Data is the New Oil
A critical strategic asset to retailing success in the current era is data. More retail brands have started to rely more on data-driven insights to optimize pricing, streamline their operations and improve their customer experience. Offline data from retail stores has become extremely crucial to tally with the data from online marketplaces. It leads to many cross coordination opportunities and brands and retailers should utilise to their fullest.
Data from online marketplaces gives invaluable insights on what engages consumers; it helps to differentiate consumers with respect to their engagement patterns and will help organisations to realign their customer’s journey and enhance their buying experience.
Smart brands were compelled to adapt to the massive disruption in the supply chain and in the new normal, they have to become digital.
Social media usage has spiked after the pandemic hit, brands and retailers are finding ways to engage thoughtfully with their followers.
However, it ultimately boils down to how we utilize the abundance of data available to us efficiently. When we merge all the data from online, offline and supply chain — there is more data than we can handle. We require an efficient engagement model to integrate, align and process all the collected data.
Retailers become visionary when they are able to recognise the data that they generated is valuable and collaborate within the organisation and with their suppliers to create win-win outcomes for themselves, suppliers and their customers.
It is recommended that the retailer take a long-term view to achieve commercial success.
There are two possible mind-sets required when sharing the data with suppliers.
The right mind-set drives incremental revenue complimented with transparency and the right level of collaboration in order to strategies and execute for mutual commercial success.