Data is arguably the most valuable asset for retailers to create positive user experiences online while improving decision-making and improving business performance.
From BigCommerce Vice President, Product Management Troy Cox.
As the retail industry undergoes a seismic transformation, retailers need to expand their reach and exceed the expectations of Australian shoppers. In fact, 84% of companies say that there is more demand for data insights in their companies because of Covid-19. With so many data streams, however, retailers need the right tools to pull it all together and give them a holistic view.
So what are the benefits of using data tools, and how can retailers use these tools to take a step above the competition?
Stay in control of your data
With the free choice between data warehouses, BI tools, customer data platforms, analysis and personalization solutions, retailers can put together a technology stack that meets their individual business requirements. Data tool solutions such as BigCommerce's Big Open Data solutions enable merchants to bring together data from their entire business into a single source and thus better understand who their customers are and how they shop.
Reduce costs by working directly with industry experts
Every touchpoint in the customer journey generates valuable data, which, however, is often incomplete, inconsistent and difficult to access. Developing in-house to build data access capabilities can come at a high price in order to collect the right data and have the right people to break it down properly. Also, data that is badly done can be incomplete and inaccurate, preventing companies from using vital information to outperform their competitors. According to the Global Data Management Research Report 2021, 36% of companies said that poor quality data affects the reliability of analyzes. 36% said it had a negative impact on customer experience, followed by 32% who said it had a negative impact on reputation and customer confidence.
Collecting high quality data can go a long way in reducing costs and building the trust companies can use to make strategic business decisions. Putting together a full suite of data analysis tools enables merchants to bring their data into focus and give them the insights they need to be successful.
This unified view of data insights helps retailers identify bestselling products and high performing sales channels, create personalized shopping through dynamic content, product recommendations, discounts and offers, and ultimately improve the customer experience.
Working directly with BigCommerce partners to gather insights and solutions in the areas of data warehousing, business intelligence, customer data platforms, analysis and personalization will also reduce development costs and entry barriers for commissioning.
Centralize all data for a better overview
By bringing together data from different sources in a single location, dealers get a more holistic view of their business activities. It breaks down data silos and enables retailers to look at the entire customer journey and make data-driven decisions that optimize business operations, create personalized experiences, and increase sales growth and profitability.
By bringing this data together in one place, retailers are able to leverage analytical tools that help them understand how their customers are online and what is working and what is not. With a clearer picture of their customers and the journey they are on, retailers can accelerate their growth and continue to meet the ever-growing expectations of Australian shoppers.
Gain actionable insights
With the help of data tools, retailers can also analyze and easily visualize business performance and support all operations, such as: B. Improving inventory levels and supply chain efficiency. This enables accurate trend forecasting, the development of effective marketing strategies and even detects fraudulent activity; All of this enables retailers to develop the right strategies to drive profitable business growth.
In order for retailers to gain a competitive advantage in an aggressive marketplace, the ability to correctly collect, process, and analyze data is critical. With nine in ten companies saying they will focus, at least to some extent, on improving data management resilience over the next year, the provision of data will be easily accessible and actionable to help retailers focus on the wider Prepare for retail industry change.
About Troy Cox
Troy Cox is Vice President and Head of Product Management at BigCommerce, where he helps develop new and industry-leading features on the BigCommerce platform. Troy brings over 15 years of product strategy, engineering, sales and operations experience from a variety of emerging technology companies.
BigCommerce is a leading software-as-a-service e-commerce platform that empowers merchants to build, innovate, and grow their businesses online. With a unique combination of user-friendly enterprise-level features and flexibility, BigCommerce operates more than 60,000 B2B and direct customer online stores in 120 countries.