retail insights

Retail Insights: The Ideal Technology to Track Retail Indicators

Tracking retail indicators and using them to effectively reduce operating costs can seem like an overwhelming challenge. The ability to accurately collect and analyze information, so that it can be utilized to improve operations and anticipate buying trends, is crucial in today’s global marketplace. Yet, without an effective method, companies often believe that understanding customer behavior is cost-prohibitive. Fortunately, technology is bridging the gap between big data and actionable information creating a new business paradigm where companies no longer have to wait for outdated reports to adjust to market demands. Retail Insights delivers instant visibility into buyer behavior through targeted management software, giving decision-makers the power to act on current trends.

Because retailers need to capture and interpret large amounts of data gleaned from customer service software, social media, inventory amounts and point-of-sale (POS) information, the ability to track retail indicators requires a comprehensive solution. Retail Insights delivers results by integrating key strategies that produce heightened efficiency and profitability.

Understanding Stock Priority and Movement

As a comprehensive solution, Retail Insights reports on inventory movement at the POS. This provides retailers with information about buying trends at specific locations concerning specific SKUs. This promotes replenishment practices designed for optimum inventory amounts, while reducing shrinkage and out-of-stock occurrences. By offering the information required to determine which items are needed in stock at which location, and at what time, companies reduce inventory costs and increase customer satisfaction levels.

Intelligent Reporting

Without immediate reporting, all the information in the world can’t help decision-makers react to unanticipated fluctuations. Retail Insights translates information from the POS to deliver actionable information about current rankings and opportunities. By providing strategic, tactical and operational reports, companies are better able to meet and adjust to demand instabilities.

Low Cost, Easy Implementation

Some of the reasons cited for hesitating to integrate intelligent software are the time, expense and maintenance required for new network infrastructure that supports the tool. However, “as-a-Service” solutions eliminate that barrier. Implementation is streamlined and managed through the provider, reducing the cost. Mobile technology is also supported, providing the sales force with actionable information while away from the office, enhancing their productivity.

Establishing and profiting from Retail Insights gives companies the power to accelerate efficiency and improve KPIs throughout the organization. This management software delivers actionable information that reduces operating expenses, improves customer service and decreases inventory costs and problems at the point-of-sale.

Download our retail supply chain collaboration white paper to learn the seven most important criteria in selecting a new supply chain platform. 

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Author

NeoGrid is a global software company providing a cloud-based suite of supply chain synchronization solutions that enable our clients to simultaneously reduce out-of-stocks (OOS) and inventory levels.

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