Retail Tracking Services or in store product tracking is crucial for businesses wanting to understand in store product behaviour so as to develop strategies and offerings that grow sales, profit, and see customers returning for more
New technologies and changing consumer trends mean retailers and manufacturers are now constantly under pressure to develop products and services that stand out from the competition, and will keep customers returning for more. Thus, the importance of Retail Tracking Services – also called in store product tracking, cannot be overstated.
If you think you need retail store product tracking, you do.
Retail tracking services are particularly important for brick-and-mortar businesses that want to stay ahead in the face of stiff competition from online retailers, who often already have a product and consumer tracking system or some form of consumer behaviour analytics system embedded with their online stores.
Still, product tracking in the real world is not an easy task – more so for retailers and manufacturers operating on the African continent, whose many markets remain uncharted. There is reason why companies would want to expand into Africa – its growing consumer markets.
As a result, leading market research company, Frontline Research Africa, has since been offering companies Retail Tracking Services to enable them to understand their African markets, and how their products meet the challenge of competing brands.
What is Retail Tracking?
Retail tracking or product tracking services and systems are solutions often used by manufacturers and distributors to capture and measure product placement, share of market, pricing, and other data.
Regardless of the retail tracking system used, the positioning and time data tries to determine opportunities and performance at a physical location – often in-store.
Frontline Marketing’s Retail Tracking Services offering includes;
- Full Retail Audits,
- Bi-monthly Retail Audit,
- Frontline Stock Generated Market Share,
- On-premise Observation of Sales,
- Execution Audits,
- RADAR (Advanced In-store Optimization Tool) and
- Satisfaction Surveys.
How Frontline Market Research Africa’s Retail Tracking Services work
Frontlines Retail Tracking Services measures the retail environment data and trends over time to provide both strategic insights and tactical actions into African markets.
This in store product tracking system allows clients to track their performance in the markets versus their competitors, measure brand and product successes and identify threats, thus enabling them to strengthen their market position.
Frontline Market Research Africa is able to assist businesses with retail audits. A Retail Audit is a monthly audit of an agreed panel of outlets providing information on a brand’s sales share, volume, sales trends, stock levels, presence, effectiveness of in-store display promotion efforts and other associated aspects.
Retail tracking plays a major role in these audits.
Frontline Stock Generated Market Share (SGMS)
Perhaps one cannot talk about retail tracking without mentioning Stock Generated Market Share (SGMS) studies, which is a product developed by Frontline Market Research, specifically for the informal African market. This is a comprehensive tracking study of the trade, on a flexible cycle. Key measurables include: sales share, value share, pricing, availability, share of visible inventory (SOVI) etc. covering both client and competitor stock keeping units or SKU’s.
This methodology measures sales share, value share, but not sales volume or total value. It has the advantage of a cost-effective and very flexible cycle.
On Premise Observation of Sales
In store product tracking can include On Premise Observation of Sales. This is an audit of an agreed panel of outlets on a flexible reporting cycle providing information on a brand’s sales share, sales trends, stock levels, presence, effectiveness of in-store display promotion efforts and other associated aspects.
What good are your retail store product tracking efforts without execution? Frontline Market Research can assist your business with an Execution Audit, which is an on-going audit of retail outlets and offers a wide array of Execution Measurements and Customer Satisfaction ratings.
Measurables include availability, pricing, asset evaluation and ratings of supplier KPI’s in outlet.
RADAR: Advanced In-store Optimization Tool
If you need fast execution tracking technology then Frontline Research’s RADAR could just be the tool. It is a highly-specialized market research program used as a tool to ensure very fast response to execution readiness.
Its retail tracking reports are structured so that they can be used by company reps and management as the reports are delivered directly to mobile devices daily.
This measures KPI success and assists in optimizing daily execution.
In store product tracking also benefits greatly from another of Frontline Research’s strengths – Satisfaction Surveys. These are assessments of Customer / Trader Satisfaction with supplier driven execution services e.g. delivery, order generation and asset maintenance etc.
Benefits of Retail Tracking Services
Retail Tracking Services give similar insights to product positioning to retailers and manufacturers with physical store fronts just as website analytics do for online shops.
Online, if someone comes to a site, the owners of that site know they are visiting, if they’ve been before, how long they stay and what they view. From a manufacturer point of view, they are able to see how many potential customers viewed their products, as opposed to their competitors.
In physical shops, unless a retail tracking program is in place, the manufacturer would need to rely on feedback from their reps or store owners. This data can however be questionable.
Manufacturers are now able to tailor offers and come up with goods and services that are likely to grow their profit margins, beat out their competition, and keep their customers coming back for more.
The Frontline Research Group has a vast footprint in Africa. Any business that needs help with in store product tracking can make use of the company’s retail tracking solutions.
With more than 20 years of market research experience on the African continent, the Frontline Research Group is your partner in carrying out your retail tracking projects.
They offer staff experienced in in store product tracking and the company has access to a broad range of specialist retail tracking systems and product tracking technology.