4 ways retailers can beat the competition (with data they already have)

If you’re a retailer today, you probably already have a ton of data coming in from every corner of your business: point of sale, supply chain, e-commerce, and social media.

Seeing your data coming in but not knowing how to use it can be seriously stressful. What’s the point of all that data if it isn’t helping move your business forward? You just need to know how to use each type of basic data for what it can tell you. Here’s a quick rundown of the ways your already-existing data can revolutionize your business from top to bottom:

1. Point of sale data is the catalyst for getting to know your customers and making better decisions.

Ever feel like your POS data is locked up in your transaction log? That’s because it probably is. It’s the richest in customer information, but right now it’s most likely sitting in data prison, doing nothing to move your company forward. When you look at it from just the right angle, POS data can give you a panoramic view of your business. It can show your entire company how to treat customers for a totally consistent and targeted, even personalized, experience.

2. You can shape your supply chain data to see deep into your inventory.

You might already know from experience how inflexible supply chain data seems. It’s really hard to pull apart and analyze without the right tools, which most retailers don’t have—but you can unlock this data pretty effortlessly with the help of nimble analytics. Viewed on the right platform, your supply chain data can help you forecast future inventory carrying costs, and even adjust your trade agreements, order volumes, and merchandising and promotion deals. All in one place.

3. Ecommerce data can give you a 360-degree view of your market.

Your company is online, right? That’s the most trackable of your commerce environments: the good old Internet. And if you learn to create the right mix of your ecommerce data with in-store sales, you can create an all-encompassing brand experience for everyone who gets involved, which means loyal long-time customers and more buzz around your brand in general.

4. Your social media data could be telling you how to engage fans for life.

Would you rather get a like from someone on Facebook, or know exactly what they LIKE? As in: what they are likely to purchase? You don’t need a huge Facebook fan base or Twitter following to be using your social media data to make more and repeat sales. You just need to be a little more agile in the way you view your data, is all. You can fine-tune your sales strategy and brand voice by knowing what people like so you don’t promote and post what they don’t. Learn how to use your data to stand out way ahead of the competition—and how retailers are currently using Domo with their data to make smarter business decisions and save serious money.

Download the report here.