Driving Customer Insights Across the Enterprise
Posted by Universal Ad at Tuesday, November 20, 2007 1:47 AM and is filed under Business Intelligence,Retail,Promotions 
Following up on yesterday's posting about Business Intelligence, Retail Systems Research recently released a report titled "The Next Generation of Business Intelligence: Driving Customer Insights across the Retail Enterprise".
From the report's description (the full report can be downloaded from the RSR site): "Retailers see the collation of (consumer) information as a means to respond to rapid changes in consumer demand, improve the relationship between the products they sell and the consumers that buy them, improve the productivity of the merchandise they sell, make better choices in opening new stores, and provide consumer-relevant differentiation from their competitors. A far higher percentage of Retail Winners has embraced the use of customer driven business intelligence to inform their assortment and space planning processes, while average and poor performers lag significantly in this usage of data."
Some interesting data points from the report that relate to retail promotions:
Posted by Universal Ad
From the report's description (the full report can be downloaded from the RSR site): "Retailers see the collation of (consumer) information as a means to respond to rapid changes in consumer demand, improve the relationship between the products they sell and the consumers that buy them, improve the productivity of the merchandise they sell, make better choices in opening new stores, and provide consumer-relevant differentiation from their competitors. A far higher percentage of Retail Winners has embraced the use of customer driven business intelligence to inform their assortment and space planning processes, while average and poor performers lag significantly in this usage of data."
Some interesting data points from the report that relate to retail promotions:
- Retail survey respondents
universally agree that increasing the productivity and top line value of their
existing customers is the best Holy Grail value of customer data. Most
important: increasing average transaction value. Following closely behind are
the improving effectiveness of
promotions and increasing shopping
frequency.
- Retail Winners rank the planning of profitable promotions as the
highest value outcome of using BI (localization of promotions comes
in at #5)
- Customer data is
most typically used by the marketing and merchandise department to plan and
analyze promotions.
Posted by Universal Ad
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