The New Tech Empowering Retail Execution
Thanks to changing customer expectations, technological advances, and supply chain disruptions, a smart retail execution (REX) strategy that leverages modern technology is more important than ever for consumer goods companies.
Used for planning, managing, and monitoring in-store activities to optimize in-store sales and increase profits, the impetus for augmenting a REX stack is multifold. CGs need to be quicker and nimbler in their decision making, while the data generated and shared through peak REX helps retailers make better decisions and simultaneously demonstrates the value of their partnerships. Brands can receive greater visibility into stores, including pricing, planogram compliance, and competitor activity, they’re able to combine multiple data sources into meaningful, actionable insights, unlocking the ability to reassign field teams on the fly when necessary.
Many are already on top of that and are including continued innovation and resiliency among their top priorities for 2022. Coconut water company Vita Coco, for one, is enhancing its tech stack to respond to a number of market changes, including accelerating volume trends amidst a shifting SKU/channel mix, while PepsiCo is partnering with retailers as part of an ambitious data-sharing initiative to improve execution. Read on to learn how CGs should evolve their REX tech stack to stay competitive.