RIS News recently issued a custom research report (available here) exploring the pain points associated with in-store merchandising. The research uncovers compelling evidence that now is time for retailers to tackle the problem. Over the course of our recent blog series, we examined a number of issues currently preventing retailers from becoming more compliant, and the situational factors bringing about changes for the better.
In this post, we look at the macro-level trend of Known Problem Management being adopted by retailers nationwide, a trend that seeks to address and alleviate many issues facing retailers today.
In retailing, KPM is a new acronym (as if we needed another!). KPM, which was coined by the author of this report stands for Known Problem Management. While you may have never heard the term before, if you work in retail IT, you certainly know what your KPMs are. For some, it’s cumbersome legacy systems that prevent your organization from applying the latest technologies and techniques. If you’re reading this blog, your KPMs likely include ineffective merchandising strategies.
For complicated reasons that go far beyond the scope of the IT department, KPM issues are rarely fast-tracked for resolution. Things like shrink, heterogeneous databases and legacy systems in the tech stack linger year after year with no end in sight.
Adding to the KPM list is inaccurate planogram knowledge. Without precise planogram accuracy down to the fixture level, in-store merchandise planning and execution is a crapshoot that produces high levels of waste and lost revenue at the very least, and disappointed shoppers at the very worst.
The RIS News custom research report explores the KPM of in-store merchandising and uncovers compelling evidence that it is time for retailers to address the problem head on. With the right visual merchandising solutions, campaign planning, execution and compliance becomes easier; communication with corporate headquarters is clear and precise; and most importantly, retailers save valuable time and money.
When the right product and messaging is delivered to the right store, at the right time, and placed on the right fixture, retailers can drive the customer experienced envisioned – addressing a key known issue in the process.
What are some of the KPMs within your organization? And, what are you doing to address these issues? We would love to hear from you in the comments section below. Please feel free to also reach out to us on @Merch_Matters.
A free copy of the full RIS News research report is available here.