Make sure your legal / compliance and data teams are up to date on regulations and data is collected and stored appropriately. However – just with any data collection –, how you handle that data is a crucial question.

Loyalty programs are an easy go-to solution to understand (some of) your customers better. One thing is for sure though: you will definitely need a data collection plan and a well-structured way of maintaining and processing said data.Īn easy and straightforward way of collecting useful data from your customers are loyalty programs (mentioned in the Promotional pricing and Dynamic pricing use cases below). However, it is not always clear where to start, which potential direction to take when there isn’t a specific problem that needs a solution.

Segmentation (customer, store, product)Īdvanced data analytics is essential for continuous, long-term development – perhaps even more so in retail.

Until then, let us give you a compass, one you can always look at whenever you need guidance on your data journey. Furthermore, an even better approach is to use the help of professionals. An analytical tool on its own, without data experts with industry specific experience, should not be expected to create a vital data culture.įor that i.e., to be able to carry out elaborate data analyses, advanced data analytics projects should be launched. However, these boxed solutions aren’t flexible enough to handle large scale data projects that aim to tackle industry and business specific goals. These software offer a “boxed solution” to general needs.Ī “one-size-fits-all” service for unspecified issues that every retailer has: they make reporting and visualizing much easier and they can also be used for basic data analysis. You’re likely here because you’re either trying to figure out where to start or how to further your data analytics journey.Īt the entry point of building a data culture most retailers will use some kind of Business Intelligence tool, such as Tableau or Power BI. Since you’re reading this, you are probably at a point where you’ve realised the importance of capitalising on data in retail.

Within the span of a few years, the field of retail has gone through remarkable changes: data analytics has become an essential support line for retailers in the struggle of staying competitive in an ever-changing, fast-growing industry.

Use case diagram for online advertising