Effective collaboration between retailers and consumer brands is pivotal in today’s competitive retail landscape. A crucial aspect of this collaboration is forecasting purchase orders from the retailer to the brand, a process that has evolved from simple estimations to sophisticated, data-driven strategies. This article delves into the stages of this evolution, highlighting the growing importance of point-of-sale (POS) data in shaping demand forecasts.
This report dives into how AI solutions solve your toughest retail challenges. Retailers face several tricky challenges as we head into 2024. The past year was marked by continuing supply chain issues (with added worries stemming from geopolitical disruption), evolving and increasing consumer demands, labor shortages and more. All of these issues make the job of merchandising planning much more difficult.
This eBook, inspired by insights from retail analytics experts, covers the five pillars of building an effective analytics program. From creating a data-centric culture to engaging executives and empowering teams with the right tools and knowledge, you’ll learn how to lay the groundwork for insightful analytics.
The barcode is a ubiquitous part of everyday life. According to GS1 the ‘beep’ of a barcode being scanned at a checkout occurs over 6 billion times every day!
Surprisingly, the barcode was invented way back in 1952 by Morman Woodland and Bernard Silver. Their invention was based on Morse code that was extrapolated to thick and thin bars. However, it took another twenty years for the barcode to find a commercial use.
The first ever use of a barcode in retail, which occurred in 1974, was when Marsh supermarket in Troy, Ohio used a scanner to scan the UPC barcode on a pack of Wrigley’s chewing gum. It wasn’t long before barcodes became the standard in automated supermarket checkout systems, and the rest, as they say, is history. Today UPC barcodes are pre printed on almost all items other than fresh produce.
With slowing sales translating into bloated inventories, there is a ripple effect moving up the supply chain, with the breaks being applied to replenishment plans.
So, what to do when your Retail Buyer says, ‘I’m sorry, but circumstances have changed. I no longer have the budget to purchase what I had planned. I’m cutting back your OTB’!
If you are a supplier to a major national retail chain, you will have been involved in countless range reviews over the years, and they are usually accompanied by a mixture of excitement and dread. Get it right, and you may be rewarded with approval for new ranges, more facings, better locations and the prospect of higher sales orders in the coming season. Get it wrong, and you could be staring at markdown contributions, deleted ranges, reduced facings and significantly lower future orders. Get it really wrong and you could be faced with your ranges being replaced by a competitor’s products.
Bunnings POS data Summary Understanding and effectively leveraging a retailer’s Point of Sale (POS) data is crucial to maximizing product performance and inventory management. When it comes to Bunnings Warehouse, one of Australia’s largest household hardware chains, their dedicated portal, BunningsConnect, provides valuable insights. However, extracting and interpreting this data requires a certain level of …
In the age of digital disruption, the retail industry is undergoing a profound data-focused transformation and those brands that fail to adapt risk being left in the dust. Amidst this dynamic landscape, a groundbreaking retail data analytics program has emerged, reshaping how consumer brands perceive and interact with their point-of-sale data. Four strategic pillars form the foundation of this revolution, propelling brands into uncharted territories of success.
According to the US Department of Commerce foot traffic data, monthly retail visits were lower in Q1 2023 than in Q1 2022. That is not surprising in the least given the rise in interest rates and general cost of living pressures. Yet recent personal experience of visiting shopping centres in both Canada and the US would appear to indicate that crowds and volume of foot traffic are healthy. The ‘frustration in trying to find a parking spot at the weekend’ index shows no sign of abating!