As if the economy wasn’t hard enough on retail, data management challenges for retailers continue to pile up. Today we’re reviewing 7 factors that can cause retailers data management challenges. We’ll also cover a solution for retailers who are looking to accelerate data management and data governance so they can leave the challenges behind and focus instead on growth and strong customer experiences.
See full infographic below
Retail Data Management Challenges
Using the data management challenges infographic as a guide, let’s walk through the seven factors together.
1: There are over 2 million e-commerce retailers in the US, according to Etailinsights. This means a lot of competition for retailers trying to grab the attention of potential customers.
2: In a Deloitte 2021 report, only 3 in 10 executives reported that their organizations have mature digital capabilities. As such, major investments in e-commerce, contactless capabilities, and other technology upgrades are underway. This means teams need to find solutions that work with their tech stack and do not require years to roll out.
3: In 2008, only 12% of businesses used cloud-based CRM – This figure has now increased to 87%, according to Super Office’s CRM Software Statistics. As retailers deal with data on the cloud, they may need help with cloud modernization especially if they are working with legacy technology applications.
4: CRM Software Statistics also show that the most useful kind of data retailers used to evaluate point-of-sale performance was internal sales data (79%). To provide customers with the best experience, retailers need to sort through data rapidly to pull out insights that can help drive revenue.
5: Webinar Care’s retail report shows that 34% of retailers use mobile websites or applications to retrieve customer information they can use to create a more personalized experience. This means retailers need data that works together and isn’t stranded in a silo.
6: Connect Pros discovered that 78% of retailers are not capable of identifying their customers until checkout. This means retailers cannot show personalized recommendations that could drive additional sales.
7: Retail executives named the following as their top investment priorities: digital acceleration (88%), supply chain resilience (78%), health and safety (78%), and cost structure realignment (72%), according to a 2021 Deloitte report. This means executives and teams are having to work together to see how the digital acceleration will play out and how they can overcome any roadblocks all while facing serious budget considerations.
The Solution
To overcome retail data management challenges, retailers are looking for solutions that can give them an edge over their competitors. The retailers who provide the best customer experiences – which requires efficient data management to do – will be the ones that make it to the top. Therefore the best move for retailers to take is to improve Unified Commerce management capabilities and skills with a platform that accelerates data lineage, data catalog, data governance, active metadata, trust propagation, and impact analysis.
The Orion Enterprise Information Intelligence Graph (EIIG) is a self-defined data fabric platform that provides this mastery. EIIG has unmatched capabilities to reach and ingest metadata for structured and unstructured data assets. It connects with all platforms and understands every programming language to absorb processing logic. Operational data from job control language and scripts also contribute metadata to complete the picture. Orion’s platform uses the sum of these assets to build the most comprehensive knowledge graph available today.
Orion’s EIIG platform is the retailer’s gateway to a list of essential data management features that will dramatically alter how retailers manage enterprise data assets. Orion Governance enables intelligent navigation through the retail unified commerce supply chain data landscape. Using EIIG empowers retailers to optimize profitability, empower stakeholders, drive innovation, and reduce cost.
Ready to learn more about EIIG? Schedule a demo today.
Retail data Management Challenges Infographic Sources
Links:
- https://www.etailinsights.com/online-retailer-market-size
- https://www.yahoo.com/lifestyle/deloitte-2021-retail-industry-outlook-145717890.html
- https://www.superoffice.com/blog/crm-software-statistics/
- https://www.superoffice.com/blog/crm-software-statistics/
- https://webinarcare.com/best-retail-management-systems/retail-management-systems-statistics/
- https://www.connectpos.com/retail-pos-trends-and-statistics-for-2021/.
- https://financesonline.com/retail-statistics/
Want to discuss retail data management challenges further? Send the Orion team a message now.
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