How Big Data Is Changing The Retail Landscape, Teamwork + 42 Technologies.
Retail reporting and omnichannel analytics is often a manual, messy issue. With different formats and files, retail technologies often leave brands with mismatched data where the systems do not integrate with each other.
The level of complexity from multiple channels, system data errors, spreadsheet stitching and siloed information presents significant challenges for retailers in managing the holistic performance of the business. Teamwork Commerce partner 42 Technologies was built specifically for retail and enables end to end reporting by performing the integration and data cleaning, regardless of the system. This includes sanitizing the data to ensure consistency. With product photos and customized metrics, 42 is presented in a simple & visual fashion so decision makers can depend on accurate data for quick answers. 42 Technologies represents the shift in the retail landscape, with systematically accurate data becoming a critical part in optimizing performance across sales channels.
Big Data = Customer Centric Decisions
Understanding data from a high level overview to the most granular deep dive is critical for retailers. Data is replacing experience and traditions with an analytics driven approach. Customers not purchasing certain products? Retailers can use this data to reformat their store to enable sales of products that are the current focus. For brick-and-mortar retailers this represents localization shifting the offerings, or layout of the store to meet the demands of the local community. Having a significant range of data around specific customer behavior enables retailers to make targeted decisions that improve their customer experience at every point of the sales process. For customers, big data is even more empowering, retailers can use customer history, purchase behaviors and product interests to drive more specific interactions, offers and effective service. Being able to capture data from every channel, makes this even more important ensuring that retailers can recognize their customers at every single point.
Data Decreases Churn
Studies indicate that attracting a new customer to purchase from your business is seven times more expensive than keeping an existing customer. So for retailers using data to drive a more proficient customer experience will help to reduce friction that exists between retailers and customers within the purchase process. Data can reveal patterns around long term customer loyalty and help brands engage customers more effectively through personalized offers, discounts and benefits. These unique offerings enable retailers to develop stronger relationships with their customers. Driving forward a community around the brand and ensuring that long term and consistent transactions will flow as a result.
Simplifying The Supply Chain
Supply chain is one of the most complex aspects of retail for most brands, big data reduces the burden for retailers in procuring and managing inventory across channels and locations. With a very specific comprehension of product outlay and expected order frequency. Retailers can avoid paying high storage costs or unnecessarily purchasing inventory that will take up warehouse space. With the high costs of inventory management, big data enables the supply chain as a service to flourish. Retailers can readily recognize when they need to order more products, which products and where they will need to go. Reducing the significant challenges of controlling retail in multiple locations for retailers.
The Big Data of Retail: 42 Technologies
42 aims to be the big data tool for retailers, creating a complete visualization of data across channels and enabling brands to comprehend and manage their business across every channel at any time. 42 effectively provides a unified, real-time look at what is happening across the business which can inform current inventory allocation, future buying strategies, long term performance, etc. 42 connects, consolidates and integrates data from multiple channels into one comprehensive visualization that enables an effective real time understanding of current operations, trends, clean and accurate omnichannel data and customer habits across channels. The custom metrics and dashboards are designed to fit the needs of decision makers at every level. Reports can be run within seconds and scheduled as often as the user desires, with optional training to ensure a smooth setup process.
Learn more: https://www.42technologies.com/solution.html
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