The Role of Retail Data in 2023

Posted on:

November 14th, 2022

Posted in:

Insights & Thought Leadership

Is Retail Data Architecture Providing a Single View ?

Is the data architecture of leading retail businesses providing a single view of customer and stock? And how important is this for the success of retail businesses moving into 2023?

The report produced by Retail Week discussing, “How 57 CEOs are investing in preparation for 2023” clearly shows that data, specifically the lack of a single view of both consumer & stock data, available in real-time is holding retailers back.

Our infographic below shows the statistics clearly.

Retail 2023: Data Architecture Providing A Single View Infographic - Vital for Growth in 2023

This “data dilemma”, as coined by Retail Week was acknowledged and is being actively addressed by many of the businesses interviewed, which included IKEAWaitrose & PartnersRiver Island and McDonald’s.

Alex Loizou from Trouva said,
“It’s critical to go back to the fundamentals of how buying decisions are being made and how we use data to support these decisions.”

We at Clekt passionately believe in the value of data and it is great to see so many retail businesses not only recognising it, but investing in it!

Get in touch to explore how we can help you tap into the hidden value in your data.