I have been asked many times about the meaning of “Retail Execution”. I might say it is a predefined series of activities at point of sale to reach one single target, a “Perfect Store”. It is a marvelous journey, long and tough as well, for that matter you will be needing your helpmate - RES.
Retail Execution Software (RES) is a combination of real-time Image Recognition and Retail Business Analytics, a real-time solution alternative to the manual compilation of retail data for retailers and consumer packaged goods (CPG) companies. Data is collected as real-time snapshots at the physical outlets via mobile devices owned by merch/audit teams or fixed cameras and analytics are presented to the field team and the HQ in a few seconds to take actionable decisions based on the KPI results as the field operation goes on real-time as well.
Unsurprisingly, a RES’s biggest benefit is the time saved manually compiling data. Where it was once commonplace to gather data and compile it in a spreadsheet or label the shelf images manually by operators, eventually get the KPI results approximately 24 hours later; many brands now see this as inefficient — preferring to spend this time on other, more important activities like taking action based decisions on informative real-time data visible both at the sales point and the HQ.
The second benefit of a RES is the ability to improve analytical accuracy, ultimately, your understanding of your real-time physical performance in categories across the physical world. Automated RES data is void of human error, providing you with your planogram compliance, prices and where your products sit in comparison to competitors’.
Lastly, a RES empowers you to track the real-time physical performance and having real-time KPI results opens multiple doors such as getting snap Retail Execution decisions or taking automated orders. The fluidity of this data also makes it easier to spot trends, survey price changes and make data-driven decisions from the HQ.