At Cardinal Health, we believe community pharmacists are in the perfect position to fill the role of a trusted healthcare advisor to help our customers, and their families, live healthier lives. There is great opportunity to drive tremendous growth in retail sales by consulting with consumers about their healthcare decisions.
From a POS (Point of Sale) data program that gives powerful insights to help grow a pharmacy business, to data-driven support for maximizing sales of over-the-counter, health and beauty products, to a monthly video series that educates customers how to think like a retailer, we are empowering and positioning pharmacists to ensure their customers have everything they need to live the healthiest life possible.
The first thing to understand is what we call the Conversion Conundrum. Basic math problem: 100 customers enter a pharmacy to get their prescription. How many leave without buying anything from the front end? It’s a two-answer problem. In a chain drugstore, only 6 out of 100 customers don’t buy anything. In a retail independent pharmacy, 56 out of 100 don’t buy anything. Conundrum.
The POS Smart Reports program will provide Cardinal Health retail independent and regional pharmacy customers with a way to better compete and provide insights needed to make smarter and more strategic decisions. POS Smart Reports is store-level point of sale data. This data helps us understand sales, share pricing trends, and avoid distribution voids. We will partner with key strategic manufacturers to bring big ideas to drive more products and greater promotions while removing the entire financial burden to the pharmacy. The Consumer Health team can utilize these insights grounded in data, allowing more informed and profitable business decisions driving a better marketing ROI.
And when we talk about a Retail Academy, an academy it is. We’ve built an archive and powerhouse of videos. The 30 two-minute videos range in topics, including the top five products of the month, customer best practices, education about the Completely UpFront Monthly Planner, a guide to category reviews, planogram updates, new items, product deals and marketing information, as well as promotions for our annual Retail Business Conference. This series of fast-paced, informative and dynamic videos are posted on the Cardinal Health ordering platform hosted on YouTube, and available through the Retail Independent Facebook page.
These are just a few examples of how we are delivering unparalleled value across products and services at Cardinal Health.