RSi Launches IRIS Platform to Enable CPG Manufacturers and Retailers to Dramatically Improve On-Shelf Availability (OSA)
As the World's Most Deployed and Used OSA Solution, IRIS Allows CPGs and Retailers to Recapture Millions in Lost Sales While Driving Increased Profitability and Consumer Engagement
MOUNTAIN VIEW, Calif., Nov. 7, 2018 /PRNewswire-PRWeb/ -- Retail Solutions, Inc. (RSi), the leading provider of technology solutions that enable CPG manufacturers and retailers to grow and profit, today announced the global availability of IRIS, the world's most deployed and used on-shelf availability (OSA) platform. IRIS enables CPG manufacturers and retailers to prevent and recapture billions of lost sales each year due to OSA problems, while driving increased profitability and improved consumer engagement and loyalty.
For example, using the IRIS OSA platform, 16 major CPG suppliers were able to recapture more than $115 million in lost sales last year at just one top 5 US retailer. In addition, by deploying IRIS at a major US grocer, a leading snacks manufacturer reduced its out-of-stock (OOS) events by 41% while decreasing lost sales by 63%.
Retail industry benchmarks consistently cite OOS rates of 8-10% for non-promoted products, and 10-15% for promoted items. Based on industry research, RSi estimates that sales increase by 1% for every 3% improvement in OOS performance, which has the potential of doubling growth for many CPG segments.
"There are clearly revenue and operational benefits that individual companies can realize should they make incremental improvements to OSA." That's according to the January 2018 IDC Vendor Spotlight, sponsored by RSi, The OSA Imperative in the Modern Supply Chain. "OSA will be far more important in a world where online selling and direct-to-consumer delivery (often same day) increasingly become the norm."
"When we talk with the leaders of CPG and retail companies we constantly hear that OSA is one of their biggest challenges," said Bert Clement, Chief Executive Officer of RSi. "Consistently maximizing OSA is clearly a major problem, but we also view it as a sizeable opportunity for the retail industry on a global basis. We built IRIS to proactively solve OSA problems and enable CPGs and retailers to grow and profit strongly by making sure they always have the right products, on the right shelves, at the right times."
The IDC Vendor Spotlight further stated that, "RSi is perhaps the most forward-looking vendor in the marketplace today in solving OSA problems."
IRIS is the world's leading OSA solution because:
- The platform is trusted and proven by CPGs and retailers worldwide. RSi's OSA solution has 300+ installs around the world, producing more than 100K+ alerts issued every day. To date, the solution has identified $1 billion in potential recaptured sales, and growing rapidly.
- IRIS provides visibility within a single, user-friendly, interactive portal.
- The IRIS platform offers unmatched data granularity and real-time predictive alerts, working at the store and item level.
- IRIS enables users to generate value and ROI (i.e., recaptured and increased sales, greater shopper engagement, and higher profits) faster.
RSi's new IRIS platform is built on three distinct modules that work separately and/or together to provide the most powerful OSA solution in the global retail industry:
Measure – The Measure module tracks OSA at the most granular level (store/product/day), with results aggregated to provide precise assessments of OSA performance.
Correct – The Correct module provides alerts when specific instances occur that indicate an "imperfect shelf" and potential OOS issues. These alerts are immediately delivered to the appropriate individual so that corrective actions can be taken to address the problem and improve OSA.
Prevent – The Prevent module leverages business intelligence data analytics, including artificial intelligence and machine learning, to avoid OOS problems on the shelf before they even occur.
Within those three modules, the IRIS platform is comprised of three core product features:
Retail Compass: Helps you navigate OSA performance by measuring the OSA rate (%/$) at the store/item/day level across retailers, in order to track shelf excellence.
Retail Resolve: Allows you to align inventory with product demand by correcting and preventing OOS, and generating suggested order quantities based on end-to-end supply chain data.
Retail Shelf Alerting: These are real-time alerts that drive store interventions to correct shelf problems.
About RSi
RSi is the world's leading provider of proven technology solutions that enable CPG manufacturers and retailers to grow, profit and rule – from supply chain to shelf. Twenty-seven of the world's leading CPG companies and nearly 250 of the top retailers trust RSi's unparalleled industry knowledge, best-in-class technology solutions, and deep data expertise to generate greater productivity and profitability. RSi's cloud-based data transformation engine is fueled by digitally enabled technologies that deliver real-time, actionable insights, seamlessly across every channel. CPGs and retailers recapture hundreds of millions of dollars in lost sales each year with the RSi IRIS platform, the world's #1 on-shelf availability solution. RSi's employees, located in 20 locations across the globe, are passionate about empowering customers to rule the shelf, and own the future. To learn more, visit http://www.retailsolutions.com.
Media Contact:
Caitlyn Bordeaux
Global Marketing Manager
+1.479.273.5203
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SOURCE Retail Solutions, Inc. (RSi)
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