DALLAS, TX, USA, DECEMBER 16, 2019 – Krunchbox announces the publication of its 2020 POS Analytics Benchmark Study, exploring how product suppliers are leveraging data to deliver business improvements and more collaborative retailer relationships.
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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.
The study highlights the fact that retail buyers’ expectations in terms of POS analysis are rising, putting the onus on brand suppliers to bring data-backed recommendations to the table. The study also 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.
“If you truly are a customer-oriented product supplier in the retail channel, having a sophisticated approach to analyzing POS data is no longer optional; it is at the very core of your ability to build a sustainable retail partnership, delivering consistent growth.”
– John Pitman, CEO and co-founder of krunchbox
- 70% of respondents reported that buyer expectations in terms of POS data analysis is increasing. At the same time, 66% reported that buyers are becoming increasingly receptive to data backed recommendations.
- 70% of respondents reported a change of buyer within the last 12 months, emphasizing the need to build a data centric approach to collaboration.
- 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.
- 87% of respondents believe that POS data being available on mobile devices is going to be increasingly important in the next three years. Yet only 35% indicated that their POS analytics solution offers a mobile application.
To download the study, visit http://go.krunchbox.com/2020-pos-benchmark-study.
Krunchbox is the POS analytics platform of choice for hundreds of consumer brand suppliers across the US, Canada, Europe and Australasia. As specialists in gathering and collating data from disparate retail sources, as well as experts in providing critical insights into your POS data, krunchbox helps to optimize your supply chain, driving higher sales with lower inventory to achieve higher return on investment.