This is part one of a four-part series covering tips and tricks for conducting a retail audit for your business.
The competitive consumer packaged goods (CPG) market is dominated globally by a handful of companies. Recent studies in the United States alone suggest that by 2020 sales of the CPG industry will exceed $760 billion.
Many of these companies are based in the United States but when dealing in international markets and emerging economies changes need to be made to best suit the needs of the local consumers. As the CPG and fast-moving consumer goods (FMCG) markets continue to grow due to increased income, awareness, accessibility and lifestyle changes it is important that businesses develop tailored strategies for these regions. Rapid growth is happening and global brands shouldn’t miss out on these opportunities because they can’t adapt. Take for example India which is expected to reach $103.7 billion in 2020, from $ 52.75 billion in 2018 in CPG sales.
A retail audit is one of the best ways to understand your goods in any market. Retail audits collect information for suppliers about the health of a brand’s products at targeted retail outlets. Taking an agile approach to retail audits ensures your dollar is going further.
What is unique about the FMCG industry is what makes access to continuous data so valuable. Consumer behavior and preferences, as well as activity in stores, can change rapidly, having access to near real-time data allows you to see early signs of change and adapt your strategies in sync. Since FMCG products sell quickly and at a high volume but are relatively low cost it is critical to be agile to ensure your dollar is going further.
In many emerging markets the retail environment is dominated by traditional trade outlets, particularly smaller outlets often categorized as mom-and-pop shops. Getting insight from these locations poses unique challenges to traditional methods of supplier data collection which can be answered through crowdsourcing solutions that are able to access ground level information across the globe.
For brands to excel in any market it is critical that they integrate timely and accurate data into their operations from the beginning. Since consumer behavior and preferences, as well as activity in stores, can change rapidly, it is important to continuously monitor in-store conditions to identify early signs of change and adapt your strategies in sync.
Using a crowdsourcing technology can enable companies to have eyes and ears in markets around the globe. Premise is able to rely on its network of Contributors to collect high-quality granular data in near real-time data. By crowdsourcing your data needs you can cut down on the time it takes to collect the insights you need and the cost of getting them.
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