Data is arguably the most valuable asset to retailers to help create positive user experiences online, while also enhancing decision-making and improving business performance.
By BigCommerce Vice President, Product Management Troy Cox.
As the retail industry continues through a seismic transformation, for retailers to grow their reach and exceed the expectations of Australian shoppers they will need to dive into their data. In fact, 84% of businesses say there has been more demand for data insights in their organisations as a result of Covid-19. However, with so many streams of data retailers need the right tools to bring it all together and give them a holistic view.
So, when it comes to using data tools, what are the benefits and how can retailers use these tools to go a step beyond competitors?
Maintain control over your data
With the benefit of freedom of choice, from data warehouses, BI tools, customer data platforms, analytics and personalisation solutions, merchants can assemble a technology stack to cater to their unique business needs. Data tool solutions like BigCommerce’s Big Open Data Solutions, allow merchants to bring together data across their business into a single source, helping them better understand who their customers are and how they shop.
Reduce costs by working directly with industry experts
Every touchpoint of a shopper’s journey generates valuable data, but it’s often incomplete, inconsistent and hard to access. Undertaking the development in-house to build data access capabilities can come with a hefty price tag to gather the correct data and have the right people to break it down correctly. Also, done poorly, data can be incomplete and incorrect, preventing businesses from using crucial information to one-up their competitors. According to the 2021 Global data management research report, 36% of businesses indicated poor quality data damages the reliability of analytics. 36% said it negatively affects customer experience followed by 32% who said it negatively impacts reputation and customer trust.
Gathering high-quality data can dramatically help to reduce costs and help build trust with businesses to help make strategic business decisions. Bringing together a full suite of data analytics tools allows merchants to bring their data into focus and gives them the insights they need to thrive.
This unified view of data insights helps retailers to identify best-selling products, high performing sales channels, create personalised shopping through dynamic content, product recommendations, discounts and offers, ultimately improving customer experience.
Working with BigCommerce partners directly to gather insights and solutions across data warehousing, business intelligence, customer data platforms, analytics and personalisation will also reduce development costs and barriers of entry to get up and running.
Centralise all data for better oversight
Unifying data from disparate sources into a single location gives merchants a more holistic view of their business activity. It breaks down data silos, allowing retailers to view the entire customer journey and make data-informed decisions that optimise business operations, create personalised experiences, and drive revenue growth and profitability.
By bringing together this data into one place, retailers are in a better position to leverage analytics tools that help them understand how their customers behave online, what’s working, and what’s not. With a clearer picture of their customers and the journey they are on, retailers can accelerate their growth and continue to meet the ever-growing expectations of Australian shoppers.
Gain actionable insights
Using data tools, retailers can also analyse and easily visualise business performance, supporting all operations such as enhancing inventory and supply chain efficiency. This enables accurate trend forecasting, design effective marketing strategies and even detect fraudulent activities; all of which allow retailers to develop the right strategies to fuel profitable business growth.
For retailers to gain a competitive advantage in an aggressive market, the ability to be able to collect, process and analyse data correctly is key. With nine out of 10 businesses saying they are focused on improving data management resilience to at least some degree over the next year, making data easily accessible and actionable will help retailers be prepared as the retail industry continues to transform.
About Troy Cox
Troy Cox is the Vice President and Head of Product Management at BigCommerce, where he helps to build new and industry-leading features on the BigCommerce platform. Troy brings more than 15 years of experience in product strategy, engineering, sales and operations from a variety of emerging technology companies.
About BigCommerce
BigCommerce is a leading software-as-a-service ecommerce platform that enables merchants to build, innovate and grow their businesses online. With a unique combination of easy-to-use, enterprise-level features and flexibility, BigCommerce powers more than 60,000 B2B and direct-to-consumer online stores across 120 countries.