Category Management for Pharmacy: An Introduction
Category management in retails has evolved as a response to address the problems associated with the entire demand and supply operation sequence, it has evolved, as the consumers are changing it continues to evolve. Data and technology become more sophisticated and digital technology continues to play a bigger role and organisations are striving to stay on the market as the consumer behaviours are changing.
Loosing customers to your competitor?
Despite all of these industry changes, many organizations and sectors fail to make the necessary changes internally to meet the changing needs and one of that retail sector was pharmacy. Until very recently Category management was not a priority in pharmacies but in the recent years we received a lots of request from pharmacists from different geographical location, that made us believe that the purpose for walking inside the pharmacy has changed around the world, people look at the pharmacy as health care hub, not just a place to buy their prescriptions, so when they don’t find all that they want for keeping them healthy and beautiful they move on to the other pharmacy and here comes the challenge for the pharmacists to transform their pharmacy to a healthcare hub – a new business model.
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WHERE TO START:
Each pharmacy (chain) makes their own category Management process, building on a foundation of strategies associated their
1. Store format,
2. Target customers,
3. Competitors and
4. Sponsored brands or Brands they represent.
The category management framework allows the Pharmacy to become more strategic in their overall approach to the market based on their Shoppers. The guidelines and processes developed in this framework arms category management, pharmacy operations and procurement. Pharmacies which are able to clearly define and articulate their processes, principles and guidelines are much more likely to be successful in their endeavours in category management. Pharmacists should effectively review their category management foundations including their strategies and approach to ensure that they are relevant to their business model and the way the pharmacy is functioning, Sometimes going back to the foundations can help you to carve out a new path for the future. As the world changes, the shoppers habit changes we need to adjust and improve our approaches to stay relevant in today’s world.