Analytics company Zoined has formed a partnership with Star Cloud Services to simplify the analysis of till receipts.
Zoined said the data produced helped retailers, including those in the grocery sector, improve offers, promotions and product selection by helping stores to better understand customer purchasing decisions.
Zoined said the partnership with Star Cloud Services transformed shopping receipts into valuable digital transaction data that provided retailers with “a wealth of information” about their customers and store operations.
This could be used to understand consumer buying patterns, identify items frequently bought together and run store comparisons on best and worst-selling products, for example, it said.
Zoined said it took the data and turned it into graphs and charts to help influence business decisions without the retailer needing to wade through spreadsheets.
This helped with decisions on which lines to grow, to drop, or where to switch stock from store to store, it said.
A key advantage was the service’s ability to work irrespective of the point of sale (PoS) system in place, Zoned said.
Zoined chief executive Atte Roine said: “For the first time retailers do not need to be bound by a PoS system to get analytics. We know that many retailers feel frustrated as they can’t always get to the heart of their business without running complex queries on the database or data warehouse.”
The company said the system could be easily integrated with other sales and management applications, such as queue management tools, footfall mapping and customer relationship management systems without the need for a complex IT project.
David Salisbury, vice-president of sales and marketing at Star Cloud Services, which turns receipt printers into cloud-connected devices, said: “Retailers need to be able to make informed decisions based on what is happening in their store.”
The solution enabled retailers to ultimately increase return on investment, he added.