Dive Brief:
- Quri has announced the launch of its new in-store Performance Driven Merchandising platform, which can helps CPG manufacturers boost sales through enhanced merchandising strategies based on routine and granular store-level data, software, and services, according to a news release.
- Quri's merchandising platform employs three solutions to reduce costs and increase profits: field labor optimization, trade efficiency and data-driven selling.
- "Half of in-store trade programs are unprofitable," Quri CEO and cofounder Justin Behar told Food Dive. "The Performance Driven Merchandising platform helps identify unprofitable programs and ultimately eliminate wasted spending. This allows manufacturers to collaborate with retail customers on the highest-value merchandising opportunities in-store, which was previously unavailable industry-wide."
Dive Insight:
Unsurprisingly, big data plays a major role in the operations of this new platform. This type of information has been a common thread in data analytics and technological developments aimed at making manufacturers more efficient and successful in product development, marketing and promotional campaigns.
While manufacturers can collect much of this data on their own, they could misinterpret that data or unknowingly apply certain biases to the data and its analysis. They may also consider turning to third-party companies that offer proprietary data sets manufacturers themselves may not be able to access.
"(Quri's proprietary) data is sourced directly from individual shoppers armed with mobile technology to facilitate in-store data collection, which is then scaled and analyzed to quantify the shopper view of in-store merchandising conditions," Behar told Food Dive. "This helps manufacturers to collaborate with retailers to identify the best opportunities to drive sales using an unbiased source of data and analytics to drive more productive partnerships."
Many major manufacturers have focused on improving their bottom lines in recent years, while their top-line growth continues to struggle. Merchandising has the ability to improve both top and bottom lines when employed correctly and efficiently.
"Many manufacturers are using the software to eliminate unprofitable trade spends, which has led to improved margins and profitability," Behar said. "On the other hand, having this data leveraged in selling conversations with retailers is helping to fundamentally grow their top-line business."
Efficient and successful merchandising are important for all kinds of food and beverage brands. Manufacturers may consider investing in these strategies, as well as more conventional efforts to innovate and develop relevant and appealing products and marketing campaigns.