Promotional events live or die by ROI (return on investment). And to determine ROI, retailers are dependent on accurate, timely data. Before holiday shopping events like Black Friday or Cyber Monday, retailers must ensure that employees and leaders base critical decisions on a comprehensive view of the business instead of siloed data sources living in individual departments.
This requires a governed, self-service analytics strategy where stakeholders can access curated data sources, allowing teams like marketing and supply chain to spot outliers and adjust their strategy as events progress. If your data is fractured, incomplete, or static until it is processed by IT—or worse, if you don’t have access to data without manual intervention—you won’t compete with retailers tracking real-time metrics around sales, marketing campaigns, pricing, and customer feedback.
With real-time analysis, retailers can also spot issues as they happen. For example, if your e-commerce website experiences slow load times or if an item is listed at the wrong price, you can identify and fix the problem instead of finding out the next day when the window of opportunity has closed. Additionally, predictive analytics help retailers understand customer behavior from previous years to determine the optimal experience throughout the entire customer journey—from advertising to store layout.