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Sophisticated retailers know precision retailing as an analytics-driven approach for improving product assortments, pricing and promotions. Now, new tools are making possible the analysis of an even greater wealth of data, not just point of sale (POS) and stock keeping units (SKU) data, but also information on demographics, competitors and even potential customers. The result, enriched merchandising insights, can mean a bigger boost in customer conversion and profitability in the store and across multiple channels.
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