Krunchbox’s 2021 POS Analytics Benchmark Study comes at a unique time in history. We are currently at the crossroads of a new era; a time when the world is in flux and retail has been swept up in the storm. Buying habits have changed dramatically over the last year as consumers opt to do more shopping from home and retailers have been forced to adapt in many ways. Furthermore, retailers and suppliers need to collaborate with one another more than ever before. With location-specific lockdowns impacting certain store locations without warning, it’s never been more important for retail stakeholders to leverage real-time data to overcome the limitations of historical data during these unprecedented times.
From what Krunchbox has learned in this year’s study, it appears that many suppliers have taken the initiative to upgrade, and in some cases, completely overhaul their POS analytics technology stack. We can’t be sure that current world events are causing companies to make such investments, but we can be sure that these upgrades are resulting in many benefits, according to respondents. While this is very encouraging, the vast majority agreed that there is still room for improvement, with 93% of respondents suggesting that their team can still make better use of POS data than they are now.
If there is one thing that this report has made clear, it’s that there is so much to gain by fully leveraging POS and inventory data, especially during these uncertain times. The 2021 POS Analytics Benchmark Study will be available mid-February. For a printed or PDF copy of the study, please email Doug Murless at firstname.lastname@example.org and/or visit www.krunchbox.com to download.
As part of CHHMA’s ongoing effort to help members gather better data and uncover greater insights, the association is pleased to have partnered with Krunchbox, a simple to use, cloud-based business intelligence tool designed to help vendors and their retailers collaborate around point-of-sale (POS) data and make more effective inventory decisions.