UK online retail businesses are so overwhelmed by their own data that they are struggling to use it to commercial advantage effectively or quickly enough, says a new report by Decision-Intelligent Commerce solutions provider eCommera and Retail Week.
61% of retailers admitted that data silos impacted their ability to rapidly understand and respond to performance dips and spikes. More than a third (37%) of these companies admitted that their marketing, merchandising and operations teams work independently when assessing business performance, and the same proportion acknowledged that gaining an integrated view across departments is a significant challenge. This, despite an acknowledgement by 41% of participants that retailers who manage to interpret and act on big data will beat out their competition.
The survey revealed that retailers are trying to bridge this divide using data analytics tools, but many feel blinded rather than empowered by the information available. Nearly 50% of retailers believe their current business intelligence tools fall short of their needs with only 16% confidently stated that their analytics provided the organisational visibility they require.
In a quest to achieve an accurate overview, some 44% of retailers use between two and five reports, spreadsheets and analytics to determine and track the performance of each department.
This data disconnection is interfering with online retailers’ top priorities of increasing revenue and profits. Only 23% of those surveyed felt they could quickly make sense of the data available to them in order to take the right business decisions.
“In the online world, the level of co-ordination required is extraordinary,” said Michael Ross, co-founder and Chief Scientist of eCommera. “
Whereas a physical retailer can rattle off what their key KPIs are, most people don’t understand the drivers of an online business and there are a lot of people focussing on the wrong metrics.
“Data is powerful but only if it’s accessible and being used to full effect. At the moment, retailers are making important decisions based on disconnected, incomplete and potentially incorrect data.”
To download the full report, please visit: www.ecommera.com
Notes to editors
Michael Ross will deliver the keynote address at Fashion Digital UK at the Lancaster Hotel in London on Tuesday 8 April.
eCommera is the leading provider of Decision-Intelligent Commerce solutions to omni-channel retailers.
Decision-Intelligent Commerce breaks down the channel, operational and functional silos in retail. It provides a unified approach centered on the customer and delivers the operational insight, direction and recommended actions that business users require to maximize profit.
eCommera’s Decision Intelligent tools, extensive retail expertise and unique methodologies ensure its clients can bypass the complexities and learning curves in this new age of retail and accelerate to consistently high performance.
DynamicAction™ and DynamicCommerce™ (powered by Demandware) from eCommera are ground-breaking cloud-based products that deliver prioritized, decision-ready actions and a complete commerce platform to enable retailers to make the greatest positive impact on their current performance, profitability and long-term growth.
eCommera supports almost 130 eCommerce sites for its customers across 29 countries. Customers include leading brands and retailers such as ASDA, Brooks Brothers, Clarins, Coty, FitFlop, Hamleys, House of Fraser, Jaeger, MATCHESFASHION.com, Space NK and others.
For more information, please visit: www.ecommera.com