In most cases, price tags are what determine whether a product is going home or staying on shelf. The importance of price tags cannot be undermined. It educates the buyer about an item's pricing in such a way that consumers have no uncertainties about it. The product name, producer's name, and weight. Ultimately, information on whether a certain product is on the shelf at a normal or discounted cost are all included on price tags.
Due to recent events and the pandemic, consumers’ behaviour drastically changed in many aspects, one of them being their budget and overall spending limits. Consumers nowadays tend to set up a budget and stick to it, or at least not exceed it by a significant amount, therefore, products’ prices matter now more than ever.
Consumers frequently select an item believing the price is within their budget, only to discover when they reach the cashier that it is usually more costly.
Unless consumers read the shelf tags attentively, they may find themselves with items that will cause them to spend more than they intended. And consumers usually just end up buying the product anyway and not returning it, however, it will leave them with a bitter taste in their mouth when encountering your brand again, which is not favourable even for brands themselves.
Brands that are aware of this behavioural change are constantly working on optimizing their prices and are setting up promotions to stay within their consumers’ budget and spending range to both maintain their consumer base and gain new ones.
Frequent market visits and retail audits need to be performed to confirm whether the prices are correctly put on the shelf, if they have been altered throughout the period of the promotion, and if they have the exact values according to the existing agreements.
This is often challenging due to the large number of the outlets to be audited, especially with big outlets where several dozen offers are running at the same period. It requires both a dedicated team and time to be able to conduct those visits and audits and gather all of the data at once.
But this is where we come in.
Our fully operative team of Agents are in the field on a daily basis gathering and collecting data and sending them to our AI powered dashboard for real-time analysis and reporting. With ScoreCarts the only thing you will need to focus on is knowing exactly which branch requires your immediate attention and which SKU in this specific branch needs to be fixed. As a brand leader and manager, we fully understand that your time is of the essence, and beating the competition is a matter of having the right data and insights at the right time to be able to make the right decisions.
We provide a comprehensive and detailed live report of all of your current prices / SKU across your market in addition to competition prices. We also ensure that your products have the right price tags and flag the ones which are missing or incorrect.
There’s an organizational shift that happens when having access to real-time market insights and at ScoreCarts we provide the right and customized tools for our clients enabling them to always stay on top of the game.