Data utilisation strategies in retail have to be unified

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.