What role does data play in the future of retail?

By Chris Daly, CIM's CEO

Like many others, the retail industry has become an increasingly data driven environment, particularly as more businesses migrated online due to COVID-19 lockdown restrictions.

As we enter a post-pandemic world, one of the biggest challenges for retailers will be knowing how to get data insights that offer real value to their business and bring them closer to customers. There are three key data challenges retail marketers will face and they must understand how to overcome them.

Understanding the customer experience
Success for any retailer can only be achieved through a first-class customer service experience, but with the customer journey ever changing, many marketers are struggling to keep up. Businesses must understand that consumers are facing challenges that are shifting their priorities – from recovering from the pandemic, to the rising cost of living.

It is crucial for retailers to take advantage of both offline and online data to ensure they can provide hyper-personalised shopping experiences that their customers enjoy and will want to experience again. Similarly, retail marketers should use data to ensure they are creating meaningful and relevant content and promotions for their customers, which tap into what they are really looking for.

To read Chris' full article on page 4 of The Guardian's Future of Retail and E-Commerce report in partnership with Media Planet, click here.

For the full online version, click here.