Jun 11 2015
When it comes to retail data sharing, there are some important tips that can help both retailers and vendors achieve the best possible synergies from POS data sharing. To get the most out of retail data sharing between a retailer and its product vendors, it’s important that both sides are working from the same playbook. Not only should both parties be looking at the same accurate numbers, but it’s critical that both sides are paying attention to the same set of key performance indicators.
But tracking KPIs can be difficult due to the fact that many large retailers only share data through their own unique vendor portals. This presents an issue for vendors as there are many disparate sources of data to deal with, causing vendors to spend more time on data management versus actually finding growth opportunities. To make the most of your valuable retail data, consider these helpful tips:
1) Make Sure Data Is Transparent and Timely
In order for data to be helpful, it must be consistent and on-time. Opportunities can come and go in a matter of days – which is why it’s important to have scheduled and automatic data transfers. Thanks to cloud technology and modern retail analytics platforms, it is now possible for data collection to be completely automated. This includes scheduled reports that run automatically on a weekly basis and smart alerts that spot trends worthy of your attention.
2) Retail Data Sharing Should Be Accessible To All
To get the most out of retail data sharing, it’s important that vendors of all sizes take part in the retailer’s data sharing program. Data sharing initiatives are much more likely to fail when vendors do not participate, which is why it’s important to share data at a fair and reasonable price. Retailers with a ‘no SKU left behind’ mentality understand that every product is important to their success and believe that every vendor should use POS analytics to their best advantage. This is why it’s important that retailers think of data sharing as an investment and not just a revenue stream.
3) Data Matters, But Insights Are Even More Important
Data sharing success starts with insights. Insights help vendors to sell more product, in turn helping retailers to grow their bottom lines. With a leading edge retail data analytics platform, users have the ability to easily visualize their retail data on charts and graphs without ever having to endure the pain of spreadsheets and disparate sources of data. The faster vendors can visualize their data, the more easily they can spot the trends that matter.
4) Share Promotional Calendars
The information age that we live in has caused an increasing amount of complexity for businesses. As a result, it’s becoming more difficult than ever before to accurately pinpoint the variables that are impacting a company’s sales metrics. Beyond the obvious events like weather and holidays – there are many other factors like social media and e-commerce that can make sales planning very difficult today. In order to maximize visibility, it’s important that sales and marketing teams can overlay data with promotional activity. Whether it’s loyalty promotions, price reductions, or BOGO offers, these insights can help provide more clarity in terms of what actually moved the needle.
5) Keep An Open Dialogue
Collaboration is at the core of successful retail data sharing. While sharing numbers back and forth is a great starting point, data sharing success comes full circle when the retailer and vendor are able to have an open dialogue to share insights and opportunities. For example, if a vendor identifies a new product assortment that can lead to greater sales, it’s important that the vendor and retailer can have an open discussion about how to execute a planogram change that makes sense for both sides.
Thanks to today’s retail data sharing platforms – it’s easier than ever for the vendor to communicate with their retailer. For instance, when a vendor identifies a pending out of stock situation using the Askuity Platform, the user can easily send a note to the purchasing team to facilitate a purchase order – without ever having to leave the application. These types of quick-action features allow vendors to make the most of their insights and streamline the retailer-vendor collaboration process from start to finish.
Are you looking to get the most out of your POS data? Do you want to introduce retail analytics into your business? See a demo of the Askuity platform to see how Askuity harnesses insights and analytics to drive retail growth.