Retail surgery: How can I make the most of omnichannel data?

As well as improving targeted marketing, they support stock management, demand planning and trend predictions.

However, omnichannel retail has created a steep rise in the volume of data and the number of sources it comes from.

As a result, many retailers grapple with how to successfully collate and make use of the information available, as well as differentiate between what is and is not valuable insight.

John Squire, retail delivery director at consultancy Bluefin Solutions, says: “It’s essential that retailers put the customer data available to them to good use.

“The problem is that our traditional retail IT infrastructures were not designed to cope with omnichannel. Typically each channel operates in its own information and technology silo. The industry must therefore be looking to integrate systems.”

Integration can be seen as a complex and costly undertaking, but technological developments by software providers have created an opportunity for the wider retail industry to realise its benefits.

By investing in omnichannel data integration retailers will be able to create a more complete picture of their customer, which will increase their ability to improve customer loyalty and revenue.

“The analysis of omnichannel data enables retailers to deliver personalised communication, make accurate supply chain predictions, deploy effective promotions and ultimately make informed business decisions,” says Squire.

“Retailers who do not adapt their technology to support an omnichannel data strategy will struggle to remain competitive.”