In Data We Trust: Harnessing the Truth for Retail
At this week’s NRF Retail Big Show Convention and EXPO held in New York City, there is a lot of talk around omnichannel, but the health of today’s omnichannel economy isn’t based on more data— it’s dependent on better data. Sure, integrating new sources of data provides better insights about your customers, but the catch is: it isn’t valuable unless you can trust the data.
Think of it this way: Better Data = Better Decisions.
You may have feelings of mistrust toward the data within in your systems. From a retail perspective, both consumers and retailers alike crave better insights that can become beneficial to their interests. Retailers cannot provide the product supply to the demand of the customer if they don’t have the most accurate information. Being aware of consumers’ buying behavior, including what products they are interested in, and when they are most likely to purchase, allows retailers to not only target them with deals or coupons at the right time, but also make sure that the product is available where the consumer wants it— whether online or in-store.
Additionally, the need for trusted information is unequivocal both in-store and online. For example, consumers want the flexibility omnichannel provides to purchase online, and return in-store, or vice versa. The proof is in the statistics: omnichannel net sales are at 95 percent, versus 77 percent for just direct delivery/return, according to research by the International Council of Shopping Centers. In addition, during the 2014 holiday shopping season, nearly 42 percent of the average shoppers’ budget was spent in online purchases, according to the National Retail Federation.
Consumers are basing their buying decisions on the information available to them. The wrong information based on bad data hurts not only the consumer’s current buying decision, but could change their future buying behavior for a particular retailer’s products. Retailers also must be aware that targeting consumers with inaccurate data can cause a ripple effect on social networks, where individuals often share their experiences with social circles.
Information Builders’ Integration and Integrity platform solutions ensure trusted data for retail organizations and their partners. Our philosophy is to continuously cleanse data, and prevent bad data from entering the enterprise and clog business processes. To do this, we create a real-time data quality firewall around critical information systems.
Are you ready to get on the path to better data? Start by taking the Information Builders Data Quality Challenge. Simply send across a sample of your data via our secure FTP site, or we’ll send one of our experts to you. We’ll assess and report on your data’s integrity using our robust Data Quality Suite.
Omnichannel is only growing more complex and consumers expectations for personalized service is placing pressure on organizations to get marketing right, the first time. Take our challenge and see how you fare!