A planogram is a comprehensive plan that helps design any retail store’s layout. These planograms focus on directing the customer’s attention to specific areas within the store. These also impact the points of sale within the retail store to maximize sales and revenue. These planograms have different names, such as:
- Retail schematics
- Shelf space plans
- Space plans
With the changing trends in the market, planogram in pharmacy has also become popular. Today, the profit margin in the pharmaceutical business is between 18% and 22%. However, pharmacies need proper planning and placement to gain a significant amount of this profit.
It’s why most professionals in the industry are now converging towards planogram in merchandising and other areas of their pharma business. Let’s skim through some basics that can help any pharmacies increase its profits from the products they sell.
Table of Сontents
- Why Do Pharmacies Need A Planogram?
- Planogram Is an Essential Tool for Maximizing Revenue
- Goods Checker: The Best Planogram Tool for your Pharmacy
Why Do Pharmacies Need A Planogram?
The landscape of the pharmacy industry has widely transformed in the past few years. These pharmacies aren’t limited to standard medicines anymore. Instead, they have become more diverse and now focus on providing more “360-healthcare products”. Some of the most popular consumer choices include vitamins and dietary supplements.
- Products for sports
- Items maintaining a healthy lifestyle
- Care products
While the world was already moving towards a more fulfilling and healthier life, the COVID-19 pandemic has motivated these consumers to make more life changes.
The competition for consumers’ attention is high. Here the time for merchandising comes — planograms in pharmacy help to attract customers to specific goods. Moreover, experts believe that the pandemic will develop shortly, making it necessary for consumers to maintain reasonable living and health standards.
How Can Planograms Help Pharma Companies?
Pharma companies and retail pharmacy stores have become more sophisticated and are now using planograms. Before you learn how to use a planogram, it’s crucial to learn how these can help you earn better profits.
Here are a few top reasons why we believe planograms help pharma companies.
Optimize Space in Pharmacy
A standard pharmacy is a manageable size compared to the number of customers and products they usually cater to. Optimization of space plays a vital role in the ease pharmacists face in running their businesses effectively.
With a planogram, professionals can better place and market their products. For instance, less sold products like new supplements and brands are placed at the beginning of the pharmacy.
On the other hand, the pharmacies places essentials such as diabetes and hypertension medicines in more inward retail store sections. The other medicines are staples, and the consumers WILL buy them either way.
Make Products Visible To Customers
Gaining customer attention is vital for pharmacies that wish to sell new products and keep their sales up, regardless of the business issues they face. People prefer purchasing brands and pharmaceutical products they are familiar with. However, as a pharmacist, you want the consumers to purchase newer items too.
The quickest way is to place the newer products in the right place. It is where the retail store owners can use a planogram. You can create separate sections for the products you want the consumers to pay more attention to. You can plan out their placement and ensure the products are visible and attractive simultaneously.
Help to Cross-Promote and Cross-Selling
Cross-promotion or cross-selling is a classic technique that helps sell additional items to existing customers. Since the existing customers trust the pharmacy, they are likelier to make the purchase hassle-free.
Additionally, if the pharma product is good enough, the consumers will repurchase it, allowing you to maximize profits.
Moreover, the planogram helps place and pair the right products for the right audiences. With planograms, one can also segment and segregate the audiences based on their gender, age, and other factors for targeted sales.
Once the customers see that the pharma products you sell are designed specifically for them, they are likelier to purchase.
Impulsive buying is fundamental in the world of pharma. People want to be healthy while following what’s “trending.” Several health influencers on the internet make pharma product recommendations that consumers are likelier to buy than others.
You can sell larger product batches from your pharmacy by tapping into impulse buying. Once the pharmacists have this information, setting up a merchandise display in the pharmacy becomes easier.
Analyze Consumers Behavior
Learning about your consumers and audience is crucial for any seller, not just the pharmacy business. As a pharmacist, it’s your job to deliver what your audience needs the most.
For instance, if your consumers include seniors, you must have age-oriented products. Similarly, assistive items such as AFOs, supplements, and other purchasable are also a great option.
With some planning and practice, pharmacists can improve their business, ensuring they keep a check on the profits and keep their business afloat in the long run.
You can also use the information gathered from the analysis to expand your pharmacy business, open new franchises, etc.
Planogram Is an Essential Tool for Maximizing Revenue
A planogram is vital for pharmacies that wish to increase their revenues.
Although consumers visit pharmacies for specific products and remedies, there’s more to it. You will always find people indulging in impulsive purchases of various products. These include:
- Sport food, etc
With assistance from planograms, pharmacists can encourage people to buy more. By adding a planogram to the pharmacy business, you assist the customers in multiple ways.
For instance, planograms can both lead customers to the products they need while organizing your store in such a way that directs visitors to other popular buys.
By facilitating the customers, you will gain their trust and build your reputation as a trusted seller, making it easier for future sales.
Goods Checker: The Best Planogram Tool for your Pharmacy
Pharmacies should know about meeting customer requirements and delivering the right supplements. Out-of-stock situations can take away one’s reliability as a business.
Goods Checker can be if you are running a retail store, a pharmacy, or dealing with FMCG companies. Goods Checker is an excellent option to better cater to the audience’s needs and increase revenue.
By automating the merchandising processes, standing out from the competition becomes more straightforward and effortless. With GoodsChecker, you have assistance with the following:
- Generating detailed product analytics
- Developing the display of goods
- Comparing the actual display with planograms
- Analyzing SKUs on store shelves