Data is a terrible thing to waste and, unfortunately, that is exactly what retailers are doing with a resource of inestimable worth. The present state of analytics in retail is, in a nutshell, underutilized.

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D A T A
Customer analytics holds out as the last major IT
frontier to conquer in retail.
Data is a terrible thing to waste and, unfortunately,
that is exactly what retailers are doing with a
resource of inestimable worth. The present state of
analytics in retail is, in a nutshell, underutilized.
Retailers are in a fierce battle to win the hearts and
wallets of shoppers. Competition is fiercer than ever
and customers are more demanding.
Once a strategy is in place, the next
challenge is successfully executing
that strategy.
Whether you are in the first stage of
the framework or well beyond, a
proper tool could provide answers to
help further propel your organization
down the path toward customer
analytics-driven growth.
You should also check if the platform
has embedded analytics.
Technology and the globalization of retail is
changing the consumer shopping experience and as
a result consumers find new ways every day to
research products, get the best prices and products,
and save time and money shopping.
To embrace this change, retailers can look to technology to help better
manage their interactions with consumers and maintain loyalty.
Of retailers say their
analytic capabilities are
basic and reactive
Segment customers and create programs to increase conversions
for marketing campaigns and aligning merchandise
plans with customer demand.
They know what happened
in the past by capturing
transaction records.
Analyze this by leveraging predictive
analytics to understand consumer
buying behavior (best customers in
real-time, drive business decisions, etc.)
Managing this massive amount of
consumer shopping and feedback data
in one inmemory, data platform.
O p t i m i z e
E n g a g e m e n t
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50
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believes their organizations
are at least advanced.
They know who made the
transactions happen.
T h i s m e a n
a d v a n t a g e s
think their organization is
sophisticated enough to
shift to predictive analytics
Knowing what will happen
next and creating programs
to seize opportunities
before they occur.
T h i s m e a n
believe they are sophisticated
enough to be on the highest
rung of the maturity ladder.
Being prescriptive and
possessing the knowledge
to make new opportunities
happen that do not
exist now.
T h i s m e a n
Creating a new product line or extension knowing you
already have a built-in customer base.
a d v a n t a g e s
Improving analytical sophistication requires a willingness to change
internal processes and adopt a culture of fact-based marketing.
There are several key questions we believe you should ask as you
begin – or continue – your journey toward customer analytics-driven growth:
Do you understand what drives
your target consumer’s
purchasing behavior?
Do you understand in what
areas you are being
commoditized?
How do you communicate information with your customers and
how do you measure the effectiveness of your communications?
What is your strategy for
protecting your brand(s) in
the marketplace?
How well can you integrate
channels and business partners?
How well are you geared up
to adapt or change your
business models?
Do you have a roadmap for
customer analytics?
Within each customer analytics opportunity, do you
start with questions, not data?
“Less than 1 in 10 companies feel they have an
excellent understanding
of the overall customer experience.”
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This would allow the channels to
analyze the operations themselves
and take corrective or preventative
actions.
But make sure that all channels of
the same organization, or even of
multiple organizations in the group,
share the same database in order to
facilitate central analytics as well,
just like the Openbravo Commerce
Suite does.
Sources:
• Customer Analytics Pay Off – IBM
• Raising your customer analytics IQ – RIS News Custom Research
www.openbravo.com