Consumer needs and wants are moving fast and the only way FMCG companies can stay relevant is by innovating and launching new segments, and by refreshing existing brands. Anyone who has been a part of new product development in FMCG companies understands how extensive this exercise spanning over many months and involving multiple organization functions.
At the same time, data mirrors a bitter truth – 75% of all new product launches fail within a year. This makes innovations extremely expensive as three-quarters of your investment doesn’t give you the return. But the importance of NPD makes this expense a necessary evil.
Without proper planning and groundwork, the launch could go completely haywire resulting in fewer sales, confused customers, and negative ROI. On the contrary, a well-planned launch would easily bring more sales, happier customers, and better turnaround. In the FMCG/CPG industry, there are many things to keep under consideration when evaluating market opportunity prior to product development and a successful launch.
However, it is almost every time that there is a huge gap between the expectations and execution. That the gap exists is not as much of a problem as it is to understand how to quickly address the gap. This is where the importance of retail execution comes to the fore. There is little doubt that the performance of a product relates directly to how it is placed on the shelf. This usually means that the actual scenario matches the decided compliance standards: is the placement at the eye-level on shelf, are all the facings clearly visible, whether the product is available in the right numbers, and is the promotional compliance at-par?
But as mentioned earlier, product launch is not a one-day event; it is rather a long process that needs to be actively pursued to ensure success.
Planning the perfect store execution is one thing but maintaining it is another. Brands spend billions of dollars on manual auditing methods to ensure that their in-store execution complies with the set planogram standards. But manual audits are expensive, time-consuming, and inaccurate. However, with the rise of reliable and proven image recognition solutions like ShelfWatch, the redundancies in manual auditing methods can be easily overcome.
Image Recognition for Fixing Execution Gaps for New Product Launches
Using artificial intelligence to improve retail execution is not a new concept. Auditing shelf management using Image Recognition digitizes store checks. It plays an essential role in understanding the shelf conditions and how they affect the sales of their core SKUs. It analyzes the visual display to ensure the store is in compliance with the planogram for your consumer goods. With smart solutions and tools, data can be updated in real-time so that proper corrective measures can be taken rapidly as required.
Although more and more brands are adopting the technology, there still remains a gap in exposure and understanding in terms of how effective and efficient this technology is. A large number of brands globally need to recognize how this technology can enable them to gain insight into every aspect of execution from merchandising to promotional compliance. Thereby, helping them strategically break-down and eliminate failure possibilities.
And this is exactly what we’ll be discussing in our webinar- Improving the Odds of Product Launch Success with Image Recognition on May 12, 2020, at 12.30 PM GMT. Register now to understand how technologies like ShelfWatch by ParallelDots are using image recognition to help CPG companies win at the shelf with New Launches.
Here’s what’s going to happen:
It’ll be an hour-long event where our guest speakers share their wealth of knowledge and experience on how to launch products successfully specifically by using image recognition. Diversity in their work backgrounds and global experience will for sure bring varied perspectives onto the table, making your time investment worthwhile.
Meet the Speakers:
Robert W. de Bruin
Ex-President and General Manager, Reckitt Benckiser Health
Robert is a successful international leader with more than 25 years of experience in the consumer goods and consumer health industry, with over 20 years in the Asia Pacific, Latin America, and Europe. Robert started in marketing and has held senior category positions with Unilever and then moved to general management with Mead Johnson and Reckitt Benckiser.
Ex-Vice President Marketing, Unilever
May has more than 20 years of senior marketing and leadership experience in global multinationals throughout Asia, Africa, and the Middle East. Her marketing career has been in both fast-moving consumer goods and pharmaceutical industries and in the developed and emerging markets. As the Vice President of Marketing in Unilever, May had a brilliant track record in leading the strategic agenda, driving innovations, and executing digital transformation. She is now a senior consultant with a consultancy firm focusing on Leadership and Organizational Development. She has lived and worked extensively in Indonesia, Thailand, China, and Singapore.
Ex-Chief Operating Officer, Suntory
Neerja Sewak has thirty years of blue-chip corporate experience in eight countries across four continents. As COO of Suntory Beverage and Food, Health Supplements Division in Asia, she transformed a $1 billion traditional health supplements business in three years. As head of Global Strategy and Innovation for Novartis Consumer Health in Switzerland, she led the growth of the Voltaren brand to join a $1 billion club growing at 30% year on year. In her Cadbury Schweppes global (UK), regional (Southeast Asia), and local (Australia) strategy roles, she steered global new product launches and significant operational synergies.
Key Takeaways from the Webinar:
- Understand why supply chain data or POS data alone cannot work.
- Discover how Image Recognition helps you pinpoint execution gaps for new product launches faster than any method out there – especially manual audits.
- Understand how quickly new products appear on shelves.
- Determine how to save $$$ by plugging all POS marketing leakages on-site.
Who Should Attend:
Decision-makers and professionals from FMCG/CPG and Retail Industry responsible for new product development, product launch, and retail execution, in general.