You spend months brainstorming the perfect gifts for your family and friends every year. Maybe you keep note of those ideas in your head, perhaps you have a notebook with a few suggestions, or maybe you go all-out with a PowerPoint presentation color-coordinated by family member.
Regardless of your laissez-faire or slightly manic attitude toward holiday preparations, the last thing on your mind as a consumer is OOS. Things can start to unravel very quickly. However, when you roll up to the first stop on your holiday gift tour and the ingenious gift you planned to buy Sally is out of stock. The horror!
Don’t let your business ruin Sally’s Christmas with an utterly preventable stock issue. Sally was good this year.
Avoid OOS with Shelf Monitoring
While spirits are generally brighter during the holiday season, a poor customer experience can turn a jolly customer into Ebenezer Scrooge.
OOS during the holiday season will undoubtedly get you on the naughty list; unlike Santa, a customer rarely starts with a fresh list at the beginning of the new year. Only 30% of customers will forgive a company for a negative CX. For every poor, unresolved customer experience, it takes 12 positive experiences to win back consumer trust. You have one shot or a very steep, uphill battle.
OOS is preventable if you regularly monitor shelves in-store. 60% of the time, empty shelves are an in-store issue rather than an upstream supply chain discrepancy. Shelf monitoring allows your business to identify and address stock issues in real-time to improve CX and increase not only sales but also market share.
Additional Benefits of Shelf Monitoring
Monitoring stock in-store ensures your product remains on the shelf in appropriate quantities for eager consumers to purchase. Also, shelf monitoring can position your brand to acquire unexpected sales in the form of impulse buys or competitive substitutes.
Be an Impulse Buy
Put your consumer hat on for a second… Have you ever bought anything you didn’t need just because it piqued your interest or “popped” on the shelf when browsing an aisle? Most of us have done this at least once. Some of us do this regularly.
89% of women and 78% of men add additional products to their cart past their identified needs. Your business can be an impulse buy turned long-term brand advocate if, and only if, you have product on the shelf.
Monitoring OOS in-store ensures consumers are exposed to your products while browsing. Product on the shelf increases the possibility of impulse purchases: it’s that simple.
Gain Competitive Intelligence
Monitoring OOS with retail audits allows your brand to rapidly address stock issues to ensure sufficient product on shelf. When you have sufficient inventory, you position your brand as an alternative solution to competitive OOS. That’s a win everyone could use.
If their desired product is unavailable, 49% of shoppers will purchase a substitute product on a shopping haul. You could be that product! As with impulse buy opportunities, this gain in market share is only possible with inventory on the shelf.
You need to monitor shelves, and you need to start monitoring them now. You can toss the traditional method of retail audits, with enumerators taking months to complete just one store audit. Crowdsourcing your retail audits using the gig economy is an efficient way to gather data rapidly from various distribution locations.
The Gig Economy is Hot: Use it to Your Advantage
Though historically defined as any freelance or contracted work, the gig economy has taken on a new meaning in the digital age. The gig economy now refers to workers who pursue work through tech platforms like Uber, Postmates, Upwork, Fiverr, and more.
The gig economy is red hot right now! With a 6.7% unemployment rate as of November 6th, many people are still looking to establish a reliable income from “gig” jobs. Furthermore, many employed individuals currently rely on gig jobs for a sense of comfort should another round of stay-at-home orders as temperatures drop, like France and Portugal, trigger widespread layoffs for the second time this year.
Citizens worldwide are eager and willing to leverage technology platforms to create a new stream of income. Your business can benefit from this wide-spread contributor availability when it comes to crowdsourcing retail audits, mystery shopping programs and more.
Monitoring your shelves this holiday season is easier than ever with flocks of consumers on the ground and ready to visit your brick-and-mortar locations, with safety precautions of course, for real-time reporting.
Shelf Monitoring with Premise
With hundreds of thousands of contributors worldwide (and growing), Premise offers a robust solution for your crowdsourcing needs. You can view real-time data from diverse contributors right in your dashboard, allowing your business to make rapid inventory adjustments to prevent OOS this holiday season.
Interested in learning more about how Premise can help you execute successful retail audits this holiday season? Visit https://www.premise.com/ or email firstname.lastname@example.org. We can’t wait to help you become more data-driven.