71% of retailers are willing to do what to stay competitive?
Commerce marketing technology company, Criteo, and Forbes Insights surveyed more than 500 global marketing executives across several retail sectors to assess data’s role in ensuring retailers remain competitive in the evolving market.
Titled “The Commerce Data Opportunity: How Collaboration Levels the Retail Playing Field,” the study highlights the below key findings:
- Retail industry disruption is reshaping commerce: Brands demonstrate concern that physical-digital giants will limit access to their products, whereas retailers worry this trend will cause consumers to turn away from smaller retailers.
- Brands and Retailers realize data’s potential, but lack activation capabilities: Nearly four out of five brands and retailers include customer data as a key part of their business strategy. However, while retailers have access to more data than brands, especially online, they are less confident than brands in their ability to activate data into actionable insights. Essentially, more data alone doesn’t necessarily translate into a greater ability to take action.
- The power of pooled data assets: Brands and retailers see value in collaboration and pooling data assets to meet customer needs and drive value for their business. In fact, 71% of retailers are willing to contribute online search data to a pool. And, three-fifths of those surveyed are already part of a data cooperative, with almost seven out of 10 companies stating that they are happy with their collaborations as well as the data they receive. Additionally, 72% of marketers cite “increased revenue” as a key benefit they experience from pooled data.
- Value drives everything: Forward-thinking brands and retailers know that data is the key to providing value, and 68% believe their customers are satisfied with their use of data to deliver more targeted marketing. Nine out of 10 companies report placing even greater importance on delivering true value as a business driver during the past two years.
- Quality and confidentiality: When it comes to data, 66% of marketers report that the biggest challenge they have with customer data is “ensuring quality data,” and 65% cite “confidentiality of data” as a top challenge in the context of pooled customer data assets.
“Despite the disruptive transformation of the retail industry, we are simultaneously witnessing that brands, large and small, understand the critical importance of data, are working hard to leverage the data they have, and see opportunity in working together to gain an edge,” says Bruce Rogers, Forbes’ chief insights officer. “Data is the great equalizer in this time of division and global executives agree that a shared approach is the key for gaining an upper hand in the battle for consumers’ share of time, attention and wallet.”