Retail market data makes the world go round.
Well, not literally – but it certainly is the key to streamlining your in-store operations and boosting your Return on Investment (ROI).
In this guide, we’ll talk you through everything you need to know about how to effectively increase your ROI using retail market data, including:
- What retail market data actually is
- How ROI and retail market data are connected
- How retail market data can be used to increase ROI
- How to collate accurate retail market data
- And finally, how Reapp can help you to turn retail market data into actionable insights
At Reapp, we use cutting-edge image recognition technology and customisable reporting methods to give your business accurate and straightforward insights into what’s happening on the store shelf and beyond.
We convert this retail market data into fully customised analytic dashboards at the touch of a button, providing you with actionable insights that can be used to optimise your business strategy and increase your ROI.
So, where to begin? Let’s strip it down to basics and start with the million-dollar question…
What is retail market data?
Retail market data provides brands both big and small with valuable insights that can be used to optimise almost every level of their in-store operations. These insights include:
- Consumer behaviour and demand
- Supply chain movement
- Historical sales
- Market trends
- Inventory levels
And a whole lot more.
Using a variety of sources such as electronic points of sale (EPOS), shelf space, planogram compliance, and promotional materials, this retail data can then be converted into interactive reports that help to inform decisions and, in turn, increase ROI.
So, how are ROI and retail market data connected?
To increase your ROI, you need to have a detailed knowledge of how and where improvements can be made to your in-store operations.
To have a detailed knowledge of how and where improvements can be made to your in-store operations, you need to gather retail market data from a wide range of sources.
Pretty simple, right? Or at least it can be.
Reapp gathers the very best retail market data from a wide range of sources and then simplifies that information into straightforward and intuitive dashboards that empower brands to smash their sales targets.
Our innovative and industry-leading software saves you valuable time and energy by instantly converting your retail market data into actionable insights that are then sent to field sales teams on the ground via our lightning-quick Reapp app. These actionable insights can be used to make informed decisions about stock, retail sales, marketing, and more to help increase ROI.
How can retail market data be used to increase ROI?
There are a number of ways that retail industry data can be used to increase your ROI, but here are the main business benefits of effectively utilising these market insights:
Streamline your marketing efforts
Collating and understanding retail market data allows you to paint a reliable picture of consumer behaviour, providing insights into what products they’re buying, how often they’re buying them, and where they’re buying them from.
These insights enable brands in the retailing industry to make more informed marketing decisions, as they gain a clearer understanding of which products they should be pushing in order to maximise their ROI, as well as which ones they no longer need to focus their efforts on.
Better manage your stock levels
One of the major benefits of utilising retail sector data is that it allows brands to reduce waste when it comes to time, money, empty spaces, and especially leftover stock.
By receiving direct insights into which of your products are selling well and which ones are gathering dust on the store shelf, you can make better informed critical business decisions about what to stock and how much in order to keep waste to a minimum.
Less wastage is good for the planet and can massively increase your ROI… Win-win!
Retail insights equip brands with the knowledge and confidence they need to plan an effective business strategy that focuses on identifying growth opportunities and increasing ROI across the board.
Innovative tools such as Reapp use predictive analytics based on accurate retail market data to let you know what needs to be done in order to bring in future sales. Supporting businesses across the UK, Reapp is your helpful shop floor assistant – one designed to pinpoint precise ways to maximise your ROI performance.
How do you go about collating accurate retail market data to increase ROI?
There’s no right or wrong way to go about collecting and utilising retail market data to increase your ROI – however, there are a few key methods that you should consider if you want to yield the best results:
Take advantage of image recognition technology
It’s no secret that AI technology and image recognition software are the future of the retail industry. These cutting-edge advancements enable your field team members to identify problems in compliance or gaps in stock levels all through a single snap, saving you a whole lot of time, resources, and money.
At Reapp, ensuring we’re industry frontrunners is kind of a big deal to us. That’s why our suite of software uses industry-leading image recognition technology to source data straight from the shelf, which is then cross-referenced with the images we’ve snapped to provide your field team with actionable stock insights at the touch of a button.
Gather data from a wide range of sources
To gain a comprehensive understanding of the retailing industry as a whole, it’s important to pull your data from a wide range of sources – not just what’s on the shelf. The brands that most successfully manage to increase their ROI using retail market data use a mixture of sources such as electronic points of sale (EPOS), shelf space, planogram compliance, and promotional materials to ensure that their insights into the retail landscape are as accurate as possible.
Reapp empowers brands to achieve their ROI goals by gathering the very best retail market data from a wide range of sources and then simplifying that information into straightforward and intuitive dashboards.
Merge all of your data in one place
With so much delicious data from so many different sources on your plate, you want to make sure it’s easily accessible and available to digest at a glance.
In the dark ages, you’d need multiple streams of investigation to help you see exactly what was going on in your stores. Fortunately for you, those days are now over – and it’s all thanks to Reapp.
Reapp provides your brand with the tools it needs to streamline this data and tailor it to meet your marketing goals and ROI aims, giving you crystal-clear reports that make perfect sense. Our software allows you to create, collate and customise dashboards all in one handy place – building dynamic visualisations that go the extra mile.
Focus on the data that matters most to you
Of course, not all retail market data will be relevant to your brand, particularly if you want to focus on specific products or goals. That’s why Reapp’s at-a-glance dashboards are fully customisable, allowing you to build your own reporting sections and customise by branch number, waste, product, and more.
Our software enables you to drill deep into the data that matters most to you, and easily filter out anything that isn’t relevant.
Turn retail market data into actionable insights with Reapp
At Reapp, our software uses cutting-edge technology and customisable reporting methods to give you an eagle-eyed view of what’s going on in one, or all, of your chosen stores. From actionable insights that allow you to send in helpful field teams at the push of a button to complete retail health metrics, you can pinpoint opportunities for growth or quickly reposition activity that isn’t working to boost your ROI.
Brands can see what is fuelling consumer demand, where they are buying products from, and what they are buying them with – providing you with crucial knowledge when it comes to building relationships with your retailers, improving customer satisfaction, and increasing ROI.
We’ve helped some of the biggest brand names to increase their ROI with our innovative software. Innocent Smoothies has seen a 14% increase in average ROI since discovering Reapp, while Quorn has seen an overall increase in ROI from £5.48 to £6.52.
Want your brand to be next? So do we.