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How Retailers in India are unlocking the potential of data
How Retailers in India are unlocking the potential of data

September 21, 2022

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Whether it is a big-box retailer or a mom-and-pop store, undermining the importance of data can be a fatal mistake for any retail business. Data is what delivers actionable insights based on which retailers can usher in growth for their business, predict customer behaviour, understand trends, reduce costs, develop new products, and improve the quality of services they offer.

Decoding data is not just relevant to tech companies and big enterprises as retailers, irrespective of their sizes and scale of operation, can harness the power of data to improve their business processes and understand their market better. In this extremely competitive world of today, data has become a critical decision-making tool that helps entrepreneurs unlock real-time insights, know more about customer interactions and create positive customer experiences.

Retailers in India are today taking a deep dive and looking to decode their in-store point of sale data across all their stores to get actionable insights and stay a step ahead of the competition.

Why is data important?

A retail business valuing data has a competitive advantage as they can improve processes and come good with the expectations of their customers. An analytical overview of store data can help answer the following key questions:

  • How to improve product/services and market products that customers want
  • How to get customers to keep coming back to store
  • How to outfox competition
  • How to track the performance of each store
  • How to do predictive maintenance

 Point of sale Analytics often delivers  features such as instant transaction alert, insights on each transaction, payment and auto-reconciliation updates and a detailed view of post-transaction settlements in an easy-to-understand format.

The avalanche of data that retail businesses are sitting on can be a window of opportunity for them to gain competitive advantages, fine tune processes to come good on customer expectations, manage inventory better, and improve overall store efficiency.  


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