The Secret to Applying Data at Retail

You’ve heard the expression ‘data is the new oil.’ Yet, a recent Harvard Business Review study found that 72% of C-level executives admit that they have failed to forge a data culture.

Perhaps, it’s because they are seeking quick wins and flashy technology, rather than building strong and deep partnerships with their data teams.

The Secret to Applying Data at Retail

The tech is certainly exciting from a science and engineering perspective. For example, an analytics firm is selling shopper analytics for physical stores that uses face recognition software to reveal ages and gender assumptions based on peoples’ faces.

The tool is certainly eye-popping and the technology cutting edge. But, how do you gain true insights into your business?

Most retailers know very well who their target audiences are. Tween girls shop at H&M and 25-54-year-old men are the target audience for Porsche.

To glean deeper, ongoing, and unexpected insights requires deep partnerships with data teams, who understand real business questions. Simple analytics, regressions, and reporting can often effectively answer business questions even if the results are simple flat charts. The key is understanding and operationalizing the business problem.

#retailexperts #retailanalytics

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