Summary

• Some companies have not integrated retail data into their everyday work, as they worry about the extra effort and investment.  
• However, by utilizing a retail intelligence platform, teams can make better data-driven decisions faster and see a high ROI.  
• This technology offers democratized, real-time insights so everyone can access crucial metrics and confidently make decisions that promote growth and profitability within the business. 

The Importance of Integrated Retail Data

Integrating data into retail strategies is a game changer for businesses. So, why haven’t all retailers and brands gotten on board? 

Having a high-level view of everything happening within a business helps teams focus their efforts and resources in the right direction based on fluctuations in the market and ensures decisions match up with combined company and competitor data.

However, some companies don’t have a platform that democratizes data and aggregates insights, making them resistant to incorporating data within everyday work. 

Challenges to Retail Data Integration

A few potential reasons why certain retailers may have yet to integrate data-driven analytics into their everyday operations could be: 

Lack of awareness of software opportunities  

A retail intelligence platform breaks data silos and presents teams with comprehensive metrics based on competitive, company, and third-party data. Retailers may be concerned about the investment in this AI-driven software initially, but this platform increases ROI on other technologies a team has by optimizing operational efficiency and automating previously manual tasks. 

Concerns about data accuracy 

This platform crawls systems and websites daily for updated, accurate data to provide comprehensive metrics. Moreover, human error accounts for most mistakes during manual data analysis. AI-powered technology, on the other hand, removes this roadblock by correctly processing significantly more data daily than a retailer ever could. 

Focus on immediate goals 

Companies may not want to invest in this technology because they are focused on immediate outcomes. However, the benefits of implementing a data-driven analytics tool lead to long-term success by setting up repeatable, sustainable processes. While this takes slightly more time to implement upfront, it saves teams immense time by automating processes rather than continuously performing one-off projects. 

Implementing Retail Intelligence for Better Business Outcomes  

Research from Gartner¹1 found that every year, poor data quality costs organizations an average of $12.9 Million. Meanwhile, McKinsey & Company²2 found that companies that use data analytics report 93% higher profits and 115% higher ROI. 

Without utilizing a retail intelligence solution to integrate retail data into every part of a business, retailers will see adverse effects, such as: 

1. Decreased speed to activation
2. Lack of real-time visibility into market trends
3. Inability to capitalize on opportunities promptly
4. Loss of customer loyalty and increased churn 
5. Declining overall profitability

However, by partnering with an AI-fueled tool, teams can implement and gain access to crucial insights, so everyone can:  

• Get answers quickly to keep up in the fast-paced retail environment 
• Understand true performance across the business 
• Increase speed to activation to beat the competition
• Feel confident in doing their job  

How Can My Business Benefit From Integrating Retail Data?

It’s easy enough to say retail data integration with a retail intelligence solution will enhance a business, but don’t just take our word for it. 

AWWG’s CEO, Marcella Wartenbergh, speaks to the benefit of integrating data into their everyday practices: 

“EDITED gives us instant information. In today’s climate, we need up-to-date information every day. You can’t afford to wait a month. We use EDITED to study our competitors and benchmark how their collections are structured… All of this data is available instantly.” 

One core function EDITED’s Retail Intelligence Platform serves for AWWG is enabling teams to be more autonomous and agile in their decision-making. This technology allows Marcella’s teams to challenge one another and action strategies more quickly by using data. For example, teams can leverage market insights to affirm that a given brand may be increasing its prices by a certain percentage, providing an opportunity for AWWG to grow into a new price position. 

“EDITED is the science my teams need to safeguard against mistakes as a business, to secure new opportunities in the market, and ensure we’re not dependent only on decision-makers who sit at the top,” says Marcella.   

Read more about how EDITED has helped AWWG here.  

Conclusion

While some teams may initially feel integrating retail data into their everyday operations is a challenge, the benefits of implementing retail intelligence software outweigh the concerns significantly. 

EDITED’s Retail Intelligence Platform offers the most accurate data and insights to help your team break down data silos, access comprehensive metrics, and optimize operational efficiency through automation, ultimately leading to long-term success.

Discover how EDITED can help you effectively integrate retail data into your business by booking a demo here. 

Sources:

1. Sakpal, M. (2021, July 14). 12 actions to improve your data quality. gartner.com. https://www.gartner.com/smarterwithgartner/how-to-improve-your-data-quality
2. Fiedler, L., Großmaß, T., Roth, M., & Vetvik, O. J. (2016, May 26). Why customer analytics matter. McKinsey & Company. https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/why-customer-analytics-matter