The rise of online shopping - and the ever-connected consumer who uses a smartphone to make better-informed purchases - has presented challenges for brick-and-mortar businesses. To stay competitive, many retailers are adopting analytics strategies to tap into customer information.
Loyalty programs have become popular with merchants as a way to encourage repeat visits and collect customer information so retailers can tailor their offerings to appeal to shoppers. When shoppers sign up for loyalty cards, they often supply their names, age and contact data. This information can be stored in a database and analyzed to learn more about the company's consumer demographic, helping the firm make better decisions when it comes to launching marketing campaigns and determining product placement.
As data analytics continues to play an important role in retail insight, some developers are finding ways to derive meaning from lost customers and sales, reports Betakit. That way, merchants can evaluate weaknesses and retain more revenue. As companies collect information from various sources and plan to harness it for different purposes, they will need to ensure they have the proper data quality
tools in place, explains Search Management Data. If they don't, they may not recognize the results they desire.
"If this is not done right, the information that results from the processing of big data may be misleading, inaccurate or incomplete," Gwen Thomas, founder and president of The Data Governance Institute told the source.