What is Retailer Dashboard? Definition of Retailer Dashboard, Retailer Dashboard Meaning and Concept
A panel of retailers is a tool that performs a sample through certain surveys carried out in establishments and retail stores to obtain relevant information regarding the best-selling products, the existing stock, among other details of interest.
First of all, it would be good to know, what is a retail establishment? These are those businesses that sell the final product to the consumer. They have distributors who have large stocks, and they are in charge of acquiring products for sale, they are retail businesses.
Therefore, this technique, called a panel of retailers, has as a priority to carry out surveys periodically in this type of stores with the aim of obtaining information of interest to prepare a subsequent study.
The AC Nielsen company was the one that launched this technique in the 60s of the 20th century. Subsequently, it spread throughout the planet, although in the US there were already indications of measurements in the 20s of the same century. However, it has become very popular and practical for all companies that require this information.
How to make a retail panel
These are the steps:
- In the first place, the sites where the surveys will be carried out are selected according to their location and public, among other variants of interest that the company wants to know.
- They are always done on a regular and consistent basis for continuous results.
- A responsible person is selected to undertake this work and go to the selected establishments to carry out the issues that have been planned according to the established details. Details such as the types of best-selling products, the stock they have, the demand, the returns, how the products are placed, etc. The questions are organized and planned in advance based on the data that is to be obtained with these actions.
- What is intended is to know the evolution of the products mainly, and to do continuous monitoring.
Retailer Panel Objectives
These are its main objectives:
- Know and assess sales data.
- Know how buyers behave in them, and if there are differences in terms of the situation of the stores.
- Know the number of products that are sold, and if there are some with more impact on the market than others, and the influence of the location of the stores on this.
- Find out the stocks that each store has.
- Investigate the promotions and publicity that each establishment manages and the results that they are generating.
- Know the distribution of the products, if some type of marketing strategy is followed and how it works.
These are some of the priority objectives that are intended to be achieved with this type of technique. Without a doubt, a way to obtain relevant data for companies.