Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: Will Predictive Analytics and POS Save Small Retailers from Extinction?
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > Business Rules > Will Predictive Analytics and POS Save Small Retailers from Extinction?
AnalyticsBusiness RulesPredictive AnalyticsSoftware

Will Predictive Analytics and POS Save Small Retailers from Extinction?

Rehan Ijaz
Rehan Ijaz
4 Min Read
Image
SHARE

Global brick-and-mortar retailers are struggling to compete against their digital rivals. Smaller retailers have been suffering the most, because they can’t compete on the same margins as larger competitors. Some experts have warned that small retailers will eventually be extinct. According to Marc Bain:

Contents
Small Retailers Use POS for predictive analyticsPOS Data Will Be a Game Changer for the Retail Industry

“In a recent survey (pdf), 58% of executives at US middle-market retailers predicted that brick-and-mortar-only stores are destined for obsolescence. The survey polled 250 respondents, and was conducted by Harris Poll on behalf of CIT Group, a bank that lends to small and middle-market businesses.”

Despite the challenges, many small retailers have found innovative ways to compete. Savvy retailers are collecting point-of-sale data to optimize their supply chain management strategies, understand consumer buying profiles and forecast future sales.

Toshiba and SAS recently formed a joint-venture to develop a predictive analytics tool for retailers across the globe.

More Read

Medicare Cost Analysis – Guest Radio Appearance to Explore Data-Driven Insights
What is Cloud Computing
Find yourself a safer place to swim or fish in the Bay Area
Big Data: Aspirin for Travelers’ Headaches
Improving Search Engine Optimization by Incorporating Predictive Analytics

“To be successful today, it’s important that retailers keep in tune with their shopper’s unique preferences and behaviors,” said Fernando Yamada, president of Y. Yamada. “The combination of Toshiba and SAS coming together to bring visualization and predictive analytics to the retail industry is sure to better empower retailers around the world to optimize interactions with their customers across all channels and in a meaningful way.”

However, these tools are often outside the price range of smaller retailers. Fortunately, newer and more affordable options are being released.

Small Retailers Use POS for predictive analytics

POS analytics technology used to be too expensive for SME retailers. However, new POS tracking and predictive analytics tools are much affordable.  Sara Angeles, a staff writer for Business News Daily, believes that Vend is the best option for small retailers.

“After much research and analysis of point-of-sale (POS) systems, we recommend Vend as the best all-in-one POS system for small businesses… One thing small businesses love about Vend is its simple, intuitive interface. It doesn’t require much training to understand how the software works, and because Vend is cloud-based, you can easily use it on a Mac, a Windows PC or an iPad. You can also connect Vend with other POS equipment like barcode scanners, printers, cash drawers and credit card readers. As mentioned above, the software is compatible with hardware available in the market, so you don’t need any technical skills to make sure everything plays nicely together.”

Data mining point-of-sale data allows them to:

  • Predict future sales
  • Identify demand for specific products
  • Improve inventory management systems
  • Create demographic profiles of their customers
  • Reduce case sorting and segregation by calculating optimal order quantities

Analytics experts claim that predictive analytics will play an increasingly important role in retail management in the near future. POS data will play an important variable in their predictive analytics algorithms.

POS Data Will Be a Game Changer for the Retail Industry

Large retailers are always using new technology, such as Microsoft AX to streamline their businesses. They have been collecting POS data for years, but have had difficulty using it effectively.

In 2011, Scott Koegler, publisher of supply chain management newsletter EC-BP.org, discussed the importance of storing POS data. However, sales data has traditionally been segregated by supplier. Their data was almost useless, because it was so fragmented. They also had difficulty accessing it, since didn’t have access to effective data mining tools.

Fortunately, new tools are available to help retailers track POS purchases. QR codes have made tracking consumer purchases easier than ever. Cloud computing also enables retailers to store hundreds of terabytes of data, which can be mined in a matter of seconds.

Share This Article
Facebook Pinterest LinkedIn
Share
ByRehan Ijaz
Follow:
Rehan is an entrepreneur, business graduate, content strategist and editor overseeing contributed content at BigdataShowcase. He is passionate about writing stuff for startups. His areas of interest include digital business strategy and strategic decision making.

Follow us on Facebook

Latest News

sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing
AI Document Verification for Legal Firms: Importance & Top Tools
AI Document Verification for Legal Firms: Importance & Top Tools
Artificial Intelligence Exclusive
AI supply chain
AI Tools Are Strengthening Global Supply Chains
Artificial Intelligence Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

Copulas and Wall Street

2 Min Read
Ecommerce Data
Big DataBusiness IntelligenceData ManagementHadoopMarketingSoftware

Using Microsoft Azure to Optimize Ecommerce Data for POS Solutions

6 Min Read

Are Data Analysts More Like Batman or Superman?

4 Min Read

The Data Analytics of Super Tuesday

5 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence
ai chatbot
The Art of Conversation: Enhancing Chatbots with Advanced AI Prompts
Chatbots

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?