Every major retailer knows that optimizing the use of big data is important for success in today’s retail climate. That said, less than half are happy with how they currently manage their retail data analysis. Every company now has a data science team. They help optimize, and find trends in, all facets of the customer journey. They are drowning in e-commerce data, but in-store data is difficult to come by.
Major brick and mortar chains have struggled to keep up with the advances in technology driven by the online boom. Big data analytics is in full bloom online because every customer interaction is collected as a data point. Unfortunately, in physical retail, there is a massive data gap between foot traffic, and POS data. You know how many people come into you stores, and how many make purchases. In between, you are flying blind and relying on assumptions, rather than relying on solid in-store data. Store audits help, but how many retail audits can you do before your budget runs out?
In today’s omnichannel world, consumers have no patience for anything but a seamless shopping experience, from online to in the store. Retailers need to focus on using new technologies to offer experiential shopping experiences and personalizing the customer journey. Data points are the new currency, and the traditional means of running retail audits with full time mystery shoppers cannot keep up in today’s world of big data.
How Can Retailers Keep Up?
How do brick-and-mortar retailers keep up with this new demand for more data? With an efficient, streamlined, and systematic retail audit approach. When mystery shoppers alone do not get you the data you want, supplement it with a crowdsourcing campaign. Through our mobile crowdsourcing retail audit app, we collect thousands of in-store data points from hundreds of retailers. This allows you to take a step back and look at your stores from a bird’s eye view, and find trends and problematic areas. And since the data is fed into your dashboard in near real time, you can often catch issues before they become a problem.
Contributing writer: Rick Patsos.
Need better data to inform your decisions? Whether in-store or online, Wiser has you covered from pricing to assortment to promotions. Schedule a meeting today to learn how to turn retail data into action.