Data and analytics are changing the playing field for retailers, and data driven marketing is leading the way in individually tailoring the shopping experience.
Many retailers aim to have a strong handle on the rapid evolution of how customers engage, purchase and make their buying decisions. As such, analysis of the data associated with purchases and engagements is hugely valuable to marketers. There is a wealth of data constantly streaming in from customers. This provides the opportunity to get the right messages in front of the right people before, during – and after – a purchase or engagement.
It’s all very well being able to store and analyse this data. But it becomes really worthwhile when you can extract insight and true value from the vast sets of data. Ability to track everything at a very granular level, to find nuggets of information amongst it, is where the hype becomes a reality. When the results of that insight are plugged into the operations of the business, in real-time, it truly becomes a data-driven business; not just one that looks at metrics and reacts accordingly.