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Retail TouchPoints: Analytics Drive New Revenue Opportunities for Retailers

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Retail TouchPoints: Analytics Drive New Revenue Opportunities for Retailers

The retail industry has reached a tipping point where retailers can — and should — leverage advanced analytics to improve the overall consumer buying experience. The latest research from the McKinsey Global Institute estimates that retailers that leverage data analytics at scale can grow their profits by a whopping 60%. But even though retailers are generating more data than ever, it’s not enough to simply gather stockpiles of data and send it to the CIO. Rather, retailers need systems that can consolidate data from multiple sources, transform it into powerful insights that can inform tangible business actions, and get those insights into the hands of the people that need them.

“The idea is to capture a single 360-degree view of today’s multichannel shopper to inform smart merchandising and marketing decisions. Retailers that don’t get this right are leaving money on the table: Multichannel shoppers, whose ranks are growing, spend more than single-channel shoppers.” Retail TouchPoints

These are just a few of the insights contained in our latest eBook, “10 Ways to Drive ROI With Distributed Analytics: The Power of Data Collaboration For Suppliers, Managers And HQ.” We partnered with Retail TouchPoints to uncover the top ten ways that retailers can benefit from distributed analytics to drive increased revenue, including:

  • Bringing newfound scale and accuracy to market- basket analysis
  • Delivering personalized products and experiences to shoppers
  • Tapping into new revenue streams with vendor partners
  • Boosting the effectiveness of social-media marketing
  • Turning heightened visibility into consumers’ omnichannel shopping journeys into top- and bottom-line gains

We also sat down with Retail Touchpoints for a webinar, where we discussed how smart retailers are harnessing distributed analytics unlock the full value contained in their data and business networks. The webinar covers data challenges and trends in the retail industry, using analytics to drive customer retention and enhance your customer experience, how your internal data can create valuable opportunities with external partners, and much more.

To learn more, download your copy of the eBook here, and click here to access an on-demand version of the webinar.

Written by GoodData Author  | 

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