Especially during the holidays, the question is the same for every Retailer... How can I distinguish myself from my competitors? Based on our expertise, we wanted to share our vision on the impact of data use in retail. We came up with the following three tips, with which you can take your retail business further by using that data. Read on to find out which tips these are!
Especially during the holidays, the question is the same for every Retailer... How can I distinguish myself from my competitors? To answer this question, it is very important to look at the essential data for 'online' and 'offline' retailers. This gives Retailers the opportunity to create more 'total value' and to create a tailor-made experience for customers. And even if you know the value of your own data, you may still be uncertain about how best to use this data. Based on our expertise, we wanted to share our vision on the impact of data use in retail. We came up with the following three tips, with which you can take your retail business further by using that data.
When you realize which 'gold mine' you have in your hands with your data, it really gets the attention it deserves. Data is only as good as how it is used. So finding the best ways to use it is the first step to success. Then speaking to experts and creating a plan to extract value from that data is step two. By properly analyzing the source and content of the data and organizing it in the systems, this clearly shows which steps still need to be taken to get even more results from the data. Data is valuable in itself, but it's only when you have the opportunity to extract the value that you really see its power.
Ecosystem integration is the simplest way to create more total value for your customers. The work done at the back end of a retailer is just as important – if not more so – in delivering a high-quality customer experience than the work done up front. The latest integration technologies provide end-to-end visibility in a single screen. And the ability to integrate even the most abstract things such as weather forecasts makes it possible for retailers to respond to a possible run on certain products.
An example of this is the American retail chain Wallmart. The hurricane season has a major impact on certain products that the chain sells. By using predictive data from an integrated weather application, Wallmart ensures that those products are sufficiently stocked. This way they can respond to the question and they do not have to say 'no'. This not only increases sales, it also creates more total value for the customers; they are not disappointed. For example, Wallmart is taking major steps when it comes to customer experience. You can do the same by processing data on Black Friday, Sinterklaas and Christmas, which products will be popular? What do you need sufficient stock for? Which products are best for advertising? This is how you create your own opportunities in these important months!
Innovation never stops. Certainly not in Retail, where the landscape is constantly changing and will not slow down for the time being. With E-commerce giants like Amazon gaining visibility in the retail industry, retailers must adapt to keep up. Working with a good system that can quickly integrate with other systems is therefore a guaranteed way to compete. Both online and offline retailers must learn how to best use their data. This can be done by knowing where your information comes from, how you gather it and how you can use it to create more total value. Innovation in data use touches all aspects of an organization, from improving logistics to financing, customer service and marketing.
Retail is no longer just about the seller. The customer is playing an increasingly important role, especially now that there are so many ways for him to obtain his products. With smart data use, you put more value in the customer experience and you can find ways to keep them coming back. The three tips above will help you to use your available data in the right way, so that you can make better choices and claim your place in the retail landscape of today and the future. So get in touch with one of our experts to learn more about how ecosystem integration can help you generate more total value for your customers.
There's nothing more annoying than having to say 'no' in the world of Retail, but stores also don't want to be stuck with way too much stock when the holidays are over. By using the available data correctly, you can automate and streamline these processes and gain more control to close the holidays with a bang! Contact us today to see how we can help you with these challenges.
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