Lasso of Truth: Leveraging the Truths in Retailers’ Data to Drive Smarter, More Profitable Decisions

Date: May 2, 2017

Topics: Legal / Regulatory, Technology

I can’t help myself. When in Dallas, I make cattle herding references. And last fall in Dallas at NRF’s Shop.org Retail’s Digital Summit, I made no exceptions.

I was fortunate to lasso this dynamic duo: John Squire, CEO, and Sarah Engel, CMO, of DynamicAction, who have pledged to serve the global retailing industry with the ability to create profitable businesses with the most advanced analytics solution specifically built for eCommerce, store and omnichannel retail merchandising teams.

We connected about prevailing trends in the industry and how any retailer, no matter the size, can take steps to truly understand their customers, regardless of where they research, shop or return, in order to grow their business and provide customer experiences that rise above the competition. While we have found that so many retailers aim for these goals, many fall short due to disconnected processes or misinterpreted data.

During our discussion, they shared some essential truths about how retailers can reach their goals and thrive by effectively utilizing their data:

Market test

Not only do rules and regulations distinctly differ from country-to-country in the global retailing game, so do the wants of your customer for varying product offerings. The beauty of testing a new market prior to a full-scale launch is that it lends retailers the opportunity to ascertain the best product offerings and how to merchandise them to appeal to their new customer set. Testing allows retailers to better target each market and have a clear understanding of how consumers engage with them online versus in-store, to ensure they’re creating a first-class experience.

 

 

 

 

 

 

 

 

 

 

 

Understand the customer, products and market

While often easier said than done, there are solutions to assist retailers to connect their data across all channels to get one view of the customer, one view of the product and one view of where profits are made and lost. When retailers fully understand their customer and how they engage with varying products in different markets through connected data, they will be able to offer a greater value to customers, not only globally, but also within each distinct and unique market.

Give the customer what they really want and what your business needs

Once retailers have their systems and channels holistically connected, they will be able to achieve a better understanding of their customer in order to provide the exact experience they are desiring. This could be a preview of the latest collection, a personal shopper or a gift with purchase that winds up leading to a higher order value. Through assessing the deep pool of data insight, retailers can avoid the all too often promotional knee-jerk reaction, which according to DynamicAction’s Retail Index was up 85% YoY for 2016 in North America. That leads to reduction in profits and trains customers to wait for a deal rather than purchasing at full price.

View more interviews below to learn how DynamicAction is working with forward thinking retailers to help them truly understand their customers and arrive at profitable decisions faster.


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