How Intelligent Store Management Solutions Can Surface Problems & Prioritize Actions For Store Teams | 5IM
Julian Mills, CEO of Quorso, sits down with Chris and Anne for a fast-paced 5 Insightful Minutes.
Julian explains why intelligent management systems are critical in modern retail (0:40), shares a real-world example around promotion execution (1:40), and outlines how solutions like Quorso help retailers improve sales and reduce shrink (3:00).
Julian also details the common hurdles retailers face with IT integration (5:00) and why trying to build these solutions internally just doesn’t make sense anymore (5:40).
#RetailInnovation #StoreOperations #Corso #RetailTechnology #IntelligentManagement #RetailExecution #PromotionExecution #OmniTalkRetail
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Transcript
Foreigning us now for five insightful minutes is Julian Mills, a frequent omnitalk guest and the CEO of Corso.
Speaker A:Coming off our story last week regarding Corso and Circle K, Julian is here to discuss the rise and value of an intelligent store management solution.
Speaker A:Julian, let's start with this.
Speaker A:You've partnered with some big retailers recently, like Circle K, I just mentioned, as well as EG and Walmart Mexico, to deploy intelligent management.
Speaker A:What's driving these retailers to adopt your solution and to make these moves?
Speaker B:Yes.
Speaker B:And Chris, first of all, it's great to be back.
Speaker B:Thanks for having me.
Speaker B:And second, yeah, we were on a bit of a roll.
Speaker B:And those are just the ones we can talk about.
Speaker B:There are others we can't.
Speaker B:It's very exciting.
Speaker B:And I think what's happening really is, as you know better than I do, running a store is really complex.
Speaker B:There are so many things that come at you every day.
Speaker B:The truck's late, you know, planogram's not laid out, promot, incorrectly done, you know, etc.
Speaker B:Hundreds and hundreds of things for a store manager.
Speaker B:And I think retailers are realizing that sending yet another spreadsheet or yet another email or yet another dashboard, et cetera, doesn't actually fix those problems in the store.
Speaker B:You need to have a new way of running your store, a new way of using data to surface those problems and prioritize them to the person who can actually take action on them.
Speaker B:And that, of course, is what we're doing, you know, with intelligent management.
Speaker C:Well, Julian, intelligent management always comes to life best when we get an example.
Speaker C:Is there one that you can share with our audience today?
Speaker B:Yeah, sure.
Speaker B:So I think a classic one would be something like promotion execution.
Speaker B:So we were working with a big grocer.
Speaker B:They found that about 30% of promotions weren't being executed correctly or, you know, on a timely basis.
Speaker B:So what Corsair can do is basically track the kind of sales, ramp up of those promotions, and alert people if promotions aren't, you know, accelerating.
Speaker B:If you're not seeing the sales of those items accelerating the way that you'd expect to given a promotion, and then suggest to the relevant manager, whether it's a department manager or a store manager, how much, you know, sales, they're missing out by not acting on it.
Speaker B:Yeah.
Speaker B:So you're using data to basically identify the fact that promotion isn't being correctly implemented and showing someone the opportunity cost of that.
Speaker B:But of course, that's just, you know, one layer of it.
Speaker B:You can also link it up and say to the district Manager.
Speaker B:Well, you know, this store is having a problem implementing promotions.
Speaker B:You know, they've had four of these kind of incidences in the last week.
Speaker B:Maybe you should go and have a chat with them and give them some coaching so you can kind of link up layers of management in that way.
Speaker A:Got it.
Speaker A:So it's basically like helping the store level cross their T's and dot their I's, which is, which is one reason why Ann and I, since we first met you guys, you know, five or six years ago, have been all in on this, on this idea.
Speaker A:But, but being all in on the idea and making sense intuitively is one thing, but how do retailers that you're working with actually form the business case around this?
Speaker A:Because I think a lot of people listening would probably be like, okay, how do I put numbers to this?
Speaker B:Yeah, well, the first thing is we're outrageously good value.
Speaker B:Yeah.
Speaker B:So we are about 3% of the cost of, you know, putting in cameras or robots or something like that.
Speaker B:So they're 30 times as expensive.
Speaker B:And we do hundreds of use cases and they probably do a couple.
Speaker B:So that's the first one, which is that, you know, the cost on the benefit side is usually three things.
Speaker B:So it's first of all, business improvement.
Speaker B:So, you know, 50 to 120 basis point sales uplift, you know, 30 basis point shrink reduction, you know, 20% reduction in overtime, etc.
Speaker B:20% improvement in store standards, et cetera.
Speaker B:So that's kind of direct benefits.
Speaker B:The second one is time saving.
Speaker B:So people are typically seeing 10 to 15% of a kind of manager's time or key holder's time saved because they're not having to go into the back room, pull up lots of different apps, look at lots of different reports, make sense to them, et cetera.
Speaker B:They're literally on the sales floor walking around fixing issues live.
Speaker B:And then the third one is stored technology stacks are quite complicated.
Speaker B:Most people have five, six, seven different applications.
Speaker B:They're running with walks and tasks, et cetera.
Speaker B:We're increasingly seeing people turning those off and bringing everything into corso, and that's typically delivering about a 30% kind of it saving from that.
Speaker C:Julian, this seems so incredibly intuitive.
Speaker C:Why isn't every retailer doing this right now?
Speaker B:Well, I think it's a great question, obviously.
Speaker B:I think they should.
Speaker C:Yeah, I mean, we do too, I think.
Speaker B:Yeah.
Speaker B:Yeah, so.
Speaker B:So I can't really say.
Speaker B:I'd say the two main objections we hear are, one, I think a lot of retailers think anything to do with data they should be Building themselves.
Speaker B:Yeah.
Speaker B:And what I'd say is I've heard that so many times and I don't think anyone has done that yet, you know, and having been doing this for a while now, you know, I think that promise is getting a little bit thin.
Speaker B:So if I were a retailer, I'd be going, really?
Speaker B:Are you going to do it?
Speaker B:And then I think the second thing is getting access to IT resource.
Speaker B:You know, we're very quick to stand up.
Speaker B:I mean, Circle K, I think, stood us up initially in about 25, 30 hours of it time, but it's just super busy at the moment.
Speaker B:And so even getting, you know, three, four days of someone's time could be quite difficult.
Speaker A:Yeah, that's fascinating too, because there's really no competitive advantage to trying to do this yourself.
Speaker A:It's just.
Speaker A:It's just basically trying the data that you need to block and tackle in your store operations better.
Speaker A:So, like, I don't understand why, what the need is to bring that in the house.
Speaker B:I think retailers typically have two concerns.
Speaker B:The first one is that they don't want data to leave their environment.
Speaker B:And I understand that.
Speaker B:And candidly, you can set up Corsos so the data never leaves your environment.
Speaker B:The second one is, oh, but maybe our data and analytics team has got some special secret sauce about how to detect promotions not correctly implemented.
Speaker B:Again, that's fine.
Speaker B:You can run that through Corso.
Speaker B:Corso is a platform you can use to set up and operationalize those things very quickly and get them out to the field very quickly.
Speaker B:You know, if it's secret to you, it's your special recipe, you know, that can remain confidential.
Speaker B:So I don't think either of those concerns are really kind of valid, if that makes sense.
Speaker B:But maybe we're not doing, you know, maybe we need to communicate that better.
Speaker A:Great stuff, Julian, man, so insightful and so articulate and it's just so intuitive.
Speaker A:And I, I love having Julian on.
Speaker C:Thanks, Julian.
Speaker C:Great.
