Every square foot of shelf space and every display has the potential to make or break sales. In order to do this, visual merchandisers need to ensure their displays are executed correctly. However, visual merchandisers find it incredibly challenging to monitor store compliance, having to sort through countless photos or pay for costly audits.
According to RIS, each US retailer loses $1 to $30 million in sales a year due to the lack of compliance, depending on their store size. Plus, over 60% of teams are still using Excel spreadsheets and other manually entered data as their primary solution for in-store merchandise planning, communication, and compliance. That’s not much of a solution!
Why is Retail Compliance so Important?
Aside from the millions of lost revenue, retail compliance has a domino effect that unravels into more challenges as time goes on.
Starting with the basics, retail compliance can be summed up as the adherence to a set of standards and guidelines that ensure consistency in the execution of merchandising, pricing, promotions, and branding across all stores within a retail network. It’s about making sure that what’s planned at the corporate level is consistently and accurately reflected at the store level.
Without proper retail compliance management, operating costs can significantly increase while so many other pieces of business face issues. Non-compliance in retail is more than just a missed detail. Lack of streamlined retail compliance affects:
Lost Sales: Misplaced displays or incorrect pricing can lead to lost sales opportunities, which can amount to millions of dollars in revenue.
Customer Dissatisfaction: Inconsistent branding or display setups can confuse and alienate customers, leading to dissatisfaction and decreased loyalty.
Operational Inefficiencies: Manual compliance checks are time-consuming and resource-intensive, diverting precious manpower away from more strategic tasks.
Faulty Data Results: Misrepresented data can skew results and cause poor decision making for future planogram success.
Lack of Confident Store Teams: Store teams want to see results just as much as HQ teams do, but they are consistently not hitting the mark with compliance and receiving timely feedback leaving them to scramble or not care about their work.
Meet Image IQ
It’s time to get rid of the excel spreadsheets, the hours of sorting through images, and leaving days go by without providing feedback to store teams. Image IQ, an AI-powered compliance automation solution, takes the guesswork out of compliance management. It provides real-time feedback, ensuring that displays and promotions are set up correctly, every time. By seamlessly integrating into existing workflows, Image IQ eliminates manual intervention and frees up valuable time for retail teams to focus on creating captivating in-store experiences.
With Image IQ, store teams of all sizes and tenures are empowered to correctly bring plans to life the first time, minimizing the burden on visual merchandising teams to sort through countless compliance photos. Image IQ automatically analyzes in-store visual merchandising, diminishing compliance costs, and proving the effectiveness of immediate display compliance through increased sales. Just a few benefits from Image IQ:
• Show Stores What ‘Good’ Is in Real-Time
With instant insights, stores can adjust displays on the spot, ensuring consistency and effectiveness without delayed instruction from HQ teams.
• Generate ‘Trustworthy’ Compliance Data on Day 1
With trustworthy data, visual merchandisers and HQ teams can make informed decisions and measure the impact of their efforts accurately.
• Eliminate the Need for Expensive Audits
Image IQ’s AI-powered automation streamlines the compliance process, reducing manual labor and eliminating the need for expensive on-site audits.
• Compliance Automation
Image IQ utilizes advanced Computer Vision technology to automatically identify fixtures that lack essential content or planogram changes, eliminating the need for manual intervention by retail merchandising or operations teams.
• Enhanced Compliance Monitoring
With Image IQ, One Door customers gain the ability to efficiently review a large volume of compliance photos, facilitating greater compliance across their entire retail network.
• Speed and Agility
With the ability to trust store teams to get it right the first time, execution time can be greatly reduced, allowing stores to remain agile to retain customer loyalty.
• Single Visual Merchandising Workflow
Image IQ provides a cohesive and efficient workflow in our already existing platform, enabling stores to upload compliance photos as part of the standard compliance process and automatically evaluate them without manual intervention.
Ready to never leave revenue on the shelf again? Request a demo for Image IQ today!
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