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September 13th, 2022

Lucy Mister

Insight article

Data-Driven Retail

We explore how brands are using data to improve the effectiveness of their bricks-and-mortar retail activations

REPORT CONTENT

In this report we…

_01 Define what we mean by data-driven retail and identify its key benefits

_02 Investigate 3 reasons why a brand may not be using data to inform decisions

_03 Explore 6 types of data-sets that a brand could use to drive the strategy and design of its bricks-and-mortar retail activations

 


 

What is data-driven retail?

Data-driven retail is the notion that a retail strategy or business model is influenced by a relevant data-set that is available to the brand. It could be argued that all retail is data-driven to an extent, but few brands and retailers base their entire retail strategy or business model off one or more data-sets.

THE KEY BENEFIT OF DATA-DRIVEN RETAIL

Data-driven retail is arguably a more informed type of retail as it allows retailers to spot trends, opportunities, and challenges, ahead of time, and perhaps more importantly, ahead of the competition!

Theory would suggest that brands and retailers using data-driven retail can better predict the success or failure of their current retail strategy and adapt it as necessary to ride the highs and avoid the lows, respectively. So why aren’t more brands and retailers using data to drive their bricks-and-mortar retail strategies?

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