Leverage Retail Data to Gain a Competitive Advantage
Retailers need to be able to leverage retail data. The roadblock for organizations is not WHAT data to gather but WHERE to start their journey.
Retail analytics is the backbone to any successful business and most retailers already collect the right data but the sheer volume presents a complex challenge. In talking to retailers daily it becomes clear to me that the real roadblock for many organizations is not WHAT data to gather but WHERE to start their journey in building the right analytics environment. Retailers need to be able to leverage retail data to gain a competitive advantage. In an ideal world, all data would be gathered in one centralized system – but that’s not the case.
Most organizations today use a combination of retail ERP and CRM systems, CRM, social media platforms, mobile apps, online e-commerce systems, supply chain solutions, and so on. To get a complete view of the customer and gain true insight, all these systems need to be integrated into one central platform. When talking about retail analytics, it’s no longer just about hard data, but the ability to ‘read between the lines’ by analyzing customer sentiment and predicting future engagement.
To gain a deeper understanding of the consumer, every retailer needs to start their analytics journey by evaluating their ability to do the following:
1. Descriptive Analysis (Reports) – What happened?
2. Diagnostic Analysis (Dashboards) – Why did it happen?
3. Predictive Analysis (Machine Learning) – What will happen?
4. Prescriptive Analysis (Recommendations) – What should I do?
This level of data analysis is impossible if the data is housed in disparate systems. A successful transition to a digital business requires retailers to take a holistic approach and evolve from systems of record to a system of engagement – and, ultimately, a system of insight that provides customer-focused analytics, inventory optimization, and supply chain visibility.
To achieve a system of engagement and insight, retailers need to:
- Break down the silos: Implement an integrated system that provides a single view of the customer.
- Embrace a modern data platform: Make sure your system can capture structured AND unstructured data regardless of size or type.
- Maximize retail analytics: Combine your data with advanced analytics to gain actionable insight.
The retail analytics journey is really about moving from data to decisions and actions. You have the data already. That data is valuable – you just need the key to unlock it. Start your journey anywhere by using any data source and turning it into repeatable actions and smarter decisions.
UXC Eclipse and Retail Dive recently hosted a WEBINAR: Emerging Trends in Retail Analytics that addresses these issues.
Watch this webinar to learn more about the latest in business intelligence, leveraging data for a competitive advantage and where to start your retail analytics journey!