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Most UK retailers have data disconnect
Data overload isn't just a problem in the US. According to a new eCommera study a majority of UK retailers also have too much data to handle.
A new study, out from Retail Week and eCommera outs data as a problem for many UK retailers; not a problem as in there is too little data, but a problem as in there is too much and most don't know how to handle the dearth of information.
Some interesting takeaways from the report include:
• 50% of UK retailers say the data tools they are using now don't meet their needs
• 41% say better understanding data would help them perform better
• 37% report marketing and merchandising teams 'work independently' when assessing performance
• 37% say integrating data views across departments 'is a challenge'
• 44% report they are using 2-5 reports/spreadsheets to track departmental performance
"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."
Less than one-quarter (23%) of those surveyed said they could 'quickly' make sense of incoming data so that they could make decisions about campaigns or other business decisions.
Image via Shutterstock
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