Glossy – Retailers have known for a long time that the collection and implementation of data is key to a modern, successful retail strategy — and now they’re getting smart about it.
For years, retailers were hungry for every source of data they could get their hands on, often stockpiling massive amounts of it. But now, they’re starting to understand that more data is not the goal to strive for. Instead, high-quality data — specifically, the kind that is actively given by consumers rather than collected passively — is the new goal.
“I mean we are drowning in data today,” said Jeff Neville, svp and practice lead at BRP, retail consulting firm. “I’ve spent hours getting sucked down the rabbit hole of Google Analytics, looking at various trends and things that don’t always lead anywhere. You need data that is accurate, that you can actually implement. There’s too much data around and not all of it is really useful.”