The Future of Retail Forecasting: Quality over Quantity in 2019

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In 2019, even the most traditional retailers are realizing that the key to a successful retail strategy in today’s market is the collection, analysis and implementation of data.
When we talk about data, we’re not saying that you should be amassing every last bit you can get your hands on – we’re talking about smart data – data that works for you. To reiterate, it’s not necessarily more data you want; rather, high-quality, relevant, consumer-driven data is what you should shoot for.

“The question is…between more data and better data,” Josh Krepon, Cole Haan’s SVP of digital commerce, elucidated at a recent event.

Data Then…

Often, most of the massive quantities of data available to brands is, sadly, inaccurate or low-quality, or is overly laborious and time-consuming to organize and compile, much less read and analyze.
While it’s easy to become overwhelmed by all the data available to you, between current trends, social analytics, new technologies, and more, you don’t have to end up down a rabbit hole, elbow-deep in numbers and figures that don’t help you to form a cohesive picture of any real value.

…and data now.

While traditional methods of data collection are more or less statistical, the latest approaches involve automation, machine learning (yes, AI), and direct feedback from the consumer themselves.
Brands know that user-generated content can be super beneficial, as it’s essentially straight from the source. Due to the perceived reliability of direct customer feedback, brands rely on this information to inform decision-making.
Consumers who actively participate in giving feedback provide the company with millions of precise and practical data points. Great – but then you face the staggering amount of time it will take to comb through, validate, clean, and compile these data points into a usable report.
Having access to useful, reliable data analytic tools can save a huge amount of time and money, allow marketers to streamline their strategies, and improve the customer experience.

Suggested for you  Nominate now! 2019 Customer Innovation Awards

CPFR
Accelerated Analytics is a software-as-a-service, aggregating your relevant data and automatically validating, cleansing, and organizing it into comprehensive reports that you can access with a minimum number of clicks. No more slaving for hours or days over spreadsheets to try to keep your head above water. We can help you get and stay ahead of the curve – your competition won’t know what hit them!


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