Retailers Master Data Readiness to Deliver Amazon-Like Experiences
The rules of retail are changing fast, and data is the ultimate playmaker. From anticipating customer preferences to optimizing supply chains, the ability to harness and act on data has become nonnegotiable. Yet for many retailers and grocery merchants, data readiness remains an elusive goal.
We found that more than half of retail businesses operate in silos. This prevents departments from sharing insights and causes firms to miss out on potential revenue boosts of up to 5%. Furthermore, grocery and retail merchants lack access to real-time supply chain data, even though executives say it’s crucial for decision-making. Nearly all retailers and grocery merchants report experiencing negative consequences — errors, delays and missed business opportunities — due to incomplete or inaccessible data.
The good news? The most data-ready organizations are breaking away from the pack. Retailers that prioritize integration, real-time insight and analytics-driven strategies report significantly better outcomes, from higher revenues to streamlined operations.
These are some of the findings explored in “Data-Driven Advantage: How Grocery and Retail Merchants Can Accelerate Growth,” a PYMNTS Intelligence and Carat from Fiserv collaboration.
Inside “Data-Driven Advantage: How Grocery and Retail Merchants Can Accelerate Growth” you’ll discover:- The operational benefits of breaking down data silos and enabling companywide access
- The financial impacts of prioritizing data readiness in grocery and retail sectors
- Why executives cite data issues as a source of missed opportunities
- How leaders in the grocery and retail sectors are turning data readiness into a competitive advantage
The report details how data ready grocery and retail merchants are. Four insightful charts reveal the importance of data analytic teams with access to real-time data. Download the report to learn more.
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