Online and distance-shopping is only as strong as the global supply chains that move the inventory. Now more than ever, having accurate retail data to maintain lean, agile, and profitable operations is key to survival and emergence within this new digital normal.
As the retail industry undergoes major changes in the way consumers search for products and make purchases, a reliable source of data is indispensable for keeping up with the pace of innovation and finding new streams of revenue.
How must retailers shore up their data analysis capabilities to gain a competitive edge?
Data for personalization and loyalty programs: Consumers demand unique and personalized shopping experiences whether in-person or online. The wealth of information retailers collect can continue to be leveraged to offer consumers the experience they want, to include privileged treatment to customers who’ve proven to be loyal to a particular brand.
Market research and analysis: Retailers need access to deep level market research and analysis to validate and inform their short-term and long-term strategy for growth.
Omnichannel data to share with suppliers: Retailers must focus on merging digital and physical streams of revenue to create a seamless experience and greater insight into operations. This information can then be shared with suppliers for smarter inventory and logistics management.
Retail location strategy: As retailers emerge from our pandemic, they’ll need to plan for a different model of execution and expansion. Retail data from a variety of sources can inform their assessment of channels, helping them find the ideal path for continued growth.
Retailers can’t afford to navigate a volatile industry blindly and struggle to keep up with their more informed competitors. The types of retail data being used today is more vital now than ever, and those organizations that are equipped with LogZilla’s Network Event Orchestrator Platform will be able to quickly and easily ingest and navigate how best to utilize the vast amount of data as part of their new business strategy.
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