Why Data Remains the Secret Sauce for Retailers to Attain Big Dollar Growth?
With the advent of the internet and the popularity of smart, always-connected devices, the retail industry has experienced quite a revolution. The vast amount of data available online has enabled customers to research, compare, and make more informed purchase decisions. At the same time, major advances in data analytics have made it possible for retailers and brands to uncover and interpret customer behavior patterns, both online and in-store. As retailing swings between the binary of outright customer loyalty and excessive cart abandonment, it’s not difficult to understand that success hinges on more than just customer impulse. Brands overly obsessing over high growth must realize that at the core of a highly personalized and contextualized retail experience, lies data – consistent, correct, complete, and appealing data. A myriad of decisions, both big and small, have to be made every day to ensure success in the retail space. From de-listing a particular product and adjusting staffin...