Uncover the downside of inaccurate POS system data and how to improve your retail business with accurate product and sales data.
To succeed in retail, you need to know what your customers want and how to sell those products to them effectively. This involves figuring out the best prices, discounts, locations, and seasons to offer those products. To develop this level of understanding, you need accurate sales and product data.
At Celerant, we have worked with thousands of retailers over more than 20 years, and have loads of experience in regards to retail data and POS systems. In this article, we will walk you through our approach in how to maintain accurate sales and product data, the ways to use it, and how it can help you achieve success in your retail business.
But first things first, why is data accuracy important for retail success?
Well, accurate sales and product data can help you make better decisions and answer some of your burning questions, such as:
Collecting and maintaining accurate sales and product data doesn’t come easy. Keep reading to learn how you can improve your process for collecting data, and more importantly, how to make better decisions based on those key metrics.
Challenges Retailers Face with Sales and Product Data
As a retailer you face numerous challenges in maintaining accurate and consistent sales and product data. The list can go on and on, but here are our top 5 challenges that we have seen with our retailers.
5 Data Challenges Retailer Struggle with:
These data quality issues can have a ripple effect throughout the retail business, making it difficult to access your product availability and make decisions.
Inaccurate Data Results in Retail Struggles with:
Poor data quality can also have a negative impact on marketing efforts.
In fact, according to a study by Forrester Consulting, over 35% of retailers said poor-quality data contributed to inaccurate targeting and wasted marketing spending. (Forrester Consulting survey, May 2019).
By addressing these data quality issues, retailers can not only improve their efficiency and profitability but also customer satisfaction.
How to Improve Sales and Product Data Quality
Achieving accurate sales and product data is possible, but it requires a comprehensive approach to data management.
In today’s complex retail landscape, data quality can be compromised at any point in the supply chain, from sourcing vendors to order fulfillment. Therefore, retailers need to adopt a holistic approach to data management that addresses data quality issues throughout the entire process.
This comprehensive approach involves implementing processes that ensure data integrity and consistency across all stages of the supply chain.
Key Strategies to Improve your Retail Data:
To be successful, your data must be accurate and consistent across all retail channels– whether you have 1 or multiple stores, remote popup shops, eCommerce, online marketplace accounts (Amazon, eBay, Walmart, etc.), or a combination of all.
By leveraging a modern retail technology that integrates and connects all of your retail channels, you can more easily achieve consistent and accurate data.
By adopting a holistic approach to data management, retailers can overcome the challenges of maintaining accurate sales and product data, paving the way for informed decision-making, improved efficiency, and enhanced customer satisfaction.
Learn how Celerant can help you maintain accurate data across all retail channels.
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