Retail Buyers Are 61% More Likely to Listen to Vendors When They Come to Meetings With Data Backed Recommendations

TORONTO, Nov. 14, 2018 /PRNewswire-PRWeb/ -- Askuity releases the 2019 Point of Sale (POS) Data Study that explores how brands are using data  to build stronger retail relationships and drive faster business growth. The third annual industry report comes out ahead of Black Friday and the holiday season, retail's busiest time of the year.

The study finds that brands who are not actively analyzing and managing POS data are already behind the competition and are reporting lower sales growth.

Brands need to be leveraging point of sale data to improve promotional effectiveness, ensure on-shelf availability and optimize merchandise assortments. These business drivers are even more important during peak selling seasons like the holiday shopping period.

"Forward-thinking retailers and consumer product companies are increasingly recognizing that data-focused collaboration is a key driver to competitive advantage in this rapidly changing retail environment," said Eric Green, CEO and co-founder at Askuity. "Brands that are not leveraging their POS data are leaving money on the table, both for them and their retail partners."

In 2019, becoming a data-enabled selling organization is about moving beyond spreadsheets to purpose-built solutions that transform POS data from a pain point into a competitive advantage, both in the boardroom and at store level.

Key Highlights:

• Brands not using POS data are already behind the competition, with 92% of brands indicating they could make better use of POS data and only 9.4% of respondents saying they do not analyze data at all.
• Data-driven companies are enjoying better, more profitable retail relationships, with 74% of respondents who say they bring data into buyer meetings reporting that their buyers actually execute on their recommendations.
• Brands are frustrated with manual methods of analysis, with 64% indicating they spend over 3 hours each week downloading and formatting spreadsheet data, and 1 in 10 respondents saying it takes 11+ hours.
• There is a true cost to remaining complacent - brands without a purpose-built POS analytics solution report less accurate forecasting abilities, lost shelf space and lower sales growth vs. those who do use a modern solution.

Download the 2019 POS Data Study here.

About Askuity:

Askuity's retail sales enablement platform empowers the world's brands to turn point of sale data into profitable insights that 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, visit http://www.askuity.com.

Media Contact:
Sarah Adams
Marketing and Communications Manager
sarah.adams(at)askuity(dot)com
(647) 218-9242

SOURCE Askuity

Related Links

http://www.askuity.com