Navigating Major Trends in Retail Data and Analytics
The retail industry is forced to reckon with a new emphasis on data–and the analysis of said data.
Retailers are in a position to understand more about their supply chain, customers, store experience, marketing, and more than ever before, but they need solutions that can help them make the most of these insights. Datascan has solutions that help retailers.
On this episode Keeping Count, Datascan’s President and CEO, Adrian Thomas, joins host Tyler Kern, to tackle the ever-evolving world of retail data and analytics.
“Data in retail has been limited, prior to the last two to three years, to [point of sale] data, maybe delivery data and supply chain data, and, obviously, some inventory accuracy that we can provide,” Thomas said. “From the inventory accuracy standpoint, now – what we can start to show retailers is what is actually going on with their inventory in the store.”
Traditionally, inventory counts have been performed maybe once or twice annually, meaning that the data is only relevant for a short time. In the current retail landscape, finding a way to determine more constant data and convert that into meaningful trends is key.
Datascan helps retailers overcome challenges with inventory counting–such as volume, returns, and more.