LONDON, August 17, 2018 /PRNewswire/ --
65% of respondents raised cash flow and finances as key issues for their business
Proagrica, the leading independent provider of data integration and insight across the agriculture supply chain, have published their concluding data and analysis after their survey went out to 5,000 US businesses within the Ag Retail sector.
Proagrica launched this survey and the resulting report - Agricultural Retail in 2018: Your views and insights http://bit.ly/agretailreport - to better understand key challenges faced by ag retail businesses in the current marketplace. The report is based upon responses from retailers representing a combined revenue of over $4.5B. Respondents answered a total of 11 questions, focussing on the most pressing factors affecting profitability, growth, and the extent to which data & analytics are implemented into their current systems.
Key findings in the report include:
- 65% of respondents are feeling financial pressure due to fluctuating commodity pricing and competition.
- 68% felt that enhanced management of sales and productivity would provide substantial value.
- Larger businesses (above $201m in revenue) rate timely payment from customers and customer engagement and retention as 10% less stressful than smaller businesses.
- 30% of total businesses ranked future-proofing as low on their scale of concerns, but it remains the most persistent issue across all sizes of business.
- More than 75% of Ag Retailers are actively seeking improvements to their current systems, both for themselves and for their customers.
Graeme McCracken, Managing Director of Proagrica says, "Although specifically targeting retailers based in the US, we see trends that are becoming the norm globally. The report indicates a concerted drive towards improved systems that can match the needs of ag retailers and their customers. Despite the turbulent marketplace, retailers are perceptive of the need for unprecedented efficiency and control, whilst driving innovation and added value to customers in the race to remain competitive."
The data further indicates that the perception of big data being "exclusive" and "only for big business" is waning. More and more businesses are seeking solutions that work for them, adapting to the changing data landscape.
Mr McCracken adds, "Whether based in the US or elsewhere, these results highlight the changes taking place in agriculture. Optimisation of data and increased efficiency are now standard for businesses across the globe. Although there are challenges, it's clear that businesses which invest in and optimise their systems are the ones seizing opportunities for innovation, driving their competitive advantage as the marketplace evolves."
To read the report in full, visit http://bit.ly/agretailreport
Visit www.proagrica.com to learn how data solutions can boost your efficiency and profitability.
Proagrica, part of RELX Group, is a global provider of independent connectivity and data-driven support solutions for the agriculture industry. We deliver actionable intelligence to drive business growth across the value chain. Our superior products and services connect and empower industry participants to address their key needs around trading, productivity and compliance.
Our solutions are built around the key competences of data connectivity and data analytics delivering seamless supply chain management, supply chain standards compliance, and customer insight and engagement, essential for businesses looking to improve their value offering and expand in the modern marketplace.
Proagrica also encompasses performance-boosting farm management software brand Farmplan, and industry-leading media platforms, Farmers Weekly and Boerderij.
About RELX Group
RELX Group is a world‐leading provider of information and analytics for professional and business customers across industries. The group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. The total market capitalisation is approximately £33.2bn/€37.2bn/$42.1bn.
For further information please contact: