Navigating Major Trends in Retail Data and Analytics
Like any industry, retail is now being forced to reckon with an emphasis on data – and analysis of that data – unlike any we’ve seen before.
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 that mountain of potential insights.
From an inventory perspective, Datascan is ready with solutions that can help retailers do just that.
On this episode of Datascan’s “Keeping Count,” President and CEO Adrian Thomas once again joined host Tyler Kern, this time to tackle to 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 a year, meaning that the data is only relevant for a short period of time. In the current retail landscape and as we turn an eye to the future, finding a way to determine more constant data and convert that into meaningful trends will be key.
Datascan can help, particularly as retailers attempt to overcome challenges with inventory counting, such as pure volume, returns associated with a boom in online shopping, and more.
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