5 Ways to Leverage Granular Retail Data
As of 2019, the global e-commerce retail market size at valued at USD 4.25 trillion. The market was predicted to grow with a CAGR of 9.4% from 2020 and 2027. The Covid-19 pandemic accelerated the growth of e-commerce in the US by two years and added USD 150 billion as revenue in 2020.
The consumer retail market is a dynamic and competitive space. Consumer expectations and demands change daily. Brick-and-mortar stores, eCommerce retailers, as well as consumer packaged goods (CPG) companies, must adapt quickly to maintain a competitive advantage.
The importance of data
Data is the new oil. Businesses can use data to provide consumers with customized experiences and increased value. This can help increase their customer retention, average customer value, and overall revenue. Retailers can collect data from online and mobile transactions, IoT (internet of things) devices, and social media. Data-driven decisions can improve customer satisfaction. However, analyzing such large volumes of data and generating quality insights can be challenging. Legacy systems can make it hard to transfer real-time data securely. They can limit a business's ability to gain advanced analytics. In such situations, solutions like Snowflake's cloud data platform can prove to be extremely useful. The solution covers everything that is required in an effective tech stack.
What is a tech stack?
A technology stack or tech stack is a term used to refer to the services, software, tools, and programs used by a business to run its operations. For a retail business, there are several functions that a tech stack must perform. Some of these functions are mentioned below:
- Customer relationship management: A retail business must have a quality CRM to keep track of customer interactions
- Personalization models: The ability to create personalization models will allow a business to deliver custom experiences based on each customer's profile, previous purchase history, location, etc
- Campaign measurement: All retail businesses run online advertising campaigns. Their tech stack must have the ability to measure the performance of these campaigns so that they can analyze what strategies are working
- Data capture and analysis: Data can flow in from a variety of sources. From marketing campaigns, social platforms, sales, etc. A retail businesses tech stack should include the ability to capture this data, analyze it, and present meaningful insights
This whitepaper covers the following 5 ways that retail businesses can leverage granular data:
- Personalize Your Messaging
- Personalize Your Assortment
- Optimize In-Stock
- Test and Learn
- Optimize Pricing to Drive Value
Download this white paper and subscribe to Whitepapers.online for more information on how you can get a competitive advantage in your industry.
1. May. 2020, "Retail E-Commerce Market Size, Share & Trends Analysis Report By Product", Grand View Research, [available online] available from: https://www.grandviewresearch.com/industry-analysis/retail-e-commerce-market [accessed Jul 2021]
2. Jun. 2021, "Coronavirus adds $105 billion to US eCommerce in 2020", Digital Commerce 360, [available online] available from: https://www.digitalcommerce360.com/article/coronavirus-impact-online-retail/ [accessed Jul 2021]