Can we finally agree upon the truth?

Startling findings in our customer data

By Amol Tembe

Single source of truth. That’s a polite way of putting it.

If we have different systems looking at different data in different ways, how can we possibly agree upon the truth? However, that currently sums up the retailer customer data environment.??

Single source of truth emerged as a critical theme in a recent in-depth study conducted by eTail and WBR Insights US (1). You can download the full study here .

What alarmed me most was the study found only 14% of retailers indicated their current data management practices were “very effective”,?“It’s a real, ‘Houston, we have a problem,’ moment,” said Lena Moriarty , head of eTail Marketing.?

I’m wondering where we have gone wrong and what can we do about it? So I asked Christopher Rand , Head of our eTail Insights research division, what our recommendations were based on the data????

“Well, establishing a centralized database of customer information is the best place to start,” Chris said.? It’ll facilitate better decision-making and improve the overall customer experience by ensuring consistency across touchpoints. This is what we gathered in the study.”??

Boy I really do hope most of us reading this are part of the 14%, but the Gaussian curve suggests exactly otherwise: Only 14% can be. Where does that leave the 86% rest of us?????

Check out Shelley E. Kohan Fashion Institute of Technology as she sits down with Kristin Shane The Guitar Center Company at eTail Palm Springs 2024.

We’re basically in the camp of recognizing we need to make big improvements and fast, or customers will shop elsewhere.??Big technological upgrades, namely AI abound. Sounds like we’re going to have to do more convincing of the C-suite. ?

While AI might not have been as widely mentioned on retailer quarterly earnings calls as I might have thought last month, behemoths like 亚马逊 and Lowe's Companies, Inc. did mention cutting-edge eCommerce applications, and 塔吉特百货 referenced solutions to address the “growing problem of shrinkage.”

And more reporting is on the way as I write.??For more great coverage on the business of retail, check out what Neil Saunders has to say. Just this morning he reported on 苹果 jumping into the race to bring generative AI to the masses. He's someone we love to follow!

All that said, eTailers are up for the challenge. That’s one of the great things about this industry. People look to Retail for the adoption curve of cutting edge technology, so I have faith.

Until next month, I suggest you read the report, think about where you are and where you want to be, and sharpen your persuasion and influence skills.??

For 25 years, eTailers have built the best communities in retail. Check out our upcoming events:

Retail IT Connect US 2024 ( wbresearch.com ), July 29-31, 2024, Ft. Lauderdale FL

eTail Boston 2024, August 12-15, 2024, Boston, MA

eTail Connect West, September 9-11, 2024, Coronado Bay, CA

Sources?

(1) Data Best Practices in Retail and eCommerce: How Marketer’s Are Enhancing Personalization with Better Data Management, Governance and Analytics, WBR and eTail??

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