How Retailers Can Better Leverage Transaction Data to Optimize Long-Term Resilience
October 9, 2023, PORTLAND, Ore. — In an era of rapid technological advancement and shifting market dynamics, what does it really take for companies to grow and advance over 5, 10, or even 20 years?
It takes more than a strong brand and long-term plan, and few leaders are fully prepared to successfully navigate these uncertain waters.
To create a foundation that can truly support longevity while offering a sharper competitive edge, today’s retailers can get miles ahead of their rivals if they know how to unlock the power of alt data, consumer spending data, and card transaction data.
Here’s why and what retailers can do to bolster and crystallize their company’s lasting power.
1. Embrace & Integrate Data (More)
In the era of Big Data, a well-defined data strategy is key. With that, retailers should also consider:
Retailers who ignore the data or refuse to get up to speed with the latest data strategies can give up their competitive positioning in the market and potentially lose touch or relevancy with their target customer base.
2. Open Up Never-Before-Used Data Sources
New data streams can mean all-new insights on a micro- and macro-level. That means drilling down to regional consumer spending trends while uncovering nearly limitless insights about:
Keep in mind that all alt data is not created equal and that different alt data providers offer their own unique datasets, some of which come with more limits than others.
Facteus is proud to be a leader in the alt data industry, offering comprehensive, unbiased, and balanced transaction data panels, along with the most extensive views of consumer spending, competitive benchmarking, share of wallet, and more.
3. Prioritize Data Skills & AI
Data skills, analyses, and insights should not be the work of a specialist or even a single team. Instead, a wider array of professionals will need to be well-versed in data, with advancing technical and analytical skills to turn data into strategies, the foundation for data-driven decisions, and the basis for big-picture objectives.
In doing so, they can acquire all-new findings that can drive far better competitive benchmarking, share of wallet analyses, and more.
With that, technology and artificial intelligence (AI) are trailblazing the path toward more accessible, more user-friendly data. That has muted the need for deep programming knowledge while offering novel opportunities to reduce costs and truly make organizations resilient over the long term.