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Learn the three imperatives retailers face when building a digital customer experience, according to Accenture’s international retail analytics survey.
Today’s digitally connected shoppers no longer just want to be able to move seamlessly across channels—they expect it. Many retailers today are feeling overwhelmed by these customer demands. However, by moving toward a robust retail analytics capability, they will be more equipped to know what their customer wants.
In order to deliver a personalized customer experience, retailers must first know their customer—and know what that customer is looking for, regardless of time, place, ethnicity, demographic, or economic status.
The advent, adoption and maturation of analytics as a business discipline promised the tools and solutions required to support a seamless retail experience. But where does the actual implementation of retail analytics stand? How are retailers using this potent new capability? Is the practice delivering on the promise?
Accenture surveyed current analytics use among retail practitioners in an attempt to answer these questions. Our research revealed three imperatives facing retail enterprises as they put analytics to work today.
Learn how Accenture uses analytics to help retailers create a seamless customer experience:
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Accenture surveyed director-level executives at large retailers in both the UK and the US who have knowledge of and/or responsibility for analytics within their organization.
Our research revealed three imperatives facing retail enterprises as they put analytics to work today:
The Insights Imperative: Applying retail analytics to data for sharper customer insights. Retailers know that customer data is a valuable asset, but they are having difficulty turning data into actionable customer insights.
The Actions Imperative: Turning insights into actions, at speed and at scale. Retailers must improve their use of data to assess performance and identify new growth opportunities for the enterprise.
The Outcomes Imperative: Focusing on business outcomes. Arguably the most critical imperative of the three, retailers need to industrialize the analytics discipline on an enterprisewide scale—redesigning how fact-based insights get embedded into key processes, and leading to more informed decisions and better business outcomes.
Learn more about the Accenture Analytics survey data and findings.
To deliver on the promise of a seamless customer experience, retailers must understand that data alone won’t get the job done, and neither will isolated islands of analytics across the company.
Accenture believes it is imperative to focus on business outcomes—infusing insights into operations, embedding retail analytics into business processes in a robust, industrialized way, and generating actionable insights for the right person at the right time.
The promise of analytics is expansive: data-based decisions that lead to clear business outcomes and yield a measurable return on investment.
Even though the discipline is still developing, the verdict is positive but cautious. Some retailers are successfully leveraging the power of analytics within and across functions while others are still struggling to see a return on investment (ROI). When retailers start routinely making data-driven and analytics-supported decisions, they will increasingly see the impact in their bottom line.
Learn more about Accenture Analytics.
December 12, 2013
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