Retail merchandising is about how retail outlets encourage their customers to make purchases through product arrangements. It involves various activities, including product selection and placement, display design, etc.
Merchandising in retail has to be carried out strategically and requires meticulous planning, implementation, control, and analysis. Successful retail merchandising solutions will aid in maintaining a steady course to amplify customer experience.
In-store merchandising requires retailers to focus more on the display setups, space allotments, shelving layouts, and similar considerations. It differs from general merchandising by being very specific to product merchandising in stores. General merchandizing would also include product design and packaging, online sales, and promotional items.
Retail Brand Equity:
A consumer’s perception of a brand’s values and its standing is ingrained in its identity. The brand value perceived by consumers based on its representation in retail stores is called “retail brand equity.” Companies’ in-store merchandising techniques can significantly affect people’s perceptions of their brand and improve its retail brand equity.
Brands need to ensure that their merchandising upholds their image via colour schemes and mission statements. This approach will enable it to generate a strong market presence and maintain a loyal following.
Many companies use digital merchandising solutions to remotely manage in-store merchandising across multiple retail sites. It enables managers to check on merchandising execution, employee performance, and task assignment through a single application.
These efficient and manageable retail merchandising solutions allow companies to adopt an integrated approach to achieve high-quality merchandising. Product companies and large retailers might want to consider whether making an in-house merchandising system is better than buying a ready-to-go platform.
Retail Store Audits:
It is necessary to carry out periodic retail store audits that ensure the merchandising in the store is compliant with the current standards. A retail store audit involves checking:
● Product placements
● Expiration dates
● Counting items on shelves and in inventory.
● Signage sufficiency and accuracy
● Space usage of the floor and shelves
Store or district managers, brands, or third parties skilled in retail store audits conduct audits. They hold the retailers and the product companies accountable for the previously agreed upon floor space utilization, signage, and merchandising tactics. These audits check if both parties are upholding their deal commitments.
The entire task of retail store audits can be simplified and sped up by using an excellent merchandising software solution. Such software comes with features like fulfilment information. You can simplify retail store audits by automating audit-based recording.
Your merchandising solution can also include a visual verification feature. You can include data like location and time tracking on the verification images. This is necessary to ensure that there is no scope for employees to use photos previously taken and reduce the chances of fraudulent behaviour.
Thus, utilizing a retail merchandising software solution will assist you in keeping your customers engaged as they spend more time shopping. It will also help build brand recognition and loyalty while enabling a faster inventory turnover.