Traditional retail is going through seismic change.
Underlying trends like the shift towards online, channel fragmentation and increased competition all combine to create both risk and opportunity for product suppliers. Whereas Point of Sale (POS) data analysis might once have been the domain of the sophisticated Fortune 500 companies with teams of analysts, today leveraging POS data to inform decision making is essential to remain competitive. This study identifies significant differences between those suppliers who view POS analytics technology as an investment versus a cost, and perhaps more significantly, what impact that has on business performance.
- Excel users are 63% more likely to report that it is very difficult to find POS insights to support their buyer recommendations.
- When POS data analysis is viewed as an expense versus an investment, respondents were 84% more likely to report a net decline in on shelf listings in the past year.
- 70% of respondents reported a change of buyer within the last 12 months, emphasizing the need to build a data centric approach to collaboration.