In an unorganized store,a retailer cannot decide where and how to position their products-thus causing limited product visibility to customers.
Unorganized stores: Again, messy stores can cause unpleasant shopping experience to customers. It can also give insights to retailers regarding areas that need improvement.ģ.
Planograms analyze data collected from multiple sources to predict variations in sales and profit of an individual product, brand or even a category. In order to overcome hurdles associated with value creation, retailers can use planograms. The collected data should be processed using appropriate techniques, so as to make logical conclusions. However, simply having large quantities of raw data is useless. Getting more value from data: Customer data is vital for retailers in providing personalized shopping experiences to buyer. Planograms analyse past data to predict when a product would get exhausted so that stock replenishments can be done on time.Ģ. Nevertheless, such situations can be completely eliminated using a planogram. In most cases, out of stocks are results of untimely stock replenishments. Out of stocks create an impression of unorganized stores that do not cater to customer needs. Out of stocks: Finding an empty shelf can be the worst nightmare for customers, prompting them to switch stores. Major retail execution challenges faced by the industry todayġ. A well-designed planogram not only ensures better retail space planning, but also provides enhanced shopping experiences to customer thereby ensuring customer loyalty. Since the average attention span of a customer is merely 8 seconds, product visibility, assortment and presentation are key to motivate buyers. The primary objective of any planogram software is to ensure availability of the right product at the right place and time for maximized sales and revenue. Planograms provide useful insights in understanding how and where to place the product for getting maximum customer attention. Planograms are visual merchandising tools that assist retailers in creating detailed drawings of a store layout – including product, shelf and aisle. This realization has prompted many retail to choose planograms for successful retail space management. Considering the limited amount of store space available, retail space planning is fundamental to the success of any brick-and-mortar store. Today, retailers are optimizing every opportunity possible, to create value for customers. Rapid changes in customer demands combined with technological advancements have increased competition in the market. The retail industry has seen tremendous growth over the last few decades.
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