LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its latest article that lists three best practices in point of sale data analysis that can help retailers to succeed in today’s complex, data-driven era.
In recent years, the retail industry has come under increased pressure due to the shift in consumer behavior towards e-commerce and an omnichannel path to purchase. Due to such factors, big-box retailers have been forced to split their focus from brick and mortar execution, increasingly focusing on establishing a seamless omnichannel shopping experience and faster e-commerce purchase fulfillment. As a result of this juggling act, retailers have been forced to position their point of sale systems at the center of this Internet-oriented shopping experience to drive business outcomes.
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Moving the Needle with Point of Sale Data
Make smarter moves and improve business outcomes using point of sale data analysis.
- Leverage POS data analysis to identify out-of-stocks and build strategies to make up for lost sales
- Measure the effect of in-store promotions, sales, and merchandising strategies on sales volume
- Prioritize SKUs by the performance at the store level and adjust promotions as necessary
- Use historical sales data to analyze campaign effectiveness
According to Quantzig’s data analytics experts, “Given the importance placed on POS data analytics by retailers, brands whose sales are concentrated in fewer regions should be even more focused on using the data to maximize success.”
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Point of Sale Data Analysis: 3 Best Practices Driving Retail Success
#1: Perform trend analysis
#2: Conduct distribution analysis
#3: Determine stocking schedules
Due to our association with retailers from across the globe, we are best positioned to use our domain expertise, process knowledge, and analytics capabilities to serve your interest. Book a FREE solution demo to learn more about our data analytics capabilities.
As data-driven decision making becomes the norm, retail outlets of all sizes will have to adopt strategies, processes, and tools that enable their teams to use the shared retail POS data as part of their day-to-day business.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal