Data Proves To Be A Boon And A Curse
Data is currently in vogue at businesses across the globe. Every company is becoming obsessed with tracking everything, from customer behaviors and buying trends to performance return on investment and everything in between. Savvy business leaders can use data to great effect to improve sales and make their retail offerings more attractive to consumers.
At the same time, parsing relevant data from noise is a challenge that every company faces. With the right eCommerce software in place, retailers will be hit with a tsunami of information. Sorting the valuable data from the useless information is a time-consuming process, often requiring a dedicated person to handle the task.
So in a way, information is both a curse and a tremendous benefit.
Solutions that can help manage and consolidate data are in high demand. According to a recent survey by analytics data company Teradata, as many as 72 percent of businesses struggle with controlling data, and 75 percent said they need to find a better way of organizing information and putting it into use. Only 7 percent of companies are content with their current policies and strategies regarding the use of data.
As such, tools that can assist in the management and consolidation of information are quickly being integrated at many businesses, both in the retail sector and elsewhere. Businesses have big expectations for eCommerce software that can assist with data management – not only do they want tools that can sort data, they want solutions that can do so quickly and is easy to use.
Big data in retail
A separate report from Brick Meets Click (BMC) highlights the growing relevance of data to retailers. Approximately two-thirds of retail company heads are planning big data projects, 27 percent of which are already underway.
“In less than a year we’ve seen big data evolve from the province of data scientists to a tool that’s creating value on both the demand and retail sides of retailing,” said Bill Bishop, chief architect of Brick Meets Click and the lead author of the study.
Data can be used for a variety of purposes. Retailers can study customer behaviors to strengthen shopper engagement via improved relationship-based selling. They can look at transaction data to improve product management and inventory optimization. Merchants could look at internal performance information to determine ways to reduce costs and streamline eCommerce operations. Data provides a substantial amount of value and it’s up to retailers to capitalize on it.
Tools such as SalesWarp can help merchants better consolidate data from a variety of sources and turn it into actionable information that allows you to take your eCommerce operations to the next level. By using the right solution, merchants will be better able to take advantage of the recovering economy to engage customers and improve the overall shopping experience.