If availability headaches and razor-thin margins are playing on your mind, optimizing store efficiency and increasing profits might seem like a tough challenge. However, at Retail Insight, we’ve drawn on our extensive grocery experience to help global retailers achieve the gold standard of retail execution and maximize the potential of every shelf. We call this ‘Shelf Actualization’.
What is Shelf Actualization?
American psychologist Abraham Maslow developed a Hierarchy of Needs that, when satisfied, achieves self actualization - the peak of individual potential.
Inspired by this, we drew on 500+ years of grocery expertize to create the Retail Insight Hierarchy of Needs; the pinnacle being Shelf Actualization when all needs are met. From balancing sustainability goals to reaching commercial aspirations, achieving Shelf Actualization relies on four key performance areas - all of which must be satisfied for your store estate to reach maximum retail performance.
Let’s break it down
The four key stages of Shelf Actualization are:
- Knowledge Needs: Guaranteeing a single version of the truth. No more drowning in data sources that don’t align efficiently with one another. No mountains of reporting to sift through. Just accurate, practical insights that result in measurable improvements.
- Profitability Needs: Optimizing margins on every shelf, ensuring accurate availability in every store at all times. Truly meeting your profitability needs means finding ways to achieve a competitive edge in today’s market while continuing to make profits.
- Sustainability Needs: Delivering on ESG requirements. The pinnacle of excelling here is to throw away the least amount of product possible, while optimizing margins on marked-down products.
- Supply Chain Needs: Keeping supply running smoothly by knowing exactly what’s required across your store estate, and when. This knowledge will enable you to replenish what each shelf needs at the right time while successfully navigating today’s razor-thin margins.
Excel in all four performance areas and you’ll be equipped to make more data-driven decisions and meet your retail targets, enabling you to sell more and waste less.
Keen to discover how close you are to achieving Shelf Actualization?
How to measure Shelf Actualization
Identifying how close you are to reaching the gold standard of retail execution relies on insight over instinct; the Shelf Actualization Index is a practical and efficient way to measure how your shelves are really performing.
The Index consists of 20 statements used to score your shelves against key metrics, and you provide an answer to each statement by simply agreeing or disagreeing on a scale of 1-4. And the best part? It only takes three minutes to complete.
How close are you?
Complete the Index and begin your journey to optimum retail execution