Retailers increasingly have to work harder and be creative when it comes to successfully outperforming the competition in this ever-changing dynamic market. More and more customers are empowered by real-time knowledge at their fingertips and expect retailers to engage them in personalised and relevant ways.
How can retailers go about a data-driven approach when managing their business for profitable growth?
Our COO, Claire Mula, has shared with The Shout what liquor retailers need to know when building a data strategy in 2019.
By focusing on data, which in the past wasn’t always easy, affordable for medium or smaller sized businesses or lacked the right resources to interpret it, successful retailers make data-driven informed decisions that, for instance, drive which products go on shelves and what promotions or bundles will maximise sales or margin.
New technology and ready-built tools available in the market today empowers retailers of all sizes and industries with data and insights so they can make better decisions to grow their businesses.
A few benefits for liquor retailers to use data as a central piece of decision-making:
– Improve product range and promotions
– Price adjustment and competitive position
– Customer understanding
– Personalised engagement
After deciding to move forward with a data-driven approach, there are a number of capabilities for liquor retailers to consider building in 2019 for the best chance to succeed:
- Improve data literacy
- Cleanse the data
- Shift mindset and behaviour
- Monetise the data
- Comply with privacy regulations
- Choose key data sources
- Make data actionable
- Test and learn
- Build capability
Ideally, retailers should really starting becoming more data-driven as soon as possible, including building data capabilities, so they don’t get left behind. Whether it’s hiring internally the specific data skills, partnering with companies like Invigor or outsourcing data initiatives, it’s of the utmost importance to get started immediately.
Claire Mula says:
Liquor retailers have a unique opportunity to grow their businesses in 2019 if they can harness the wealth of data available to drive strategic decision-making. Doing so will let them compete more effectively with larger retailers and improve their own business performance dramatically. It’s important to take a data-driven approach to maximise every revenue opportunity.