For many retailers, having empty shelves for a day, or even several days, versus a few hours or less can make a significant difference on daily sales. Coca Cola’s focus on faster replenishment underscores its importance to retailers today.
To guarantee their shelves would be stocked for World Cup 2018 customers across Russia’s host cities, Coca Cola has gone through some pretty remarkable lengths to show just how much technology can help retailers get the job done.
This recent BBC article describes how they installed cameras inside shelves to monitor and alert supermarkets if brands are out of place or they run out. Despite the challenge posed by distances in Russia, the new technology has helped reduce shelf replenishment times to a mere 20 minutes.
What is the best way for retailers to speed up their replenishment?
Of course, not every retailer is going to use cameras and image recognition software to monitor their shelves, but there are several capabilities gained from integrated retail management systems which can improve the speed and efficiency of their replenishment processes significantly.
First, retailers need a flexible merchandise management system that can support more complex assortments and make it easier to launch new products to integrate them into the supply chain. A dynamic pricing and promotions engine will allow them to easily set optimal prices and different discounts and promotions as a function of real-time sales conditions.
Next, retailers can achieve greater efficiency and ensure timely, cost-effective purchasing and replenishment with an integrated supply chain solution which uses real-time, accurate stock data to prompt inventory management and replenishment activities right from mobile devices.
This means that when a stock goes below a certain level on the shelf, or in the stock room, the process of replenishment can be automatically triggered, prompting orders to suppliers, ensuring transport optimization, and employing task prioritization to ensure stock makes it on the shelf as soon as possible.
And finally, a modular and flexible platform which allows retailers to easily test, adapt, and integrate new technologies, such as Coca Cola’s image recognition system, when they are ready to take the next step.
For more information on the integrated software capabilities that can improve the agility and efficiency of your replenishment process, please visit Openbravo’s Supply Chain Management page.
This post is also available in: İngilizce