Cut back Inventory on Hand & Make stronger Stock Optimization with Retail Knowledge Analytics
Finding ways to reduce stock on hand or improve inventory optimization isn’t easy. It’s especially challenging when the sales and inventory data you get from retailers is incomplete, delayed or in multiple formats that you have to compile yourself.
Fortunately, a retail data analytics solution can help you quickly understand your inventory position across all of your retail locations and understand how products are selling, down to the store level. Plus, these solutions gather, cleanse and analyze your retail data for you, so you can quickly determine where you can reduce stock on hand, or where you need more inventory to meet consumer demand and increase sales.
How can your business optimize stock on hand and sell-through performance?
Take a look at our infographic below to learn the top 5 reasons your business needs retail data analytics, or download our complete Retail Data Analytics playbook for more details.
5 Reasons Your Company Needs Retail Data Analytics
Identifying sales opportunities isn’t easy, especially when your retail customers share sales and inventory data in different formats. Here are 5 indicators that a retail data analytics solution could help your organization:
1. Data Overload
You receive different types of data from retailers such as portals, spreadsheets, buyer’s reports and EDI documents that are time-consuming to analyze. Also, your internal teams use different versions of data, making it impossible to get everyone on the same page.
2. Low Inventory Visibility
It’s difficult to get a clear picture of your inventory position with each of your trading partners. As a result, you don’t have a simple way to identify and prevent the risk of stockouts or overstocks.
3. Tactical Buyer Relationships
When you don’t have access to the right data, buyers don’t trust your suggestions. Plus, you can’t make strategic recommendations about inventory or sales opportunities.
4. Unclear Promotion Success
If you don’t have sales and inventory data at the store or SKU level, it’s challenging to measure the impact of promotional activity and optimize your replenishment orders to take advantage of trends and seasonality.
5. Inability To Forecast
It’s impossible to understand what products retailers and consumers will want if you don’t have the right data to predict trends and prepare for the future.
Learn how a retail data analytics solution can help your business streamline data analysis and accelerate sales opportunities.