Using Data To Gain A Competitive Edge
The retail industry is one of the biggest creators of data on the planet. For every second of every day, retailers of all sizes are tracking the movement of product. From the moment it is dispatched from the factory to its actual purchase in store, each piece of data created has the potential to provide retailers with a competitive edge to outperform their peers. This is true for behemoths, like Walmart, right down to independent retailers and wholesalers.
Key Data & How it is Used Across the Retail Value Chain
A landscape growing in complexity
With thousands of SKUs and constant changes to ranges and promotions, as well as shopper behaviour, retailers are being called on to manage an increasingly chaotic landscape. The key to success is quite simply, the ability to make the best, most accurate or data-driven decisions.
For retailers, access to the right data has the power to:
- Streamline logistics & operations.
- Measure price, promotion, and in-store activity performance.
- Keep them in-tune with customer needs.
- Inspire business strategy & highlight growth opportunities.
- Empower suppliers with data-driven insights promoting mutually beneficial collaboration
However, becoming a truly data-driven retailer requires a considerable investment in people, culture, and technology.
In the past, only a few retailers had the budget and resource to make this investment, leaving most retail and wholesale players in South Africa unable to leverage their data.
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