Get the Complete Retail Analytics Buyer's Guide
In this ultimate retail analytics buyer's guide, we will walk you through the features you need in a retail analytics solution and pitfalls to avoid to stay ahead of your competition.
Taking the step to upgrade or implement any technology within your organization isn’t something to take lightly.
Retail analytics software that could touch every corner of your supply chain is especially deserving of your close attention. Before you invest time or money querying different solution providers, make sure you understand exactly what is available on the market, and what your company’s goals are for this new tool.
There isn’t a one-size-fits-all solution and the technical complexity has meant that innumerable methods of collecting and analyzing retail data exist today.
Many well-intentioned sales, supply chain and retail account professionals know that the data to improve their efficiency and bottom lines is out there—but simply throwing money at a solution or tasking the IT department to build some reports won’t advance them to their goals. It’s for this reason that we decided to put together this guide.
Our Retail Analytics Buyer’s Guide will help you:
- Learn how to define your North Star
- Complete worksheets to better understand your needs and current processes
- Assess data granularity required for key use cases
- Define the ROI you should seek to generate from this investment
Why should you consider investing in a retail analytics solution?
Brands today need to navigate more complicated supply chains and greater expectations from their retailers. Each retailer has its own unique set of standards and procedures that need to be incorporated by the brand into its own set of operations.
“One challenge — and opportunity — is the fact that data is being captured along every node of the supply chain. If you can harness the data, you can put it to use to improve your business!”
Retail buyers expect brands to come to them with data-backed recommendations. The reason a lot of retailers have made POS data available to brands is because of the increasing margin pressure and competitive landscape that retailers face, so a brand that is harnessing the full power of the retail data the retailer makes available to them is the one that builds the highest level of trust with their retail buyer.
What core use cases should a retail analytics solution support?
- Retail execution – identify and flag solvable execution issues in their retail network.
- Line reviews – back up your point of view to retail buyers using reports that reference metrics identical to your retailer’s own data.
- Events & promotions – automatically measure marketing activity in real-time, A/B test upcoming event expansion and quantify sales lift.
- Sales management – a built-in command center can help you stay on top of sales KPIs and always know which partners, categories, and reps need your attention.
- Alert-driven exception management – pinpoint the outliers in metrics such as out-of-stock (OOS), lost sales, phantom inventory and high weeks of stock (WoS).
- Collaborative planning, forecasting & replenishment (CPFR) – gain a better understanding of your supply chain by bringing together forecasts, ERP data, POS data as well as data from distributors.
- Collaborative replenishment – integrate your current plans and forecasts to seamlessly compare them with actuals on an ongoing, real-time basis.
Access the Complete Retail Analytics Buyer’s Guide – complete with worksheets – to help you understand your unique business needs.