With retail rapidly being re-invented by technology, brands and retailers need each
92% of vendors surveyed feel that they can be doing more with POS data to fuel growth and build more collaborative relationships with their retailers, according to the 2018 POS Data Study conducted by Askuity,
The Askuity report “acknowledges that although vendors have many difficulties in how they currently receive data from their retailers, they are optimistic about the benefits that come along with making better use of this data moving forward.’
“Key highlights of the report include:
• An Important Partnership: 57% of the respondents acknowledged that they could be doing more to strengthen their buyer relationships by leveraging POS data.
• Store-Level Execution: 81% of brands said that their field sales team would benefit from having POS on their mobile devices, yet only 53% were providing this level of insight to their field sales team.
• The POS Revolution: 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.
• Onwards & Upwards: 63% of brands are looking to move away from applications such as Excel in an effort to improve POS reporting and analytics.”
“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,” said Eric Green, CEO of Askuity. “We believe that brands who harness the power of retail data successfully will be the winners with both consumers and retailers in the new world of retail.”