We’ve said it before, and we’ll say it again: One of the keys to #RetailSuccess is to be more data-centric. Relying on hard data and information rather than guesswork enables you to make smarter decisions toward higher profits, better customer satisfaction, and having a more awesome store overall.
The good news is that it looks as though many players in the retail industry are already recognizing the importance of data. A survey by Alteryx and RetailWire of nearly 350 retailers and brand manufacturers found that 81% of respondents say they gather shopper insights and 76% consider insights to be critical to their performance.
The bad news is that while many merchants are collecting data, most aren’t using it effectively. According to the study, only 16% consider themselves experts when it comes to data harnessing, while 24% and 60%, respectively, describe themselves as “newbies” and “getting there”.