Data utilisation strategies in retail have to be unified
To unlock the full potential of a data strategy, retailers need to rethink the way data is used.
IT is important for retail businesses to know their customers. By that, I mean retailers need to know customer buying behaviour, demographics, payment preference, and most importantly understand what impacts their purchase decisions. Retailers have been collecting this type of information for decades through survey forms, loyalty programmes, etc. These days, customer information comes in the form of data - customer profiles, purchase and payment records, customer service and enquiry records, and many more.
This is why business intelligence (BI) and data analytics are such important tools for modern-day retailers. In fact, Gartner says advanced analytic capabilities are central to retailers' strategy in competing in the increasingly digitalised marketplace .
Shopping is no longer a single-channel or single moment experience. Customers are being served from all fronts - online and in physical stores - and they are expecting experiences to be just as personalised.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
OCBC should put its properties into a Reit and distribute the trust’s units to shareholders
Why a stronger US dollar is dangerous
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access