Walmart’s Retail Link® is a comprehensive tool used to pull Point-Of-Sale (POS) data. This data has many uses for retailers who sell through Walmart. The data predicts buying patterns, trends and inventory management. It ensures supply chain reliability and provides other important information. POS data goes together with customer satisfaction and brand awareness. Professionals are dedicated to interpreting Retail Link® data because of the volume of data that it can provide its sellers. Retail Link® provides in-depth data that lends itself to business growth.
Predicting Buying Patterns and Trends
It might be possible to predict a fashion trend as it tends to be adapted from the previous season’s runway. However, it is not so easy in the rest of retail. Large companies hire many analysts and data scientists to go over their sales and inventory. They use POS data, inventory results, business and political trends…the list can go on. Retail Link provides a way for any size business to capture results.
Which Products are Selling?
Sellers want to know what is going to sell and what return they are going to get on their products. They can gauge why one item is selling more than another utilizing POS data. Also, they can look at the sales over a whole year or season to see when the product sees spikes in activity. Suppliers can also look at an item’s activity when it is placed on promotion or its price is altered.
Seasonal Product Activity
POS data is especially helpful during the holiday season. Suppliers want to know what to sell to capitalize on the increased traffic. A seller can look at all the products they have in inventory and how well they did the previous year using the collected data. If a seller has an item that sells out over the holiday season, they might want to order extra. In turn, they will be able to identify items that do not sell as well during the holidays and remain in the warehouse. Having an educated idea of what to expect keeps the bottom line in check.
Keeping the Shelves Stocked – Managing Inventory
A retailer’s worst fear has two parts to it: first, is running out of a product; second, is having too much inventory on hand. Retail Link® data can enable a supplier to understand what the customer wants. The supplier can improve inventory management by taking the time to look at purchase patterns and trends. A retailer who knows how many “gingerbread” scented candles they are selling around the holidays can maintain the proper inventory. Conversely, a Walmart seller can hold production of an “ocean breeze” scent in December when its sales dip down. This eliminates waste and unnecessary sales and price reductions.
Proper inventory management ensures that enough product is on hand for the demand. When you know how to use Walmart’s massive data on Retail Link® the days of guessing are gone. As Walmart suppliers, sellers have the benefit of high traffic and visibility due to the store’s recognition. However, that means there is a lot of competition. Suppliers who utilize data from the Retail Link system have an advantage. They learn about their customer, what they are buying and when they are buying it.
A Happy Customer is a Repeat Customer
POS data has the ability to influence customer satisfaction and brand awareness. How likely is a customer to purchase from a supplier that is out of inventory on a popular item? How likely are they to purchase from a supplier who prices incorrectly? Retail Link® helps to resolve these common issues. A retailer can stay stocked on the products their customers want by studying the reported data.
Anticipating the Customer’s Need
These reports create a positive customer experience by anticipating their needs. A huge trend in customer service is anticipating the needs of customers. Walmart store associates are trained to know that if a customer asks about product “x” to show them product “y”. As a Walmart supplier, it is important to do the same by making sure products are readily available for purchase when a consumer wants them.
Increasing Brand Awareness
Dissatisfied customers talk but so do happy ones. A customer who has had a pleasant shopping experience is inclined to talk about it. A brand using POS data is prepared as much as possible to ensure a pleasant and efficient shopping experience. Happy consumers will spread the word of that brand and their products. This will increase brand awareness without an expensive marketing campaign. Thus, saving money and increasing revenue at the same time.
Retail Link® is a registered trademark of Walmart Stores, Inc.
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