If you haven’t just yet, you aren’t alone.
In fact, many retailers are still working towards collecting, integrating and leveraging customer data across all channels to create more relevant marketing and merchandising strategies.
However, retailers believe consolidating customer data (43%) and gaining better insight into cross-channel behaviors (35%) will help them overcome this challenge, according to Retail Systems Research.
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Collecting data, though, is only the beginning.
“What really matters is how you use that data,” noted Mark Simpson, Founder and President of Maxymiser, an online testing and personalization company. “It’s standard practice to use reliable platforms that can effectively analyze all of the data for you and work out what is most predictive now.”
But some retailers are really making headway in the analytics space. Here are a few we’ve covered recently:
1. M.Video: Using cloud-based solutions from Predictix, M.Video can create more powerful and accurate forecasts based on real-time purchasing patterns and consumer trends. Additionally, the retailer can easily alter the solution based on “the demands of Big Data, omnichannel retailing, and strategic and in-season planning and forecasting,” said Christopher Mangham, CIO of M.Video.
2. Frank & Oak: Because the company sells exclusively through the e-Commerce site and mobile apps for iPhones, iPads and Android devices, the Frank & Oak marketing team has assess to an abundance of data.
Using solutions from RJMetrics, Frank & Oak team members conduct custom analysis in order to understand key metrics and data that drive the business. The company also turns to social networks to gather customer sentiment and improve service across channels.
3. OSP Group: The company, which sells several retail brands, including fullbeauty, Jessica London, KingSize and Woman Within, has partnered with SiteSpect, a marketing optimization company, to implement multivariate testing and targeting. Using the solution, the retailer is testing multiple versions of banner ads, landing pages and offers, to ensure all marketing investments have a positive impact on the bottom line.
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