The Retail Scientist Blog

The Retail Scientist Blog

Case Study

Unlocking Retail Insights through Store Benchmarking

The antidote success story exemplifies the transformative impact of store benchmarking and data-driven insights in optimising retail operations.

The antidote success story.

The Problem

antidote Cromwell and antidote Lake Dunstan, part of a pharmacy group based in Dunedin, faced operational challenges due to their distance from the Dunedin head office. The geographical separation made it difficult to align with the head office’s strategies for retail inventory management, hindering the stores’ performance optimisation efforts.

The Solution

To address these challenges, antidote turned to RPM Retail’s cloud-based software and consulting services. The RPM solution enabled the stores to benchmark their performance against similar pharmacies nationwide by providing a comprehensive KPI scoreboard and actionable reports. This empowered the stores to identify opportunities for performance improvement and implement targeted strategies to enhance their operations.

The Results

The implementation of RPM Retail’s solution yielded significant results for antidote Cromwell and antidote Lake Dunstan.

By leveraging RPM Retail’s solution, the stores were able to identify opportunities for improvement, implement targeted strategies, and achieve significant growth in sales and profitability.

This case underscores the importance of harnessing technology and data analytics to drive performance enhancement and remain competitive in the retail landscape.

25% Range Reduction

Through data-driven insights, the stores rationalised their product range, resulting in a 25% reduction in SKUs at Lake Dunstan and leading to more efficient inventory management.

32% Sales Growth

As a result of these initiatives, antidote Cromwell achieved a remarkable 32% increase in sales, accompanied by a reduction in out-of-stocks and improved overall sales performance.

Improved Profitability

Benchmarking of retail pricing led to improved profitability by ensuring competitive pricing strategies aligned with market trends and customer expectations.

Increased Sales Performance

A targeted approach to basket size analysis of individual staff members resulted in increased sales performance and enhanced customer satisfaction.

Implementation of Loyalty Club

The stores implemented a new loyalty club database and RPM triggered email campaigns to club customers. RPM provides ongoing measurement of sign-up rates and customer spending, fostering customer loyalty and repeat business.

Improved Re-Ordering System

RPM's software provided an improved system for re-ordering, ensuring optimal inventory levels and reducing out-of-stock situations.