With the rise of digital marketing and online business platforms, the brick and mortar businesses and practices are changing. One should not be surprised to know that many businesses have shut down the operations of the stores that don’t give them lucrative or desirable revenues. Merchandising has changed as well; now, every merchandiser is going digital friendly and opting for digital ways to increase productivity and results. Merchandising technologies are necessary for the development of merchandising businesses these days. It is significant to understand why these technologies are important and what benefits they can bring in for merchandisers.
From user experience to availability of all the necessary products and seamless processes, everything should be on-point. This is the competition that new-age merchandisers are experiencing every day. The efficiency and productivity of merchandising increase when technologies are used. Strong technological support is a must for impeccable strategies to uplift the retailers’ operations. Merchandising performance can be improved in the following ways by technological support.
One of the biggest benefits of opting for merchandising technologies is that they provide you with cost cuttings. There are real-time store insights that can be attained through merchandising technologies and they are quite economical. After all, what else can one ask for when they get accurate information, great technologies and seamless integration all at very low cost? Streamlining of logistics also saves a lot of time and other resources, that too at affordable cost. The strategy that provides you with minimized costs and precision is something to opt out for.
The process of merchandising involves three parties, brands, merchandisers and retailers. The supply chain between these should be flawless. Brands rely on merchandisers to make the most of marketing activities to strengthen the brands’ image. Retailers also depend upon merchandisers to keep their aisles up and running with the products. Merchandising technologies play a key role in maintaining a detailed and accurate view of every store in the section to make sure compliance with brand standards, and overall effective coordination across the supply chain. This is an integral part of the strategy that safeguards the business interest and reputation.
Whether it is a product launch, awareness campaign or advertising of a product, the core of business revolves around the number of successful events and actions. Merchandising tools and technologies help in understanding and gauging the impact. You can find out the possible number or percent of the increase in sales in a particular month or quarter through these technologies. Similarly, a drop in sales can be calculated and the reason behind that can also be found out. There are examples where brands found out hints regarding the drop and increase in sales in specific markets.
Merchandising technologies are important for retailers to a great extent. A/B testing is recommended to come up with interesting and lucrative strategies to follow. A good agile development plan is essential to get the most of those strategies that are devised to achieve objectives over a certain time-frame. Newer concepts are encouraged to be applied in routine and usual merchandising practices; this can help in finding better results.