The data opportunity for retailers this Christmas
As every
year, Christmas is now around the corner. For the retailers, this implies a
lot, as this period represents a peak of consumption, highest than any other
peak during the year. Indeed, they have to deal not only with a high pressure
time but also with a growing customer’s expectation, that keeps rising over the
time. For instance, 80% of surveyed people answered that they were confident
about finding what they needed for Christmas in Grocery stores. This optimism
and this high expectation are even more important for retailers given that
managing to fill customer’s need and providing a high quality user experience
at this period of time will bring fidelity, loyalty, and confidence.
Based on
that, what can retailers do, in order to guarantee this exceptional experience
at this exceptional time?
Why is visual analytics a big deal?
Key of
success for retailers seems to rely on anticipation. Indeed, anticipating
allows companies to have a step of advance compared to the demand, and so to
avoid lack of stocks, that is to say an uncomplete and unsatisfactory service.
To succeed in anticipating, data and visual analytics across the business are
essential. Why? First, because data enables retailers to have an overview of
their business, which fasten the process of insight spotting. Employees can do
it faster, and consequently, the intern communication between departments is
also quicker, which finally allows the company to take measures and to act in a
shorter period of time. Then, because both data and visual analytics allow the
retailers to determine supply and demand trends and to adapt their stock while
responding faster to potential issue.
How to use visual analytics?
The main
use of visual analytics is to deliver the best Christmas experience to
customers, especially when it is a peak time like Christmas.
For
instance, visual analytics and data allow a retail company to determine that
there is an increasing demand for a given product. As a consequence, popular
brands that sell this type of product will be asked for more product to provide
before the retail company runs out of stock. This improves the user experience,
that does not meet unexpected issue such as shortage. One of the best examples
that illustrates the importance of visual analytics and data is Majestic Wine
Retailers: With Christmas, people buy more spirits and wine, and visual
analytics and data allow to respond quickly and so to deliver the best
Christmas experience to customers.
Last but
not least, we can also claim that visual analytics should be used at peak
times, such as Christmas, because a short but intense period allow retailers to
grab large amount of customers, and providing high quality user experience will
make them loyal to the brand on the long run. Visual analytics plays an
important role in that high quality experience, not only because of insight
spotting, but also because it make the collaboration across store easier.
Written by Benjamin Ricard and Marie Deleval
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