TORONTO, ON--(Askuity - Feb 7th, 2018)

92% of Retail Brands Want More Insight From Their Point of Sale Data

According to the 2018 POS Data Study, brands are focused on leveraging data to build more collaborative relationships with their retail partners.

As retailers increase the pressure on brands to justify their on-shelf presence, brands are turning to point of sale data to better forecast sales, improve promotional effectiveness and reduce out of stocks. Yet despite a significant push to be more collaborative with their retail partners, brands still feel they can be doing more to leverage data. In fact, according to the 2018 POS Data Study conducted by Askuity, an overwhelming majority of those surveyed  – 92% – feel that they can be doing more with POS data to fuel growth and build more collaborative relationships with their retailers. The annual report compiled by Askuity acknowledges that although vendors have many difficulties in how they currently receive data from their retailers, they are optimistic about the benefits that come along with making better use of this data moving forward. To learn more about the findings from the 2018 Point of Sale Data Study, you can download the full report here.

Key highlights of the report include:

  • An Important Partnership: A majority of respondents (57%) acknowledged that they could be doing more to strengthen their buyer relationships by leveraging POS data.
  • Store-Level Execution: 81% of brands said that their field sales team would benefit from having POS on their mobile devices, yet only 53% were providing this level of insight to their field sales team.
  • The POS Revolution: Brands indicated that they are most interested in leveraging POS to improve planning and forecasting, gain better visibility into new product launches, enhance promotions and reduce out of stocks.
  • Onwards & Upwards: 63% of brands are looking to move away from applications such as Excel in an effort to improve POS reporting and analytics.

“With retail rapidly being re-invented by technology, brands and retailers need each other more than ever.  This study confirms that leading consumer product companies are looking to integrate point-of-sale data into all aspects of their operations in order to adapt and grow their business,” said Eric Green, CEO of Askuity.  “We believe that brands who harness the power of retail data successfully will be the winners with both consumers and retailers in the new world of retail.”

The second annual study conducted by Askuity, a retail sales enablement platform for brands, was designed to measure the current challenges and opportunities that exist for product suppliers distributing into national retailers across North America. The study included nearly 500 respondents representing all major categories, from Home Improvement to Beauty and Personal Care. To download a copy of the new report please click here.

About Askuity

Askuity’s industry-leading sales enablement platform empowers the world’s brands to turn point of sale data into profitable insights that help grow sales, improve margins and strengthen retail relationships. By combining secure and automated POS data collection with powerful analytics and mobile technology, Askuity uncovers insights to help brands capitalize on new growth opportunities and strengthen their retail business. For more information, please visit https://www.askuity.com.