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Future of Retail — Customer Engagement


issue 05


STEP ONE: COLLECT THE RIGHT TYPE OF CUSTOMER DATA In their journey to becoming a data driven organisation, businesses are required to collect the right type of data — data that can help them improve the customer experience and maximise the profit they gain from their online and offline channels. For example, a business that operates bricks-and-


mortar stores would probably like to try different layouts and floor plans to determine which maximises the chances of a sale. To do this, they will require sales breakdowns for each store. On the other hand, since in online context you can personalise customer journeys, a business with an ecommerce website will be required to collect data about their purchasing history, browsing behaviours, and more. Apart from customer data, competitor data is another


type of data that you need to collect. Gather data regarding price, customer reviews and ratings, and sizing and use the intelligence gain to optimise your product catalogue and customer journey. Gathering data without analysing it is not only a waste


of time, it will also raise doubt and suspicion among your customers. Therefore, it is also important not to collect data that you are not going to use.


STEP TWO: INTEGRATE YOUR DATA SOURCES Once you have determined the type of data you want to collect, the next step is to identify the channels that can provide you the data. Retail businesses collect massive amounts of information from a wide range of channels. In fact, each successful transaction presents a data collection responsibility to retail businesses. However, the sheer


amount of data and the disparate sources from which they are collected may make it quite an impossible task for businesses to organise the data and generate valuable insights from it. Since a large amount of data collected by a retailer is


processed through its Enterprise Resource Planning system, the platform can be used for data organisation. Alternatively, there are several other BI platforms available that businesses can use to improve their data collection, organisation, visualisation, and analytical capabilities. These platforms can collect data from a large number of sources, including:


• Point-of-sale data • Customer feedback • Web analytics data • Customer relationship management data • Supply chain data


In a recent webinar, Pyramid Analytics’ Ian Macdonald


demonstrated how a BI platform can help businesses to amalgamate data and get a unified and accurate view of all their customer, competitor, and corporate data.


STEP THREE: CREATE A DATA-DRIVEN CULTURE Succeeding with data is not just a matter of investing in a BI solution or hiring a data analyst or scientist. Instead, it requires you to develop a data-driven culture that involves people from all the departments of the organisation. This is particularly important for retail businesses because every single department of a retail business can add something significant to the data value chain. For example, the finance department can help you determine if the prices are consistent cross all channels


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