When data is harnessed for strategic decisions, it offers a key competitive advantage.
In an increasingly competitive retail world, in which customers have vast expectations of personalised service, making deeply informed decisions is more important than ever to success.
To achieve this, having advanced data and analytics capabilities is the key. This includes a robust and methodical way of collecting, managing and interpreting data, then linking that insight to the overarching business strategy.
The ability to gather and engage with big data is not related to the size of a retailer, or how many transactions a retailer processes.
Some relatively small retailers have very rich data sets, and are able to generate deep insights to guide decision-making.
Meanwhile, some very large household retail names don’t have the ability to gather relevant data on basic things – such as where their customers prefer to shop, or what products they are buying at what times. They are missing out on a huge competitive advantage.
KPMG sees that Australian retailers are becoming aware of the benefits that good data and analytics capabilities can offer, and are looking for ways to seize its potential.
Data alone doesn’t hold the answers, so the key is to frame up the key questions that are ‘keeping you up at night’ about your retail business. These questions should be related to your overall business strategy. You can then use data analytics to help you arrive at clear insights that you can act on.
Data is often used in retail for cross-selling, up-selling, lead generation and revenue making. However, there are immense opportunities to use data to reassess and improve business fundamentals – such as cost minimalisation, supply chain strategy, store footprint planning, floor space use, and more. These areas can be strong drivers of transformation towards success.
Download the brochure to find out what big data can do for you and KPMG’s holistic approach to helping retailers make the most of big data.
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