Retail is a dynamic, fast moving type of business. Unique to most retail businesses is the fact that most don’t have a great view on customer data. This means they are making high velocity decisions with incomplete information. Retail is rife with opportunities with many hundreds, thousands, and hundreds of thousands of transactions happening hourly, daily, weekly and monthly. Small incremental improvements have a large outweighed impact on business performance, customer experience, and people experience.
This is where good data, reporting and analytics plays an outweighed key role in driving transformational outcomes.
In retail, speed is key and those that can move faster and make better decisions will have a competitive advantage.