At Nexo we believe that every part of our solution should be valuable on its own, but when combined should be greater than the sum of its part.
When we built our solution this was a driving force in development. How can we utilize all of our inputs to develop better insights and improve recommended actions?
We can measure ‘rate of sale’ of a fridge very simply, and from a single data point you can build an actionable recommendation, Low sales rate against the average for the channel? reduce the size of your fridge. High sales rate? increase the size of your fridge.
As an example, lets take the first one, low sales. With a single data point reducing the size of the fridge looks like the right thing to do. However, simply add ‘footfall’ to this equation and you can see that this could be the wrong decision. If footfall is low against the average then its no surprise that sales are low, the action here is to improve footfall, either by moving the fridge or by driving increased footfall through other activities.
If footfall is high, but conversion is low we can assume that the planogram maybe wrong for that location and can look at merchandising other brands. Alternatively we can add another data point from another of the Nexo services and see that the temperature of the fridge is too high. Therefore, the reason for the lack of sales is simply that the drinks are warm and consumers have worked this out. Remerchandising would not only be wrong, but it would loose even greater sales over the long term.
Where other services might use single or limited data points to develop their recommendations Nexo uses the Power3
Find out what Nexo can do for your business enquire today.
Nexo, it’s refrigeration refreshed.