When a retailer collects information about its customers, the data reveals important statistics, such as what’s popular, the timing of purchases, who’s buying (demographics), and how customers are shopping, i.e., online or in-store.
But the real “secret sauce” comes in the consolidation of data to get one holistic view of the business.
Data consolidation combines information from different sources into one. Retailers are compiling and analyzing transactions to better inform their product mix and promotions.
Such businesses can more easily obtain a 360-degree view of their customers and avoid data silos, which can lead to inefficient decision-making.
Retail management platforms such as Retail Pro Prism, integrate seamlessly with other retail software in use – like ERP systems, loyalty, analytics, emerging technologies and other solutions – to provide a 360-degree customer view, which allows retailers to make effective use of big data, improve shoppers’ experiences and even predict trends.
Automated Data Consolidating and Decision Making
A larger retailer can generate tons of data every day, which makes governance complicated and time-consuming.
Automated data consolidation extracts the data from each source in real-time, transforms it into a consistent-format joint data-set, and loads it into a database. That database can then be used for analytics, monitoring, controlling, evaluating business practices, extracting information, etc.
Data analytics are the next most important step for retailers to get the most out of consolidated data. Retail Pro Decisions converges all your disparate databases, software tools, and other data sources and gives you a visual layouts and feedback you can tailor to your goals.
Consolidating data provides retailers with more control over their data.
The strategy also avoids or eliminates data silos, which helps prevent duplication, errors, and outliers, so data quality improves.
Retail executives can trust the data to make critical decisions that help to inform planning and risk management.
Retailers can use consolidated data to make data-driven, evidence-based decisions. For example, by including e-commerce sales data with that of in-store purchases, retailers can get an understanding of omnichannel customer spending and compare it against brick-and-mortar shoppers.
That’s powerful marketing information; considering research shows that omnichannel customers are more profitable. So, promoting in-store shopping to online customers – and vice versa — could pay off handsomely.
In addition to influencing marketing and sales strategy, data consolidation can drive product roadmaps as well as optimize human and capital assets.
Omnichannel shoppers are engaged and loyal, according to industry research. A recent study reported that customers who purchase across channels tend to purchase more often and spend up to 20 percent more compared with shoppers who buy only in-store.
With OptCulture for Retail Pro, you can understand the data behind both online and in-store transactions, and reach customers wherever they are engaging at the time, whether through a mobile app, text messages, push notifications, emails or digital receipts.
Loyalty and Data Consolidation
Loyalty programs should be structured to ensure all shoppers benefit equally but should provide incentives to purchase across channels.
The emphasis should be on driving repeat purchases to build long-term engagement, with an emphasis on the ease of cross-channel purchasing.
Data consolidation can help identify which customers are in loyalty programs and who would benefit most from enrollment, point redemption details, and what types of promotions are best suited for the most loyal customers.
By consolidating data, retailers can enhance operations and improve their responsiveness to customers.
Streamlining that information provides a clear, complete view of the customer, which can enhance flexibility, improve inventory, promote loyalty and boost sales.