The retail industry, much like many other industries, is in the middle of mass disruptive change.
Physical digital giants created through mergers such as Amazon and Whole Foods, and partnerships such as Walmart and Google, are reshaping the commerce landscape and what it means for success in retail.
Central to this landscape of vast transformation are evolving consumer expectations as companies and consumers interact with retailers and brands across devices and channels, both online and offline. These interactions can be better understood and managed by combining these two components:
Potential of data
Brands and retailers realize the potential of data as they are increasingly pressured to provide value and increase profits. Companies know that customer data is a strategic resource and form of measurement.
Most forward-thinking brands and retailers understand that data is key to helping them better understand customers. Customer data is critical to uncovering actionable insights and driving businesses forward.
Companies see overall success in obtaining necessary customer data, yet not all marketing and sales channels are equal in terms of their ease of capturing information. The most difficult channel for manufacturers to collect data from is the mobile app.
Retailers, on the other hand, struggle the most with websites. Therefore, it is important for retailers and brands to channel the power of data into valuable insights.
Understanding the potential data holds and channelling that data into insights that are beneficial for the company overall helps to level the playing field for brands and retailers. Embracing collaboration and using data to deliver customer value can set your retail brand head and shoulders above everyone else.
To discover more of the benefits of a market that offer advantages to those with access to large-scale data assets, click the link below for more information.