is an overstocking issue. By always leaving high levels of inventory on the shelf, it leads to unnecessary storage and, ultimately, bread that reaches its expiration date, expires, and is never sold.
The impact of these insights was substantial. These stocking issues for just a small sub-sample of products resulted in over $5,000 per year in missed revenue and unnecessary costs. And this was not even accounting for the rest of the bread aisle!
These stocking issues for just a small sub-sample of products resulted in over $5,000 per year in missed revenue and unnecessary costs.
These findings underscore the value of real-time shelf visibility. It's not just about having products on the shelves; it's about having the right products at the right time. Real-time visibility allows for swift identification of stock issues, enabling retailers to adjust ordering and merchandising strategies accordingly.
By addressing overstocking and out-of-stock issues promptly, retailers can reduce waste, improve sales, and enhance customer satisfaction. In a nutshell, real-time shelf visibility enables retailers to optimize their inventory, increase revenue, and improve their bottom line.
If you're keen on decreasing your shelf's out-of-stock issues and boosting your revenue, it's time to explore real-time shelf visibility. The value unlocked by Shop 'n Save is just a glimpse of the potential. Reach out to us today to learn how we can help you unlock similar insights and drive your retail business towards minimizing shrink and maximizing revenue. Remember, in the world of retail, visibility is not just about seeing; it's about understanding, acting, and succeeding.