Premium partnered with a major electronics manufacturer to grow its Walmart business for long-term sustainability. Our proprietary predictive analytics technology provided the foundation for the Premium team to deliver a customized strategy and growth for the client.
As we reflect on 2019, the Premium family is proud of a year marked by innovation, growth and employee engagement.
This year, we introduced the Premium Launchpad to ensure seamless field execution for critical product launches. We combine in-depth planning and project management with rigid kitting and shipping protocols, comprehensive training and communication strategies, real-time mapping visualizations, and robust business intelligence, all supported by a talented team of Operations Support Specialists. Launchpad comes to life in real time as our workforce executes in store, and we continually refine and communicate to deliver incredible scale within the confines of same-day execution.
Premium’s Launchpad is made possible thanks to our newly-formed Operations Support Center (OSC). By merging Premium’s previously existing Retail Contact Center and Retail Operations Center, the OSC now offers more robust field support and elevated customer service to Premium employees and clients. Over 70 OSC specialists provide seamless omnichannel communication, quality assurance, dependable job knowledge, multi-tiered troubleshooting and a more efficient path of escalation and resolution.
This year, we also focused on increasing engagement through interactive video, reaching remote field teams and retail associates with live or on-demand content. We even started an internal broadcast called Premium Now to keep remote team members in the loop with Premium leadership and happenings.
2019 was also a continued year of growth for Premium. We substantially grew our partnerships in the drug and mass channels, expanded our work in wireless sales, and added exciting brands including Anagram, PopSockets and Lindt to our client roster.
Along with Premium’s growing business comes the need for expansion, which is why we completed a series of moves. Both of our corporate offices in Minneapolis, Minnesota, and Mississauga, Ontario, moved into larger spaces to accommodate team growth. We also recently moved into a new 130K+ square-foot National Logistics and Distribution Center (NLDC) centrally located in St. Louis, Missouri. The facility increased our on-site storage capacity by 500% and features 12 receiving docks, state-of-the-art security systems and an enhanced pick-and-pack system. We support our Canadian clients with asimilar 100,000square-foot facility in Toronto, Ontario.
Premium’s 2019 Culture Team powerfully delivered on its mission of increasing employee engagement and giving back to our community. Notably, Premium was named a St. Louis Post-Dispatch Top Workplace for the second year in a row. Additionally, the Premium family raised more than $22,000, donated nearly 4,500 items and provided more than 45,000 meals to families in need.
The 13 charitable organizations supported by Premium in 2019 include Ronald McDonald House, Giraffe Conservation Foundation, Cardinals Care, American Red Cross, Feeding America, Mississauga Food Bank, Kids Against Hunger, Clean Up The World, Feed My Starving Children, United Way, Alzheimer’s Association, Stray Paws Rescue and The Red, White and Blue Tour.
We’re so thankful to our Premium family – our team members, clients and partners – who have undoubtedly contributed to the successes and growth we realized in 2019. Here’s to a fantastic 2020!
Looking for a new opportunity in 2020? Apply to become a part of the team!
When our reps are hard at work in retail stores across the nation, they come across what seems like hundreds of terms and acronyms. Think you know the ins and outs of retail jargon? Check out our glossary of commonly used retail lingo below.
1. Audit:A way to ensure compliance and performance of a merchandising display. Tasks of completing an audit include ensuring products are in the right place, the display is set to POG and correct labels/signage are used. Premium completes 985K+ audit visits per year.
2. Backstock: Inventory that is kept palletized in boxes in the back room until it is needed to replenish displays on the sales floor.
3. Clip strip: A retail product display, so named because it is a length of either plastic or metal with clips or hooks at regular intervals, upon which merchandise is hung. These can be found in the aisle, on an endcap or at the registers and is often an impulse purchase. It depends on the retailer for the rules.
4. CPG (Consumer-Packaged Goods): Merchandise that customers use and need to replace on a frequent basis. CPG examples include food, beverages, cosmetics and cleaning products.
5. Cut-in: Shifting or removing merchandise to make space on the retail shelf for new or promotional products. Cut-ins typically occur between major merchandising resets to introduce items more quickly. Also known as NPI (New Product Introduction) or EOL (Product End of Life).
