Retail POS analytics key
New survey shows two-thirds of brands across all product categories are already actively using POS data to manage their retail business
In today's competitive retail environment, with growing pressure on retailers to get more out of their brick and mortar stores, retail buyers are increasingly looking to product vendors to use shared point of sale (POS) data to help grow retail sales, improve margins and ultimately become trusted category advisors.
According to a new Point of Sale Data Survey, conducted by Askuity, a provider of retail sales enablement software, two-thirds of brands across all product categories reported that they are already actively using POS data to manage their retail business.
The survey confirms that while most brands have started to make the shift to data-driven retailing, there is still much work to be done.
Key highlights of the survey include:
Not a level playing field. From brands that do not use the data at all, to those who have invested in advanced analytics capabilities, there is a wide spectrum of capability when it comes to retail brands and their use of POS data.
Beware the data silo. When data is managed and distributed by a single power user within the company, brands are far less likely to bring data insights into buyer meetings (41%), versus brands that provide self-service access to POS data for all team members (67%).
Falling behind. 28% of companies say that they are not actively using the POS data being made available to them by their retailers, either due to lack of organisational commitment or lack of organisational capabilities.
Mobile is the future. Only 35% of companies are equipping their field teams with the data they need, despite the fact that the majority of brands believe that this data is critical to their field team's success.
The wrong tools for the job. Spreadsheets and legacy reporting tools are the norm for POS analytics in the industry today; however, there is a significant functionality gap in what these legacy tools can provide and what brands reported as necessary to gain a competitive advantage with POS data.
Room for improvement. Brands are optimistic that there is value to be derived from further investments in POS analytics: 77% of brands believe they can be doing more with the data to improve their business. Moreover, brands who consider themselves leaders in the space are even more confident, with 80% believing they can improve.
"Today's retailers are being forced to reinvent their business models and drive towards greater store productivity. As a result, they are becoming increasingly dependent on their vendor partners to help them optimize their business and win with the consumer," says Eric Green, CEO of Askuity.
"Our survey has confirmed that while most brands have started to make this shift to data-driven retailing, there is still much work to be done. The good news is that forward-thinking retail brands are optimistic about the future and humble enough to recognize this need for improvement. As point of sale analytics becomes a required core competency of every brand hoping to create and sustain success at retail, this desire for continuous improvement will undoubtedly serve the industry well."
To learn more about the findings from the 2016 Point of Sale Data Survey, join Askuity today, Thursday, November 3rd, for an exclusive webinar at 1.30 p.m. EDT or download the full report here