Retailers want more insights from point-of-sale data
A large majority of retail brands (92 percent) want more insight from their point-of-sale data, according to a survey of nearly 500 brands by Askuity, a provider of sales enablement platforms.
Retail brands are focused on leveraging data to build more collaborative relationships with their retail partners, the report noted, and 81 percent of brands said their field sales team would benefit from having POS on their mobile devices. Only 53 percent were providing this level of insight to their field sales team, however.
Nearly two thirds (63 percent) of brands are looking to move away from applications such as Excel in an effort to improve POS reporting and analytics.
As retailers increase the pressure on brands to justify their on-shelf presence, brands are turning to POS data to better forecast sales, improve promotional effectiveness, and reduce out of stocks.
Despite a significant push to be more collaborative with their retail partners, brands still feel they can be doing more to leverage data.
A majority of respondents (57 percent) acknowledged that they could be doing more to strengthen their buyer relationships by leveraging POS data. Brands indicated that they are most interested in leveraging POS to improve planning and forecasting, gain better visibility into new product launches, enhance promotions, and reduce out of stocks.
“With retail rapidly being re-invented by technology, brands and retailers need each other more than ever,” said Eric Green, CEO of Askuity. “This study confirms that leading consumer product companies are looking to integrate point-of-sale data into all aspects of their operations in order to adapt and grow their business.”