Retail TouchPoints reports that Tyson Foods Inc. is among a growing number of consumer products goods companies to use data analytics to promote increased sales.
A study by Quri, a retail analytics company, reports nearly 49% of in-store displays are out of compliance, promotional pricing is incorrect 22% of the time and items are out of stock 15% of the time.
Tyson is addressing these issues by keeping a constant pulse on in-store activities, sales and marketing performance, according to Retail TouchPoints.
Quri said Tyson is using its services to track on-shelf available across various retail channel.
For the prepared foods and deli division of Tyson Foods, product visibility and marketing are especially important. So over the past four years, Tyson Foods has focused more on “creating pull in retail stores and driving impulse sales at the deli counter,” T Fuqua, Brand Manager at Tyson Foods said in the retail interview.
Tyson said once its products are in stores, a top challenge is understanding exactly what is being executed at the retail level and building best-in-class stories around what retailers do to ensure the product is what customers want and easy to find.
“So if a shopper is looking for a specific product, they know where they can find it, which helps our retail partners maximize sales.” Fuqua noted in the interview.
In the fragmented grocery channel, Tyson relies on distributors to make product deliveries once or twice a week, the company reported it’s hard to gauge what’s happening.
Quri said it provides detailed analytics regarding the performance and product execution of the retail partner, taking photos of in-store signage and displays to ensure compliance..
Tyson said this year it plans to conduct studies and in-store survey around its 20-key selling weeks, for example this week Quri has been in the field collected data ahead of the Super Bowl, the report stated.