What to do with data in retail?
Data, data, data. It’s all about the data no matter which industry we are talking about. Who isn’t tired of hearing the word "data"? I know. Yet, data is the topic of this post.
Data on its own isn’t very valuable. It only becomes meaningful when it’s treated in a meaningful way and one can take actions based on the analysed data. Why to do so, is nicely simplified on report on retail analytics:
“by analyzing the trends with data from multiple sources, the team can set operational and promotional strategies, and continue to improve efficiency and performance”
(Tableau, 6 trends in retail analytics for 2017).
Analytics help sales associates make data-driven decisions. The insights enable them for instance to pick the most efficient store layout, enhance customers’ shopping experience, and ultimately increase the bottom line. IoT data is used to understand shopper behaviour in brick-and-mortar stores; if there has been a printed ad in a fashion magazine the day before and the next day the advertised product is being tried on several times but it is not being bought, the ad itself worked but the product did not.
This quote from former VP for MicroStrategy Frank Andryauskas summarizes my thoughts well: ”Why do retailers need real-time information? Would anyone riding a bike want to make a left hand turn on a highway based on a snapshot taken 15 minutes ago?” Word.