In fact, an Oracle survey revealed that 93% of C-level executives believe their organization is losing revenue from not fully leveraging the information they collect. Retail executives estimate this problem results in a 10% loss in revenue each year – that’s billions of dollars in lost sales.
As explained by ClickZ, the secret to getting the most value out of the data you already have is not to dive headfirst into the data. It’s far more important to ask the right questions that will help you run your business more effectively. For example, “Why are customers leaving us?” and “What do our customers really want?”
Traditionally, online retailers have been most successful at answering these questions, leveraging the visibility provided by web analytics to make constant improvements to the shopping experience. But brick-and-mortar retailers can now get the same level of visibility with Euclid Analytics, which provides a clear picture of in-store activity. Our Insights team can help you and your team identify the right questions to ask and the right way to answer them with Euclid data.
For example, one national retailer used Euclid to answer the question “How can I maximize my marketing ROI?“, resulting in a revamp of their direct mail strategy and increased same-store sales. And because Euclid is affordable and easy to deploy across thousands of locations, retailers can optimize their activities at the store, region, and chain-wide level.
Because at the end of the day, it’s not how much data you collect, it’s what you do with it.