The decisions made and the strategies formed by some of the biggest retailers around the world prove how high retail analytics is on the industry’s agenda, today.
Investing in retail analytics and data expertise is becoming a central strategy for organisations that want to get ahead, and there are several different tactics being adopted.
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I’ve spent some time picking out the most notable recent company announcements, industry trends, and analyst comments around why a focus on retail analytics is important, and here are the top five that prove why – if they haven’t already – retailers really should be making a play in that direction.
- Data Experts are in Demand
The most in-demand tech jobs in 2019, according to CIO.com which used data from Robert Half Technology’s 2019 IT salary to form the article, feature data expertise. It’s clearly where businesses see the opportunity to get ahead.Of the top five in-demand roles, three are data centric job positions – business intelligence analyst (number one), data scientist (number four), and database developer (number five). It’s not just retail where these roles are in demand, of course, but it is certainly one of the industries where this level of tech prowess is required in abundance to help drive the digital revolution.
- Data Science Academies in Retail
Retailers ranging from UK high street mainstay Marks & Spencer to N Brown, which owns international businesses such as Figleaves, JD Williams and Simply Be, are looking to build data science ‘academies’ in their organisations.These two organisations are working with digital learning and coding expert group Decoded – and in N Brown’s case, Corndel – to train all staff in several programming languages. The idea is to spread the digital word across the organisation from head office to shop floor and beyond, and will result in those involved gaining a data analytics qualification accredited by the British Computer Society.
- L’Oreal Backs Data Analytics
Last year, global beauty and personal care brand L’Oreal chose two companies to join its innovation accelerator programme, which is run in association with tech accelerator Founders Factory. One of those was a data analytics business, Sampler, which helps brands measure and manage their sampling strategies to then develop a more targeted approach.
- Leading Fashion Retailers Know it
The recently published report by McKinsey & Co and Business of Fashion magazine, The State of Fashion 2019, says that sustainability, speed of fulfilment and digital expertise are the key to meeting fashion consumers’ needs in the year ahead. It added that wise companies are “self-disrupting before upstarts do it for them, engaging in a digital landgrab to diversify their ecosystem, and using automation and retail analytics to produce on demand to reduce waste and react rapidly to trends”.
- Data Analytics is Benefiting Our Customers
As if retailers need any more convincing following the above four examples, the business success some of iVend Retail’s partners are experiencing from using our reporting and analytics tools highlights the power of retail analytics.From Evergreen Health Foods in Europe to Young at Heart Toys in South Africa – and many in between – we have provided retailers the world over with reporting and retail analytics solutions that help bring business and customer service enhancements. In fact, read what all our happy customers have to say about us here…