Britain’s retailers are under pressure to collect data on shopping habits in the run-up to Christmas, as 63 per cent of eCommerce leaders believe that the peak period may decide the future of their business, according to research from data integration platform, Supermetrics, which works with some of the biggest retailers in the UK.
The survey of over 250 decision-makers within eCommerce in the UK found that 52 per cent say the amount of data they expect to process will increase this Black Friday, with a huge 81 per cent saying the same for Christmas; it’s no surprise that almost 60 per cent of retailers are anxiously working to collect intel on their customers during a busy “peak” period.
Yet despite the urgency to achieve a well-rounded understanding of their market, 67 per cent are left struggling to manage and analyse the intel. What’s more, many retail decision-makers believe the data they do receive is poor quality, with 48 per cent feeling that it is not up to the standard required to adequately serve consumers. This abundance of (bad) data – coupled with an inability to manage it – is leading to “dataflation”, with half (52%) of retailers saying this is negatively impacting their company.
In fact, up to two-thirds (64 per cent) say that managing data is even harder to manage than their own employees, and although nearly half (46 per cent) say they do not have the talent to accurately breakdown the numbers. But the data problem seems particularly stark during tough economic times; 71 per cent worry that the impending recession will directly impact on the quality of data they receive moving forward and 73 per cent saying it will directly impact their growth, which could hamper their plans for peak season.
Mikael Thuneberg, CEO, Supermetrics, said: “As we enter one of the most crucial times in the retail calendar, the findings are clear: it’s ‘make or break’ for many retailers. As consumer budgets tighten and the supply chain remains unstable, retailers are looking for help. And one of the best ways of doing that is with a solid data plan. Despite this, it makes for frustrating reading that so many in the sector find it to be one of the biggest pain points of their operations.”
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