The revolution that has happened around data has been swift. Driven by our collective activities on the web, social media and mobile devices, the literal bits associated with people, their communications, transactions and everything in between has grown exponentially, with 90% of all the data in the world being generated over the last two years, while less than 1% has been analyzed. In its unstructured state this massive trove of information is little more than statistical chaos, but when cataloged and evaluated, it can offer insights that help us understand more about ourselves and the world around us.
When viewed through the retail lens, data’s benefits become even more apparent. It can tell retailers and brands more about their customers, what they’re buying and where they shop, helping them optimize inventory and marketing in the moment, while also planning for long term growth. In the broader marketplace this information is beginning to emerge as a valuable commodity for exchange, as retailers and brands trade better shopping experiences for access to customers’ personal details, which are in turn leveraged to develop more sophisticated tools and platforms. The cyclical nature of this new brand/ retailer/customer dynamic promises to create more value for everyone involved, but all that potential will go unrealized unless the proper processes and systems for synthesizing and managing that information are in place.
Data-Driven Commerce Platforms is one of two main themes from PSFK Labs‘ Future of Retail Report. These sophisticated information systems can enable any organization to dynamically respond to changes in the marketplace, develop better tools for customers and staff and add efficiencies into the shopping experience. Read through the supporting trends of this important theme as you look to improve your own company’s data readiness:
- Data-Trading Systems: Trading better shopping experiences for better customer data.
- Real-Time Analytics: Analyzing the right data in real-time to generate solutions that can be implemented across an organization.
- Brand API: Enabling the wider community to tap into your data systems to create an enhanced set of tools.
How data ready are you?
In the fourth edition of the Future of Retail Report, PSFK Labs brings together two interconnected themes and eleven key trends that provide a foundation for the modern shopping experience. The findings are brought to life with best-in-class examples, actionable strategies and leading questions to inspire leading retailers and brands. Join us at our San Francisco conference on Nov. 21st to hear talks from retail innovators that will bring the report’s key themes to life.