LONDON--(BUSINESS WIRE)--Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of its latest article that discusses why point of sale data analytics is a must-have secret ingredient for retail businesses to succeed.
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The retail industry is witnessing massive digitalization and in-store experiences have come a long way from just being simple transactions at the point of sales. Customers are now digitally empowered and look forward to better service in real-time. Moreover, the emergence of real-time engagement technologies like digital signage and mobile apps are changing the shopping experience. To stay afloat, retail companies are now positioning their point of sales operations at the core of key business functions. Hence, it can be said that efforts are in full swing to deliver better customer experiences at store levels.
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According to Quantzig’s data analytics experts, “Next-gen technologies driven by virtual reality and AR are helping retailers implement innovative approaches to drive margins.”
Three Reasons Why Point of Sale Data Analytics is Important
Customer experience plays a major role in deciding the success and outcome of retail businesses. To succeed businesses must adopt new and better ways to enhance their customer experience. POS data analysis makes it easier to interpret and analyze data gathered from point of sales and further used in enhancing customer experience.
In today’s competitive and digitalized world leveraging point of sale data analytics for improving customer experience is crucial. Following are three important reasons to leverage point of sale data analytics:
- Analyze data sets: In order to improve point of sale data analytics capabilities, retail businesses need to monitor short term and long-term market trends. Short-term market trends help in resolving issues before they extend into longer-term trends.
- Determine stocking schedules at store level: One of the major challenges for retailers is to measure out-of-stock lost sales. To do so, businesses must monitor gaps in hourly sales and analyze factors giving rise to out of stock issues.
- Conduct distribution analysis: Distribution analysis helps in measuring the percentage of stores that carry an item and the time takes by that particular item to get through the supply chain. Such analysis helps retail businesses to change s in their point of sale data analysis strategy to maximize profit.
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About Quantzig
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
