Retailers are continually faced with the challenges of expanding data sources, multi-faceted product data, changing retail business processes and a growing demand to provide a better experience to customers who are spending an increasing amount of time online.
They must adapt very quickly to ever-emerging digital technology and innovation in order to capitalise on revenue opportunities, with personalisation becoming the expectation and key to retaining customer loyalty. To meet this challenge, a modern product data management strategy is required. One that bridges the gap between retailer and customer allowing you to deliver seamless, personalised omnichannel experiences. So, why else should retailers modernise their data warehouse? Here are five reasons:
1. To strengthen channel consistency
To target, attract and engage customers and drive purchasing behaviour, retailers should have systems that automate manual processes and provide consistent product information across channels. These also help to manage and share product information with your partners, the supply chain and multiple sales channels, which strengthens your omni-channel selling as a consequence.
2. To generate higher product demand
In the eyes of the customer, high quality product information defines a well-presented product. With a product information management (PIM) solution, you can provide accurate information and uniquely describe each product and prevent customers abandoning their baskets for a competitor website. It also promotes quick buying decisions, generates customer advocacy and aids marketing initiatives.
3. To enable better product comparison and discoverability
When finalising their purchasing decisions, many customers compare product variants. Retailers with streamlined product data, that allows specifications to be compared easily, will earn new customers. A streamlined system enables buyers to identify and select products that meet their needs and that offer the best deal in a timely manner.
4. To improve product experience management
A customer-centric product experience is becoming crucial to the success of retail businesses and customers should be supplied with relevant and accurate information throughout their retail journey. Such control allows retailers to constantly upgrade product information and easily establish an omni-channel brand presence.
5. To enable coversational commerce
Retailers should provide detailed, engagement driven and up to date information at every stage of the customer journey. Using conversational commerce technologies provides:
- a deeper context for the retailer
- more convenience and efficiency for the customer
- a seamless buying experience
As a result, retailers should see an increase in revenue and profits.
Do you use a modern data stack built on a unified platform for your retail business? If you think the answer is no or you’re not sure, you could significantly benefit from a data management health check, which provides:
- a reading on the health of your data
- how to eliminate silos and increases visibility across all of your retail operations
- how to maintain a high-level of security and privacy
- how to deliver seamless, personalised omni-channel experiences
A data health check will provide you with insight into the data you can trust and the tools you should utilise to correct the data that you can’t. The Enterprise Data Management Health Check provided by Catalyst BI, combines both technologies and behaviours to measure and manage data and processes for better discovery, transparency and value. It scores your data management on the following key pillars:
- Data Sourcing and Quality
- Data Integration
- Data Warehouse
- Data Governance
The health check reviews the condition of your company's data and how well it supports effective, timely decisions and business objectives. It ensures that your data, technologies, processes and governance are fit for purpose.
From wanting to prove your current retail data landscape requires investment to propel your organisations data to the next level, to just being unsure which technologies are required to solve your data management challenges, the EDM Health Check ensures that you are leveraging the best technologies available. The comprehensive data strategy clearly outlines:
- who handles your data
- where it is sourced from
- where it goes to
- how it moves through your systems
This means that you will be able to develop actionable insights and create positive change in your retail business.
COMMENTS