In the final installment of our “Business Case for Better Data” blog series we’ll talk a little more about translating data into actionable insights. It seems pretty simple given all the data retailers have access to, but it’s not an easy task to tackle unless you’ve got the right magic to solve the complex data challenge.
Fact: retailers do not suffer from a lack of data – they have plenty: consumer purchase data, supply chain data, RFID sensor data, shipment notifications, loyalty databases, and most important in this scenario, endless (messy) product data. For purposes of this blog, let’s not focus on the size of the data, but rather the insights that live within it. What retailers do lack are the tools that help them extract those insights at a granular level, which could be a huge problem for those who prioritize creating the best possible shopping experience. It all starts with the data, though. Regardless of what tools they have, if e-commerce engines are built on top of incomplete, inaccurate data, retailers will only have access to incomplete, inaccurate intelligence.
We’ve said it before: better data drives better results, and in this case, better intelligence. With rich, accurate product data fueling the e-commerce experience, measuring and understanding shopper preferences not only provides rich intelligence, but could be the secret weapon in unlocking cutting-edge marketing and merchandising strategies. Retailers need tools that help them understand shoppers at a granular lever. Yes, all the way down to which word or attribute correctly connects them with their preferences. Imagine if a merchandiser could see what products a shopper is viewing, where they view them, and what words are most commonly to used to find those products. E-commerce teams would have access to unique insights and analysis that might inspire new campaigns and strategies that fuel a more inspiring shopping experience for customers, increases in conversion for retailers.
The key takeaway here, and really for all of the blogs in this series, is that better data is just…better. From creating a differentiated shopping journey to gaining a deep understanding of your customers, having rich, structured product data fueling e-commerce is mission critical. At Edgecase, we provide retailers with the enriched product data they need for a powerful experience. Curious about how it works? Check out our Product Intelligence Platform here, Don’t forget to download our new eBook, “Hey! Your Dirty Data is Showing” for more business cases for better data.