Harnessing Data for Your Retail Advantage

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Data Insight
by Data Insight
posted on Mon, 11 July 2022

Data Insights Retail Data data science

Living in the digital era

We are now living in a digital era of smartphone users and instant information, with approximately 6.6 billion smartphone users globally. In the last decade alone, almost every generation has either adapted or grown up with digital way of life.   

How are retailers giving their staff immediate access to real-time data to turn it into something they can action?   

Many Kiwi retailers still have very low levels of data maturity  

According to a Deloitte survey that looked at what Kiwi and Australian businesses count as useful data and exactly how proficient they are at capturing it, the majority are either at beginner (44 per cent) or basic (16 per cent) levels of data maturity.
  
In many cases, data is captured, received, and absorbed irregularly, often late, and in formats that are not user friendly such as email, PDF, or even hard copy. Therefore, often in the business world analysis of the data happens after the event and actions taken are belated. It may be acceptable to operate in this way if you are still living in an analogue world where things take longer, but our digitally minded workforces won’t tolerate slow (or non-existent) responses for long.
 
While increasing data maturity is an important step in ensuring Kiwi retailers are ahead of the curve and equipped for upcoming generations, there are other tangible business benefits to operating a data centric organisation.  
 
A focus on data maturity increases revenue  

According to a report commissioned by Amazon Web Services (AWS) titled Demystifying Data 2021, moving just one step up the data maturity ladder could lead to a 6.7 per cent growth in annual business revenue. For an average sized business with 100 or more employees, this can equate to additional revenue of NZ$870,000.  

Furthermore, the report says that data maturity is one of the requirements to unlock the benefits of artificial intelligence (AI) and machine learning (ML), which can help solve even bigger data challenges, enable automated decisioning, improve demand forecasting, make pricing decisions, and optimise product placement.  

All these things result in deeper connections with your customers through having the right products in the right place at the right time, with the right messaging.
  
 
Your customers can see your entire marketplace on a screen, can you?

People today can find out what’s happening on the other side of the world in real time, browse multiple stores simultaneously for an item online while comparing brands, features, and prices. If consumers can do this at home, then retailers should be able to harness their sales data to make decisions and gain the upper hand.
 
And certainly, in this digital era workers expect data and insights at their fingertips to do their jobs effectively. And that’s where solutions like DI Mobile Insights come in.  

Personalised insights for your front line

Delivering personalised AI-driven insights in a social media style newsfeed via a mobile app, DI Mobile Insights provides fast access to only  what you need to know, in real time. It has been designed with fast-paced, instant feedback industries such as retail in mind to support rapid decision making and risk management on the go. Understand what is happening in key areas such as sales, stock, promotions and various channels to identify what action to take, benchmark key metrics across stores and regions, and interrogate the data with our intelligent bot.
 
Everything you need to win the retail race and rapidly increase your data maturity. Find out more about DI Mobile Insights or speak to our team to request a demo.
 
Mobile Insights Learn More Here

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Data Insight
by Data Insight
posted on Mon, 11 July 2022

Data Insights Retail Data data science