The retail industry doesn’t utilise valuable customer data

In Industry News On

The report commissioned by SAP (UK), data processing specialists, found that retailers are failing to analyse and act upon the growing amount of customer data.

Examining plans for technology investment this year amongst 100 retail companies, it found that Big Data is swamping the industry, with over half of the respondents admitting to having access to more data than they can act upon. In addition, 88% of companies surveyed claimed to experience problems gaining valuable insights from customer data.

Chris Osborne, retail industry principal SAP UK and Ireland, said: “The retail industry recognises the need to analyse data whilst improving customer service, but how to achieve that in harmony is clearly where there’s cause for confusion. By investing more heavily in customer-facing technology, companies are opening themselves up even wider to receive more data which they are already struggling to utilise effectively.”

Almost two-thirds (64%) of the retail companies surveyed said they were under increasing pressure to provide IT innovation that would improve both customer retention and loyalty. In addition, over three quarters (78%) of respondents claimed that their customers had become more responsive to offers and 75% reported a rise in customer demand for a more personalised service over the past two years. 

Over a third (37%) of retail companies surveyed said they had seen customers become increasingly reluctant to provide information and just under half (49%) reported that their customers’ expectations for service improvements had been a direct impact of the increased availability of data.

You may also read!

Sky Q adds Peloton to its fitness offering

Sky Q customers in the UK can now enjoy Peloton’s fitness and wellness content from the comfort of their

Read More...

Miele cancels its participation in IFA 2021 and Küchenmeile

Ongoing anticipated restrictions due to COVID-19 has prompted Miele to cancel its participation at IFA in Berlin and Küchenmeile

Read More...

Candy brings retro microwaves to the UK

Candy has launched new retro-inspired microwaves to offer the perfect recipe of fun, design and smart functionality. Designed in Italy,

Read More...

Mobile Sliding Menu

©2021 Innovative Electrical Retailing. Datateam Business Media Limited. All rights reserved.
Registered in England No: 1771113. VAT No: 834 8567 90.
Registered Office: 15a London Road, Maidstone, Kent ME16 8LY
open