To implement the best business strategies, retailers rely on numerous sources of information, from following the practices of other successful companies to hiring consultants for their expert opinions. Yet one of the best ways to improve sales operations is to draw on customer data. Each company is unique, and the multiple regions, demographics and other particulars can also differentiate one brick-and-mortar store from another, even when they are in the same chain. Those merchants that know who their customers are will have an advantage over less-informed competitors. 

Multichannel Merchant recently highlighted the critical role that master data management (MDM) will play in the industry, noting that it may be one of the most important investments for creating a successful omnichannel strategy in 2014. Decision-makers can enhance retail business intelligence efforts by centralizing customer information, regardless of its original source. With consumers researching and buying products from multiple devices, being able to understand the entire funnel from initial interest to the final transaction will be key to recognizing what factors helped drive the purchase, as well as changing consumer habits. 

Better data can lead to improved personalization
Multichannel Merchant also cited a survey from MyBuys and the e-tailing group that found that customers recognize personalization efforts, with 66 percent having noticed that promotions are often based on past purchases. Being able to provide tailored offers relies on knowing who shoppers are, which in turn means deploying retail software that can track them across various channels. According to the survey, more than half of potential patrons are willing to give personal data to assist in these endeavors, but first decision-makers must have the right systems in place to benefit from the information. 

Look internally
Along with collecting and analyzing customer data, merchants should also have the ability to gather information about their supply chain, inventory and other store operations to enhance efficiency and productivity, Multichannel Merchant noted. As omnichannel shopping can lead to consumers buying products in a brick-and-mortar location or having them delivered to their homes, understanding an item's journey from the warehouse to the doorstep can lead to better service and more effective stock management. But this hinges on possessing the right tools that can easily comprehend multiple data points, which is why merchants should seek out best in class software options when readying for omnichannel retail.