A website for retailers has a feature about the use of data. A consultant did a study and found that 44 per cent of retailers think that improvements in the collection and analysis of data were needed to help grow the business. The retailers also found that this data did not really help, due to issues within the organization. Problems include lack of training and a lack of a united viewpoint. The consultant also said retailers are not paying enough attention to social media.
- Sometimes even with data we’re unable to use it due to higher management not willing to change and being inconsistent.
- Wanting to analyze lots of data is not useful as each customer is different. Rather analyzing group data is more useful.
- Just because we have the ability to track data, doesn’t mean we always track it, such as social media.
“Many retailers understand that learning more about their business and customers at a detailed and aggregate level helps them make better decisions, based on real-time data, which may help them succeed.”