The benefits of holding data are well understood, with McKinsey research revealing retailers that leverage its full power could increase operating margins by up to 60%.
But this assumes you have a rich data source in the first place and, outside of the big retail giants, few do.
The new opportunity is discovering and using valuable customer information in the wider world.
Accessing existing customer data is faster and cheaper than collecting it from scratch.
What’s more, evolving data analytics technology eliminates the previous barriers, such as availability, accuracy and compatibility.
“Evolving data analytics technology eliminates the previous barriers, such as availability, accuracy and compatibility”
A recent study by Criteo and Forbes revealed that 60% of retailers are currently participating in a data co-operative, where data is shared and moved into a central location where it can be analysed together.
This is a unique way to both enhance understanding by obtaining a 360-degree customer view and tailor the marketing mix to ensure consumer needs are being met.
However, this framework requires each of the participants to trust that none of the other parties will misuse their customers’ personal information.
The study also highlighted that 65% of retailers consider the ‘confidentiality of data’ to be their biggest concern when considering collaborating with other companies.
Share insights on your terms
With evolving data collaboration technology, it is now possible for retailers to gain consumer insights with the same breadth and depth as in a co-operative, but while remaining in complete control and ownership of the data.
New decentralised technology enables retailers to combine and analyse two or more datasets without moving them, therefore removing the risks associated with sharing data.
“This approach makes it possible for the smallest retailers to have access to the same breadth and depth of customer insight as the big tech giants”
This approach makes it possible for the smallest retailers to have access to the same breadth and depth of customer insightasthe big tech giants.
InfoSum’stechnology enables each retailer to have its own set of access controls, enabling the parties involved to govern who has access to their data, down to specific parts of their database.
If necessary, access to certain data can be terminated immediately, even when the data collaboration process is live.
Whether you are looking for an improved customer experience, a bigger share of wallet, new products and services or strategic partnerships; the new breed of data collaboration technology can help construct your own big data while ensuring all parties remain in complete control of their information.