The key to achieving retail success is to be more data centric. The vast quantity of data that is available today allows retailers to better understand their customers, competitors, and future trends.
It’s essential that a profitable business must understand its true customer. So, how important is this for the success of retail businesses in 2023 and beyond?
The report produced by Retail Week discussing, “How 57 CEOs are investing in preparation for 2023” identifies that data, specifically the lack of a single view of both consumer & stock data, available in real-time is holding retailers back.
This highlights the challenges faced by the industry in really personalising its offer to customers and in streamlining supply chain and logistics operations to save on costs and improve customer experiences.
“It’s critical to go back to the fundamentals of how buying decisions are being made and how we use data to support these decisions.” – Alex Loizou, Trouva
Check out the infographic below for more information that shows the statistics clearly from Retail 2023 – The UK’s Leading CEO’s Strategy Report.
How do we resolve this for the future?
We often find that the various departments of retailers work in silos – both structurally and with the data they collect. The impact this has on a company’s ability to use that data effectively is two-fold. Potential data insights are fragmented and trapped in pockets of the company.
For retailers to attain real value out of data, they need to consider aggregating their data across disparate systems into a single, unified view throughout the organisation. Once in place, retailers will gain true insights which will help plan customer retention strategies – including personalised offers, pricing, and stock decisions.
At Data Clarity, we are on top of the challenges and opportunities this presents for retailers. Get in touch to explore how we can help you by contacting our experts today.