NEWS18 June 2013

US retailers keen to embrace analytics

Data analytics North America

US — Data and analytics are becoming increasingly valuable for US retailers with half looking at metrics to improve operational excellence.

According to the 2013 Retail Industry Outlook Survey by consultant KPMG, 50% said that operational excellence represented the best use of data and analytics in driving actionable insights while 36% said acquiring customers represented the best use of the metrics.

In addition, 72% of executives said they used customer insight data and analytics to help support strategic decision making with 67% using brand and product management data.

However, despite acknowledging the opportunities available through leveraging data and analytics, only 12% of retailers thought there was a high level of analytics literacy within their organisation and while 33% said they were rapidly moving toward high analytical literacy, 43% said their company was average when it came to utilising analytics.

Writing in the report, KPMG partner and global retail leader Mark Larson said: “Investing in technology to harness the vast amounts of structured data that reside in a company, as well as the unstructured data online and in social media, is proving to be integral to achieving success in the new retail environment. “