There are three reasons that explain the exponential growth of eCommerce in recent years:
- Data dominates all our decisions: which products we display, which ones we promote, or when we do so.
- For brands and distributors, stores are a source of highly qualified data and a complement to their digital platforms.
- In this post, we’ll give you the keys to put them at the service of your decision-making process.
Information is power, particularly in Retail
There are three reasons that explain the exponential growth of eCommerce in recent years. Convenience and cost are the two most obvious. The third one may not be quite so obvious, but it’s just as important, if not more: data.
Digital media provide us with 100% reliable and real-time information about everything that happens inside and outside our store. This knowledge can easily be put to use when deciding absolutely everything that has to do with our business, and it can even adapt the content of the point of sale in real-time for the user:
Our commitment to value engineering with sustainable objectives makes us different.
There are three reasons that explain the exponential growth of eCommerce in recent years:
- Data dominates all our decisions: which products we display, which ones we promote, or when we do so.
- For brands and distributors, stores are a source of highly qualified data and a complement to their digital platforms.
- In this post, we’ll give you the keys to put them at the service of your decision-making process.
Information is power, particularly in Retail
There are three reasons that explain the exponential growth of eCommerce in recent years. Convenience and cost are the two most obvious. The third one may not be quite so obvious, but it’s just as important, if not more: data.
Digital media provide us with 100% reliable and real-time information about everything that happens inside and outside our store. This knowledge can easily be put to use when deciding absolutely everything that has to do with our business, and it can even adapt the content of the point of sale in real-time for the user:
Digital media provide us with 100% reliable and real-time information about everything that happens inside and outside our store. This knowledge can easily be put to use when deciding absolutely everything that has to do with our business, and it can even adapt the content of the point of sale in real-time for the user:
- What products do I replace and which ones do I get rid of.
- Which ones should I promote.
- Adapt these promotions to the type of user who walks by a digital medium.
- What type of consumer is attracted to each one.
- Where are those consumers: in digital and physical terms.
- Which campaigns would work best with each of my buyer personas (types of consumer).
- And, if we have created suitable data architecture, why does everything happen.
Can Retail emulate this ability to capture data?
One of the most viralized cases of analysis of Retail data was the Target one, a multi-brand chain in the US, where it was speculated how Target, through a follow-up of the products bought by women in its stores, was able to analyse their consumer trends and predict when they were pregnant, anticipating their next acquisitions with a more effective, targeted advertising strategy.
It was never clear, even to this day, if the original article analysing the case was, in fact, covert advertising from agencies devoted to exploiting data, but it does illustrate perfectly the potential that data has for Retail in our business.
And best of all, the cost of these systems gets lower every day.
Our commitment to value engineering with sustainable objectives makes us different.
How to monetize the data obtained
The first step is to set a specific objective behind each piece of information that we want to collect. Ask the right questions.
Especially because a single piece of information won’t usually be of much use. It’s by cross-referencing the concrete data that we really begin to extract the Retail Consumer Insights. That’s when we learn about our consumers.
We will see this compiled in our dashboards, which automate this cross-referencing. But let’s get to the real point about the main benefits that we can obtain from Retail Analytics.
If you want to know more about content and digital signalling in this post we tell you all its secrets.
