The CPG industry is fiercely competitive with brands fighting for every inch of shelf space and market share. Having a good product is not enough anymore… to really be a successful, you must find a way to stay ahead of your competition, and do it quickly.
To succeed in any business you must have a good product. But in the CPG industry, it is vital to stay on top of what is happening at retail today and ensure you are positioned to win the battle for the consumer’s business tomorrow, next week and next month.
The speed at which the best Consumer Packaged Goods (CPG) companies take advantage of the latest consumer trends, respond to competitor’s promotions and pricing changes, and constantly deliver new product innovations and line extensions, has a direct correlation on their respective market share.
CPG Industry next Innovation – “Big Data”
If you ask almost any CPG executive, they will embarrassingly admit, they are behind other industries in regards technology and have been for a while. In the same breath, they will tell you what is needed and 9 times out of 10 it its data. And not just access to the data, many have that now, but the ability to analyze that data and make it actionable for sales teams in the field. Whether it be distributor shipment data, or retailer scan data, the ability to analyze vast amounts of data instantly will unlock business intelligence and be instrumental in helping CPG companies win the battle for retail shelf space and ultimately consumer sales.
Imagine if you had the ability to instantly see what products were shipped to what stores; Or better yet, what products weren’t that should have been? What if you had the ability to see what products didn’t have a scan through the register in the last 3 weeks? Or the ability to benchmark high moving products in a particular area?
I think everyone would agree this information is invaluable. So while the data is available, the ability to process that data so a manager can analyze it, and get this information in the hands of reps, in a timely and digestible format just does not exist.
Shelvspace is currently establishing partnerships with some of the leading data providers in the CPG industry that will bring actionable data to the fingertips of your reps. Contact us today to see how we are innovating the way data is used in the CPG Industry.