Retailers are becoming increasingly data-driven and digitally savvy: for those who are yet to adopt advanced analytics, it’s not a case of ‘if’ but ‘when.' Failing to do so results in difficult times ahead, purely because they won’t be able to leverage predictive customer insight for new opportunities and growth that analytics can yield.
Organisations who are able to draw analytics intelligence at a faster rate than competitors can provide improved customer experience, innovate and react to the ever-evolving consumer needs at greater speed. Laggards put their businesses at risk by not embracing the opportunities of advanced analytics. We commonly see the most successful retailers empowering data and analytics to achieve a multitude of business benefits. These include:
Improved targeted marketing
Data exists in masses for retailers to use, including online and sensor data. Competitive retailers’ IT departments are effectively gathering and organizing data now to make it accessible to the data scientists, analysts, marketers and other business-focused roles involved in delivering customer insights in real-time for the common goal of boosting revenue.
A large number of retailers have achieved a 360-degree customer view real-time analytical environment, which is providing them with a deeper level of insight used to enable analytics-driven targeting, resulting in increased revenue opportunities.
The assessment of analytics capability is crucial to the initial stages of any analytics programme. The most innovative retailers know that, in addition to identifying technical gaps, it’s also essential to consider whether your analytics strategy is aligned with your business goals and whether sufficient operational and governance capabilities are in place.
These forward-thinking companies are continually adapting analytic capabilities to meet evolving needs while continuing to develop highly efficient solutions. By doing so, retailers have scalable analytics programmes that can adjust as they grow, driving better results and profitability.