Omnichannel Retail: Transformation is in the data

Retail, as we knew, definitely no longer exists. Consumer behavior has changed completely irreversibly in the last ten years from the facilitated access to information about products and services, anytime and anywhere. This true digital empowerment is redefining retail, requiring companies in the sector to adapt quickly and continuously to an environment in which the customer experience is fundamental. And the key to achieving this goal and innovating is in the strategic use of data. 

Knowing the buyer deeply, their consumption habits and anticipating their needs is mandatory, the so-called “Customer 360” vision. Especially with the convergence of physical and digital shopping channels, in an increasingly omnichannel strategy, consumers expect a fluid and integrated experience, no matter where they are buying. 

O varejista precisa saber analisar cuidadosamente seus dados de negócios e em cada interação com os clientes. Informações sobre comportamento de navegação online no and e-commerce e histórico de interações (que podem terminar em compra ou não) são alguns exemplos que podem revelar padrões importantes de cada consumidor. No entanto, essa análise não é fácil, pois a quantidade de informações coletadas diariamente pelos varejistas é enorme e chega por meio de diversas fontes, desde canais de atendimento, apps e sites, até soluções de mapas de calor e análises de fluxo dentro das lojas. 

Gathering and structuring all this data in a cohesive and accessible way is one of the biggest challenges facing today. To create a complete view of what consumers are looking for, it is necessary to overcome this fragmentation of information. By integrating all data, companies start to transform raw information into valuable insights, which enable faster, assertive, strategic and customer-focused decisions. 

But it is not enough to just integrate data. It is essential that the information base has quality and governance. These data need to go through some steps that ensure its integrity, privacy, security and that they are as up to date as possible, available in the correct detailing for the correct user. This process ensures that the data is contextualized, organized and can be used effectively as a powerful tool. These actions directly impact the performance of the business, and, by not giving due importance to this process, with low quality and poorly-governed data, the retail“business will certainly face problems in every operation, directly reflecting the result. 

With a crucial role in the current supply chain, physical stores are transforming and functioning as experience centers for buyers and logistics hubs, going beyond simple points of sale. During high-demand events such as Black Friday, in which the ability to handle the huge increases in sales and highly effective logistics are put to the test, the need to act with integrated, governed and quality data is even more evident. 

It is worth mentioning that the data properly analyzed must be democratized and cannot be centralized in their silos of origin. Store employees need to have access to contextualized information in real time so that they can optimize processes for more efficient management and make faster decisions directly with the customer, on the shelf or on the back office. In this way, there is greater integration throughout the retail chain, from the store to the supply chain, With effective inventory control, logistics and distribution fast and effective, making shopping experiences differentiated from end to end. 

The use of large amounts of data from various sources enables the industry to adopt more informed measures, reducing waste, improving customer service and maximizing margins. This new era of retail has automation and real-time analytics as the basis of operations, and the customer at the center of strategies. Therefore, the path to a successful future in the sector is by removing data from the silos in which they are, by integrating operations and analytics integrated into the decision process. Retailers who adopt this approach will be able to structure and organize this complex data ecosystem to generate business value, building a stronger and lasting relationship with their buyers that will follow the current scenario.

By Cesar Ripari, Pre-sales Director for Latin America at Qlik