Retailers are drowning in data. That should be no surprise considering that the retail market has more than $26 trillion to track. But in the next five years the U.S. anticipates a 250,000-person shortfall in data scientists to keep up with this volume. The result? An “insights drought” disparity between retailers’ actual data and their ability to glean new business opportunities.
That’s especially damaging with the recent dramatic changes in shopper behaviors, with 62% of shoppers expecting inflation to shift their buying habits. What’s more, major retailers have experienced inventory challenges that indicate inconsistencies with their predictive analytics. To keep up, retail operations across enterprises will need next-generation predictive analytics that include:
- Data from multiple internal and external sources;
- Trend analysis to help contextualize customer activity;
- AI applied across the full omnichannel enterprise; and
- Tools that allow retailers to make use of historical data.
Find out how to use analytics to thrive in a new environment in this white paper!
