THIS week's contributor is Nicole Hooley, Merchandise and Retail Operations Manager at instigo - Merchandising by Numbers: All businesses need to analyse data to assess sales patterns and trends in order to highlight gaps or potential opportunities. When it comes to effective pharmacy merchandising strategies the old adage is true - if you can't measure it, you can't manage it. It is easy to look around your pharmacy and estimate what your key categories are. However, looks can be deceiving, and sales trends change over time; 'traditional' key categories may become less so, especially when a simple return on space sales comparison is undertaken.
Data is critical when it comes to identifying what is happening in your pharmacy. The ability to run accurate reports from your point of sale system can assist in determining the primary reason customers are coming into your store and what other products they are also purchasing. Dedicating time to review your store data assists with determining when to run instore promotions, product selection and timings for display, customer communication and staff training.
A well-managed front of shop can help offset profitability challenges, recognising that carrying the right products, in the right places, with the right pricing and promotions (such as a loyalty program), along with staff discussing the health benefits to customers -- drives follow-through at shelf and this remains a critical factor in ease of shopping for the customer.
Regular reviews of your pharmacy data are essential to a healthy pharmacy business!
The above article was sent to subscribers in Pharmacy Daily's issue from 17 Jun 19
To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 17 Jun 19
