Studies show that UK retail is hoping for a better 2021 festive trading season than last year.
Instead of depending on the footfall count, retailers must capitalise on data insights and predictive insights to better prepare for the upcoming festive season. Studies show that online growth has not slowed as fast as the predictions, while store footfall is still down around 20% on 2019 levels.
Retailers must effectively gather and analyse product, order and customer data to streamline the process and get more value from every interaction. Apply accurate data and predictive analytics to more dynamic pricing and promotions as well as sales forecasting.
Leveraging data insights and predictive analytics can help companies get the staffing levels right to serve the inevitable Christmas rush. They should further consider data life cycles, master data management and cataloguing it.
[3 minute read]