Data Driven Retail: Extracting value from customer data
Among the industries that have seen their traditional ways of doing business upended by the rapid advent of the internet and mobile device usage, retail is perhaps one of the most affected. On one hand, technology has introduced customers to new buying behaviors, and the rise of e-commerce has provided retailers with new avenues to reach those customers. On the other hand, it’s now increasingly difficult for midsize retailers to remain competitive against the ubiquity and scale of global online marketplaces while margins dwindle and the costs of meeting customer expectations only continue to rise.
To respond to these challenges, retailers are increasingly turning to data and analytics to make better business decisions and guide customer marketing initiatives. While some retailers are still learning how to best collect customer data, others possess it but are unsure what to do next. This brief is focused toward retailers in the latter category, discussing how data can be used to better reach customers and compete more effectively across channels.