Retail marketers are well aware of the impacts of data-driven marketing but how advanced are their data-driven marketing techniques?
Empowered consumers and the digital era is demanding significant change, particularly for retailers competing with giants using sophisticated AI, such as Amazon. With this shift in market conditions, in recent years acquiring and retaining customers has become hot on retail marketers’ agendas and this year is no exception.
Click here to download the 2017 data-driven marketing report for retail marketers.
The importance of data in marketing is well known across all industries. In our 2017 research study, we found that 92% of marketers say data management is a priority for their organisation. This rises to 96% for retail marketers, perhaps due to the fact that the retail industry have been early adopters of data-driven practices for some time.
Time and time again, we see those that embrace data-driven marketing and analytics leading the way in retail and transforming the customer experience. Yet, with the majority (74%) using only basic personalisation and only 8% use full cross-channel personalisation, it appears most retailers have barely scratched the surface of what’s possible and are therefore missing out on opportunities to better serve customers and measure return on investment.
That said, transforming data into value and turning insight into action isn’t straightforward. Most retail marketers are challenged with a data science skills gap, with 50% of retail marketers saying this is the top challenge to improving data management. But overcoming these challenges is well worth it. Having access to data and analytics can enable retail marketers to gain sight of the full customer journey, understand which customers are loyal, how long they spend interacting on their site, why they abandon basket and even which channels contribute to a sale.