Calling all retailers! Use your data for powerful competitive advantage
If you’re working in retail, you have likely seen your fair share of business change recently. You’ve been forced to find new ways to reach customers to survive. Increasingly, we’ve seen retailers turn to technology for answers. Innovations in retail over the past couple of years have taken off at a pace that left some floundering while others flourished. Arguably, the difference between successful and less successful innovation comes down to the use of data.
Retailers large and small have a long tradition of using data. For decades you’ve used it to help plan inventory, control stock, measure the effectiveness of promotions, manage the supply chain as well as improve delivery and returns experience.
More recently, data from customer interactions (especially online browsing), loyalty programmes and customer feedback has given insight into those key areas that will provide a competitive advantage. However, we know that many companies still aren’t maximising the value available from this wealth of data or using it to develop a view of the customer that they can act on.
That’s all changing.
Data intelligence and analytics platforms from Microsoft and IBM are helping retailers of all sizes get a 360-degree view of their customers’ buying behaviours, even down to an individual level. Tools like Microsoft’s Power Apps allow you to put those details in the hands of the people on the shopfloor. Sales assistants can recognise individual customers and use insights to improve their sales or service experience through personalised service and advice. It’s the equivalent of visiting an online shop and seeing products that complement your last purchase.
This is just one example of where innovation in retail technology means that now bricks and mortar retail businesses are using online retail practices in the physical world, rather than the other way around.
These innovations have been brought into life through intelligent use of data. While data provides insight, it can only do this when it is structured for analysis – and fast analysis at that. Then it needs to be presented in meaningful ways that allow people to make decisions based on trusted, accurate information.
At change++ we are helping retailers make the best use of their data by ensuring that it is in the right place, in well-designed databases, accessible by the people who need it, and available for use by business intelligence systems that are designed to match your objectives.
To find out more about our retail experience and what we can do for you, get in touch.
