A cloud-based software solution developed by Solutions 4 Retail Brands (S4RB) is helping retailers to assess the value proposition of its own label products more effectively.
Replacing the need for numerous spreadsheets detailing product or supplier performance, own label managers can build custom classifications to look across entire ranges of sub-brands. For example, if they were to look across their summer barbecue or Italian selection, they can measure performance across multiple categories within these ranges, removing restrictions that previously limited analysis to a product level.
S4RB creates and manages software solutions to improve engagement and relationships between retailers, their own brand suppliers and their customers.
UBX Cloud Services enables retailers to classify products according to customer demographics and this will inform decisions around promotion, range rationalisation and product development. Own label managers can also create their own ‘shopping basket’ of products on which to report.
Own label teams deal with large volumes of goods, from multiple suppliers, on a daily basis and this includes monitoring thousands of benchmarking and consistency tests each year. UBX Cloud Services streamlines the process by allowing them to quickly see product assessments including benchmark and sensory tests.
The system, which offers ‘One View’ of product insights, has been developed to boost collaboration between retailers and suppliers, who can offer their expertise and contribute to product innovation. In turn, this highlights areas where profits and sales might be increased and make sure the brand’s value proposition is being delivered.
James Butcher, Managing Director of S4RB, said: “This latest update to UBX Cloud Services is all about driving insight. Own label teams need to be thinking about the value proposition of their ranges and asking themselves if they are delivering it across categories.
This might be whether the message is consistent and how suppliers can ensure prices are competitive.
“For retailers, it is not always about more data but about better insights and UBX Cloud Services offers that, enabling quicker and better informed decisions.”
UBX Cloud Services also lets retailers find out how much it would cost to win customers buying from competing own label and national brand goods. For example, a competitor’s product might be hand finished so the cost to match this would be recorded in the system, as would the cost of changing ingredients. This information can then be used to make quantitative decisions for competitive product development.