Target also leads the pack when it comes to paid search spending, a new report finds.
The benchmark study includes an in-depth look at how best-in-class retailers use analytics, as well as a review of business analytics software vendors. The authors surveyed senior retail executives and collected secondary research from public and proprietary sources.
One of the key themes of the study is the extent to which retailers can use analytics insights to drive strategic decisions. Findings reveal that in a time of unprecedented change in retail, brick-and-mortar retail stores must look to omnichannel customer engagement to gain deeper consumer insight. Key findings include:
- Retailers' analytics maturity is low. The survey found that 40% of retailers believe they lag behind their competitors in terms of analytics maturity, 40% think they are only at par.
- Data management and integration will be a key area of investment. In an effort to increase analytical maturity, retailers will invest in contextual, visual and mobile-friendly delivery of insights.
- Retailers' e-commerce/omnichannel function has the highest potential to use analytics strategically.
- Usability and access are critical.
To find out more, download the full report.