Retail Technology Show 2023 discussion panel report: Unlocking the value of retail data
RTIH’s Neil Ainger reports from Retail Technology Show 2023, which is taking place this week at London Olympia.
When discussing how to drive data driven marketing and other insights, Curry’s Head of Decision Sciences, Robert Bates, joked: “You could find a systems integrator and give them a blank cheque,” during an afternoon panel debate at Retail Technology Show 2023 on 26th April.
“Alternatively, you could use targeted decision-making to design datasets you want and work out how to use them properly,” said Bates more seriously, as he advocated aligning the tech, people and process – not just focusing on a data project as a technology only initiative, which won’t deliver a good outcome.
According to Bates, before undertaking any data project and to truly realise value, retailers need to do:
· Operational research.
· And consult colleagues: to find out relevant pain points.
“At Curry’s that means talking to frontline in-store staff, as well as looking at online journeys and then linking them.”
He later added that: “Offering personalisation via our Curry’s Perk programme [and linking into a data centric journey] is also important … loyalty gives you a platform to build on.”
Mairead Masterson, Director of Business Intelligence & Analytics at Bloom & Wild, admitted retailers approaches to data differ, depending from what perspective they are approaching the market.
“Data is worth nothing if it’s not used,” she said, while agreeing with the proposition that it is vital to be clear about what data you’re using and why in order “to stitch it together effectively”.
Focusing tightly on return on investment (RoI) is also a vital consideration in seeking to realise the best value of data, said fellow panellist Constanze Freienstein, Former CEO at Lands’ End Europe, who added: “There is no point designing a data driven algo if it doesn’t deliver results.”
“You also need big datasets to deliver value at scale,” advised fellow panellist, Richard Hitt, Senior Research & Insight Manager, Co-op East of England, adding: “We’re helped by being a member owned organisation, so we’ve engaged customers.”
Engagement is key, agreed Freienstein. “Retail is about being customer-centric and data powers this. You then need to turn it into insights and action.”
That is where the people and processes must interact with the technology to create a truly usable trinity of value – insights and action must result from collecting, tagging and sharing data in a compliant and shareable manner.
Otherwise, it’s a case of garbage in, garbage out if you don’t design a data project effectively.
Artificial intelligence
“This is very pertinent as artificial intelligence (AI) rises to the forefront of technology discussions,” stated Freienstein, alluding to one of the key topics of RTS 2023 – alongside the need for omnichannel operations post-pandemic, and using in-store technology to also collect data and act as a brand amplifier.
If data truly is the new oil, as is often maintained, then the ability to mine it and use it – rather than leaving it lying in the ground – will be a crucial skill for all retailers that want to advance their business this decade.
Data is also important in helping retailers understand their customers better and in helping them cater to the new generation’s desire for more ethical companies that they can identify with and for experiences that tie them deeply to a brand, thereby making them loyalists for it.
Data can help retailers to achieve all of these common ambitions if it is properly collected, safely stored and allowed to flow into delivering insights and actions, such as crucial buy decisions.
About Neil Ainger
Neil is a hugely experienced freelance business and technology journalist. Further details here.
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