Retail Data is Affordable: True or False?
Snippet: Retail data and data analytics are often considered a luxury that only big retailers can afford. Is this true? Click here to find out!
The retail industry is extremely competitive. Retailers find it hard to compete with top players in the industry because bigger companies are collecting and leveraging data to gain insight into customer behavior and sales patterns.
But is it true that gaining access and analyzing data is something that only big retailers can afford?
Your receipts are more valuable than you expect
“Since data is traditionally targeted to bigger businesses, smaller retailers consider it to be something that they cannot afford,” says Vernon Chua, CEO of Innergia Labs.
This creates a gap, where small retailers find themselves struggling to keep up with the bigger players in the retail industry. When in reality, the solution is already in their hands.
“Retailers don’t realize how much data they can gather from just their receipts. It’s like an a-ha moment when we tell them what they can find out from their data”
Most retailers already collect data from their receipts — they just don’t know what to make of it or what to do with it yet.
Bridging the data gap
Data analytics mega-vendors like Oracle, SAP, and IBM recognized this data gap and developed various kinds of business intelligence software as a solution. By leveraging these software, retailers are able to analyze large data sets in an effort to identify patterns, opportunities, and risks.
However, most data analytics companies require cleaned-up data to be processed, which can be a hassle for smaller businesses. Business intelligence or data analytics software can also be pretty expensive, especially for SMEs.
In response to this problem, Innergia Labs created a more affordable option for data collection and analytics, SYCARDA.
Retailers don’t need to invest in new hardware or provide a different data set to implement SYCARDA, because it is a scalable, platform-independent software that sits on a point-of-sale (POS) system — allowing for a faster and hassle-free implementation process.
By leveraging SYCARDA, retailers can easily collect information on their best-selling products, time of purchase, outlet location, product pairings, and so on. Just like SAP business intelligence software, these insights can be used to identify patterns and trends, allowing retailers to gain a better understanding of their customers, and make better business decisions.
Innergia Labs have helped more than 800 businesses (supermarkets, f&b, pharmacies, fashion, pharmacies) all around the world to gain any kind of insights they need from their data. Allowing them to understand their customers better and scale up their business faster.
So if you’re interested in affordable data collection and analytics software, SYCARDA can be the perfect solution for your business needs. Get in touch with us today.