Conquer Data-Driven Retail in 6 Steps
Data is everywhere, especially because of the internet. Did you know that from 2005 to 2020, the amount of data in the world will grow over 300 times to about 40 trillion gigabytes? It presents a plethora of opportunities for business professionals, like online retailers.
Data answers questions that keep retailers up at night, like “how should I price my products?” The eCommerce landscape is full of obstacles that are easier to get over with data. But how do you utilize it exactly? Wiser’s new infographic is here to help with 6 steps to conquer the data-driven retail industry.
There are a couple of things you should know about data before you start collecting and analyzing it. First, make sure it’s clean and relevant. About 25% of companies face the challenge of deciding what is relevant and what can be tossed. Once your it is clean, you can use it to fine-tune your strategy. Effective data usage can boost margins by 60% in some cases.
From there, you should take your collected data and analyze your business strategy based on historical sales and demographic data. Average online cart sizes increase 10-15% as a result of personalized advertising using customer data, so make sure to capitalize on the opportunity.
Want to learn more? The best way to implement your analyzed data is by following the 6 steps listed in the infographic below. So what are you waiting for? Check it out!
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