The foundation of retail business relies on having access to good quality data. Without the right data, retailers make uninformed decisions, such as raising their prices or targeting expensive channels that are likely to fire back. The problem is much worse when they might have multiple systems, as getting true insights from this architecture is much harder. So what do retailers need to do to operate in a hybrid environment where the traditional methods of running a retail business are likely to fall short?
In today's episode, our guest, Kathy Aronson, shares her insights on centralizing data for retail companies. She talks about why data sharing is critical for retail channel partners, and the retailers need to think beyond the four walls of retail. Finally, she discusses why data could help retail brands lose their marketshare when they don’t make decisions based on data.
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