6. DC (Distribution Center):Where products are stored prior to arriving at a retail store. The velocity of products moving through a distribution center is based on the sales volume occurring in the retail store. The more products people buy, the faster the store will need to replenish with additional inventory from the DC. Premium’s National Logistics and Distribution Center (NLDC) is 130K+ square feet. Last year, we shipped 470K packages to stores such as Best Buy and Walmart.
7. Endcap: A display at the end of an aisle. Endcaps provide a competitive advantage for brands to call special attention to new or seasonal products, or to capitalize on impulse purchases from customers who would otherwise walk by. Premium builds endcaps in stores such as Walgreens and Walmart.
8. Facing: A way to describe how many “rows” or items should be front-facing on the shelf. This is the typical language used in a planogram. For example, a product may have 2 facings on the 2nd shelf up from the floor. It’s also the process of pulling products forward to be flush with the front of the shelf. Also known as blocking, zoning, straightening or fronting.
9. Islander:An independent display positioned on the floor in a store’s main aisleway or racetrack. It generally has merchandise on all sides and features a distinct category of products. Premium ensures battery islanders near the registers are merchandised with multiple battery brands. Also known as a quad.
10. MOD (Modular):Different retailers utilize the term MOD in a variety of ways. MOD is yet another word for planogram (POG) and is sometimes used to refer to one 4-foot section of an aisle where a category of goods, like laundry detergent, is on display. For example, the laundry detergent is on MOD 4 in aisle 12.
11. MSRP (Manufacturer’s Suggested Retail Price):The price that the manufacturer of the product believes the item should sell for in stores.
12. Mystery shopping: When a decoy shopper is sent into a retail store to evaluate the product merchandising or the customer experience. The mystery shopper behaves like a regular customer but then provides feedback to the store, the brand or the employee to help improve its performance.
13. OOS (Out of Stock): When a product sells out, it leaves an empty slot on the shelf. At Premium, we ensure our clients’ product is not OOS.
14. OSA (On-Shelf Availability): Walmart uses the acronym OSCA, meaning On-Shelf Customer Availability.
15. Pack out: The total number of packages of an item for the shelf to be at capacity or fully stocked. Packing out refers to the process of filling the store shelves with replenishment products from the store’s backroom supply. Premium packed out 1MM+ unique products in 2018.
16. Pallet: A wooden structure used to support goods while they’re being moved.
17. POG (Planogram): Visual diagrams that show exactly where to place specific products on shelves within an aisle in order to maximize sales. Think of a POG as a blueprint to follow as you build a section of facings for several products. Also known as plan-o-grams or schematics.
18. POP (Point of Purchase): Promotional collateral or signage that is not part of the regular store but is placed next to the product it’s promoting. POP may call customer attention to a discounted price, new packaging, coupons or special offers. Also known as shelf talkers or IRCs (Instant Redeemable Coupons)
19. PSP (Preferred Service Provider): Premium is 1 of only 5 approved PSPs who are allowed to merchandise products in the world’s largest retailer, Walmart. We are also a preferred partner for Walgreens, Target, Best Buy and several others. To join our PSP team, click here. To learn more about what our PSP team does click here.
20. RSA (Retail Sales Associate) or RSP (Retail Salesperson): An employee who works directly for the retailer. At Premium, we work in tandem with these folks on behalf of our clients. In 2018, Premium trained 475K+ Retail Sales Associates.
21. Sidekick:Refers to a display that requires little to no assembly in store. These displays are generally made from corrugated cardboard and are pre-packed when they arrive in stores. Different from POP, sidekicks contain merchandise within the display whereas POP is simply promotional collateral. Also known as shippers or PDQs (Predetermined Display Quantity).
22. SKU (Stock-Keeping Unit): A unique number (usually eight alphanumeric digits) assigned to an item by a retailer for the purpose of tracking their inventory. The category of chips can easily have 40 SKUs, in various combinations of brands, sizes and flavors. Pronounced ‘skew.’
23. Top stock:Additional inventory that is stored on top of store shelves for quick re-stocking to the products’ home location.
24. UPC (Universal Product Code): SKUs and UPCs are commonly confused. The difference is that SKUs are unique to a single retailer whereas a UPC is placed on the product by the manufacturer and applies to that product no matter what store is selling it. If two stores are selling the same product, that item will have different SKUs, but the same UPC.
25. Quantity on hand:This describes the physical inventory that a retailer has in possession at the store. Also known as on hand or OH for short.
Haven’t applied yet? Search for retail merchandising jobs here.