Global panorama found that 64% of CPG manufacturers are not fully leveraging data and insights, 44% have limited data and insights, and 33% lack retail execution technology.
WYCKOFF, N.J., April 25, 2022 /PRNewswire-PRWeb/ -- The Promotion Optimization Institute (POI), the leading resource for enterprise planning and execution, revenue management, trade marketing and merchandising executives, today released its 2022 Vendor Panorama for Retail Execution and Monitoring (RetX) in Consumer Goods. The 2022 global RetX Panorama found that 64% of CPG manufacturers are not fully leveraging data and insights, 44% have limited data and insights, and 33% lack retail execution technology.
The ninth annual RetX Panorama evaluated 15 vendors and provided best-in-class distinctions across 15 different categories and utilized data and insights from POI's 2021 State of the Industry Survey of consumer product goods manufacturers around the world to identify where they are succeeding and struggling in the promotion, distribution, and execution of consumer products.
"In the two years of the global pandemic brought on by COVID-19, we have witnessed the retail landscape change significantly. Shopper behaviors changed in the heart of the pandemic. The need to execute in brick-and-mortar retail locations remains a top priority of CPG manufacturers and retailers, and yet, the need for more direct-to-consumer (D2C), omni-channel offerings, and a digital presence will continue to grow in the coming years," said Pam Brown, Chief Commercial Officer, POI. "We recognize the future of retail execution will be about more than just in-store, but also how interactions with consumers are executed across all channels."
POI designed the Vendor Panorama to help consumer goods companies stay abreast of retail execution trends, understand "what's possible" from a technology perspective and gain best practices. Vendor products and solutions were evaluated across analytical insights, coaching, connected enterprise, data visualization, desktop UX, distributor management, gamification, guided selling, interactive customer presentations, mobile UX, predictive AI/ML, retail activity optimization (RAO), retail merchandising, social selling, and virtual calls/telesales.
Key In-Store Retail Execution Survey Findings:
- 84% of respondents have challenges moving capabilities from transactional to analytical.
- 69% of organizations do not connect retail execution systems with TPx planning capabilities, losing out on the in-flight monitoring potential.
- 38% of field-based users reported they agree/agree strongly that have the tools they need to make appropriate decisions at retail.
- 38% of office-based users reported their analytical needs are not being met by their Retail Execution solution.
- 67% reported their off-line capabilities are not being met.
- 37% of responding manufacturers have added direct-to-consumer (D2C) as a part of their go-to-market strategy.
Recommendations:
- As the landscape of retail execution continues to evolve in our "new reality" created by the COVID-19 pandemic, it is vital that manufacturers, retailers, and technology providers collaborate and, most importantly, continue to innovate and think outside the box. Innovation and being nimble will be the key to gaining in-store execution, improving the consumer experience, and moving the needle in brand loyalty.
- As you benchmark where you are today and think about where your brand is headed in the future, consider advancing the following capabilities in your organization: route optimization, activity prioritization, suggested orders, key performance indicators, data management and reporting. Vendors have advanced these areas to include AI and other attributes, utilizing advanced technology that can give your teams a competitive edge.
- Consider where your organization can utilize tele-sales and DTC to gain efficiencies and effectiveness. The 2022 POI State of the Industry Report is available at https://poinstitute.com
About the Promotion Optimization Institute POI brings together manufacturers, retailers, solution providers, analysts, academics and other industry leaders. Members of the POI share cross-functional best practices in both structured and informal settings. POI continuously improves and champions Holistic Enterprise Planning, Promotion, Pricing and Assortment Optimization, Revenue Management, Advanced Analytics & AI, Digital, eCommerce, and Data Management. Additionally, POI has led industry advancement and members benefit through POI's industry alliances, the Certified Collaborative Marketer (CCM) ™ curriculum & certification and POI's global virtual and hybrid industry leadership events.
The goal of our innovative approach encompasses holistic enterprise planning, revenue management, collaborative promotion & pricing optimization and execution. The focus is on the customer/shopper through sales, marketing, and merchandising strategies and includes all cross-functional partners across the holistic organization. POI is based in Wyckoff, New Jersey. To learn more about the POI, including how to participate in research, how to register to attend or sponsor events, and how to engage with leaders on the CCM, visit http://www.poinstitute.com/ or email Mkantor (at) P-O-I (dot) com or Pambrown(at)P-O-I(dot)com
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The Certified Collaborative Marketer (CCM) ™ is a trademark belonging to the Promotion Optimization Institute. All other trademarks are the property of their registered owners.
Media Contact
Theresa Smith, POI, 1 8187048481, [email protected]
SOURCE POI
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