Are You Fully Leveraging Your Retail Big Data?
It’s not because of data deficiency that retailers are struggling to leverage it, but rather an inability to extract actionable insights. A 2013 global survey of marketers revealed that almost half believed data was the most underutilized asset in their organizations. Although over 70% of the respondents were in the process of implementing a “big data analytics solution” to convert data into actionable information, only 57% felt confident they could do so within two years. During a time when real-time decision making is crucial in a constantly changing landscape, many businesses may find themselves missing out on prime opportunities.
Although our capacity to effectively consolidate and manage multiple streams of data has been increasing, there are still many businesses ill-equipped to handle the task. Retailers must understand that their data – all of it – cannot remain in a vacuum. They can’t just consider data derived from traditional channels of marketing anymore. They now must determine how to capture, analyze, and integrate data obtained from all relevant sources, including evolving social media channels, to implement an effective marketing strategy.
However, it’s this very integration of data that is proving to be the challenge. According to the survey, the inability for marketers to effectively integrate their data is the number one reason cited as a barrier to ROI calculation with 75% admitting to problems in how to accurately connect marketing activities to revenue. They understand that extracting the right data needed to make this calculation is crucial in determining which campaigns are significantly contributing to conversions and which ones are proving costly.
This is why it’s imperative that retailers have the necessary tools to integrate data from online and offline sources to accurately determine which factors are successfully driving in-store conversions. How effective are promotions at moving consumers to the point of purchase? Are store layouts and displays capturing consumer interest? Is the sales staff effective at converting browsers into buyers?
These are just some of the data points that retailers must integrate to establish a successful marketing strategy, and ShopperTrak provides them with the tools to do so. Our in-store analytics solution allows retailers to capture actionable insights for their marketing, merchandising and store operations that impact shopper conversion. ShopperTrak’s people counting technology gives retailers a deeper insight into their stores, enabling them to gain a significant advantage by fully leveraging their data.