The loss of sales has always been a great pain for companies, not only because they lose revenue, but also because they lose customer loyalty. In fact, according to our records, lost sales for companies in Latin America are as high as 40%. This situation has a greater impact on brands when the economy is in periods of crisis, since consumption in general is reduced.
Undoubtedly, these last years have generated important changes in people's consumption, brands and their production/stock. For example, the pandemic and Russia's war with Ukraine have had an impact on the purchasing power of users, so that brand loyalty has not been maintained, as prices are now favored.
Faced with this reality, retail has had to adapt to the new needs of consumers, promoting more economical products, such as own brands; managing its point of sale and promoting omnichannel to deliver a better user experience.
Point of sale management
As we know, the point of sale is key to customer loyalty, but sometimes it represents deficiencies that trigger stock-outs or lost sales, especially when data management is not performed on a daily or automated basis.
To avoid these situations, here are the most common mistakes in point-of-sale management:
- Out of stock
This is one of the most frustrating situations for consumers, since they are forced to look for other similar products with the competition. How to reverse this? By knowing the sales of each store where the brand is sold, that way you can know the estimated time to return to stock. - Products without prices or with errors
It may sound unimportant, but it is key, since the lack of prices will make a customer desist in the purchase. This is why it is important to verify that the price band is updated on the products. - Continuing with visibility, having your products in the front line is essential for customers to easily find what they are looking for. To do this, you must ensure and replenish the layout and thus have the best product showcase.
Omnichannel
The pandemic has generated new ways of shopping for users, which omnichannel solutions better solve. This is because it unifies various channels with which the customer interacts to learn about new brands or products, such as website, rrss, mailing, online and physical stores, etc. in order to deliver the best user experience.
The omnichannel demands a large team that is coordinated to deliver the same information for each channel, but also delivers important information about customers, since those who interact with social networks or buy through online channels, will be leaving data that are treasures for those who are analyzing their customers.
Both omnichannel and good point-of-sale management are fundamental to business efficiency. We have experienced this with our customers, with whom we have reduced lost sales from 17% to 3% in three months.
Another experience to share is that of our Mexican client, Zoé Water, a well-known alkaline water company, which since January 2022 started using Datamind' s services. And although they are not yet 1 year old, they have had considerable improvements, as they recovered the sales of years before the pandemic. "We started using the tool at the beginning of the year, precisely in January, and it has been an extraordinary year. We had managed to almost recover the sale of 2019, we had hit 2021 and 2020. Each month of the year closed with increases; the area sold more in February than in January and so on. It was a wonderful staircase," said Ahmed Malanche, CPFR of Zoé Water.
If you need help with point of sale management, write to us and learn about our services, as well as the success stories we have with clients in Latin America. Do you want to know more information? Write us here: [email protected]
