Only 13% of retailers say their customer databases are 100% accurate and complete, even though 63% of retailers say maintaining up-to-date data is important to enhancing customer satisfaction, a study commissioned by QAS says. A spokesman adds that multi-channel environments were found to often make it more difficult for retailers to maintain accurate customer data across channels.
The study, conducted in June for QAS by Dynamic Markets, covered 150 retailers across 11 countries. QAS, a unit of Experian, is a provider of web-based address verification software.
On a more positive note, the study found that 75% of retailers believe their customer databases are between 75% and 99% accurate and complete.
75% of retailers said that inaccurate and incomplete customer data cost them money, and nearly 50% said that up to 5% of revenue is lost in wasted resources due to bad data.
The survey also found that 82% of retailers said customer data had mistakes created at the point of data entry, though half of these retailers said mistakes covered only 1-5% of data.
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