This sponsored post is produced by SPS Commerce.
Point-of-sale (POS) data has been a resource that was only available to the retailer. Many believed this big data source was too cumbersome and too valuable to share with trading partners. Not any more. The demands of the digital consumer are transforming the traditional retailer/supplier relationship to become more collaborative and nimble — or everyone involved risks losing sales.
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Armed with data and today’s cloud-based analytics, suppliers can determine what products are selling or not selling, and they can look at this by region, product type, promotions, and even color, size, or features list. Having this sort of data can help suppliers with their planning and forecasting, as well as promotions and assortments, so they can help the retailer drive more sales of their products and replenish inventory more accurately. In addition to sell-through analyses, POS data can help the retailer and supplier identify sales trends and new business opportunities and work together to engage the consumer.
Ultimately, it comes down to big data analytics. When you’re trying to process thousands of transactions from hundreds of stores and dozens of retailers, you need a solution that easily collects and consolidates the information into actionable, data-driven insights Today’s cloud-based analytics solutions are more flexible and adaptable, enabling vendors to leverage the POS data shared with them. Suppliers can quickly turn data into insight into decisions that improve sales performance. Big data helps retail keep pace with today’s digital consumer.
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