As Holiday Season 2015 arrives, retail challenges include stronger consumer economic confidence; customers shopping earlier; shoppers being "brand agnostic"; shoppers using mobile more extensively; and shoppers expecting seamless experiences paired with high quality service. Proper use of Big Data and Best Practices to address these challenges, maximize data outcomes, and optimize revenues is of major importance to every retailer.
"There's no question that a retailer’s success in maximizing the use of Big Data for pricing and assortment intelligence, as well as translating the data into actionable insights requires a serious internal thought process and planning," says Upstream Commerce co-founder & CEO, Amos Peleg, (right) who goes on to say:
Some of the benefits of following best practices include:
*Making the most effective usage of your competitive data.
*Driving full adoption of market-aware analytics in your organization in the shortest time.
*Better communicating your organization's needs to your competitive intelligence solution provider.
Retailers should constantly ask themselves: "What action can I take as a result of capturing this data?" (according to Exelate, a Nielsen Company). "Big Data Is Not Big Data Unless It Gives You Actionable Insight", is the title of an article by Nathan Safran in SearchEngineLand. And, according to Upstream Commerce co-founder and CTO, Shai Geva (left), "A retailer cannot function, let alone survive, without data accuracy."
Here's how Peleg and Geva say retailers can maximize the data outcomes of their pricing and assortment intelligence solutions -- not just for the holiday season, but all the year round:
1. Start strategizing early.
2. Have a clear adoption plan.
3. Always be thinking ahead to the next step of how you'll use your data.
4. Know that there are several people within your organization who will need to use the data, but for different purposes.
5. Communicate with your data intelligence solution provider to make sure you receive the data you need so decisions based on it will be the most accurate and timely.
For more details on the Best Practice points above, go to:
Bottom Line For Your Bottom Line:
The key to maximizing your retail competitive data and optimize revenue is to make sure that:
* You are collecting and analyzing the data that is most relevant for YOU.
* You are always thinking ahead to how you will use your data.
* Your data is actionable.
* Your data is accurate.
More resources to help retailers get the most accurate, actionable data and results:
300,000 Products Analyzed By Upstream Commerce Suggest Fewer Promotions in 2015 Holiday Season. Holiday Promotions Strategy Report: Free download.
Analysis of Holiday Promotions Shows Retailers Moving Inventory More Efficiently and Continuing Sales Into The Post-Holiday Season. Holiday Promotions Strategy Report: Free download.