Retailers are challenged to turn data from multiple sources into actionable insight to improve operations and launch targeted marketing campaigns at scale. For years, only ‘big box’ retailers could afford to tackle this challenge by making big investments in technology. Thankfully, new developments have made it much easier for SMB retailers to consolidate data in order to derive actionable insight to help them grow their businesses and compete with the big guys.
In this article, we’ll begin by defining data, information, and insight for retail business owners.
You can check out this Forbes article for further clarification, but to quickly summarize:
What makes insight “actionable” is that it gives you the power to create a plan to impact the trends you observe from your data. For example, now that you know that your slowest day is Tuesday, there are several actions you might consider:
The example above is a rather simple bit of insight from data that you can probably gather from your POS system. Here at AppCard, we help businesses to derive actionable customer and marketing insights.
The problem for most retailers is that customer purchase data and customer contact information exists in several different systems: POS, loyalty programs, email marketing systems (Mail Chimp or Constant Contact), and even SMS providers. With these separate data points, it’s impossible (or at least, very difficult) to gain insight about SKU-level customer purchase trends or marketing efficiency.
Let’s say you have a new product from a brand that you carry at your store. Are you able to:
No? You’re not alone, but AppCard can help. If you are looking to start a data-driven customer retention and marketing strategy, schedule a demo of AppCard to learn how we can help.