For new retailers that are experiencing explosive growth, the need to understand and embrace data and analytics is quickly becoming a must do for their continued success. While launching and building a new brand, their focus needs to remain locked on the start-up phase; it isn’t until later that the need for data quality tools suddenly becomes clear.
To continue capitalizing on the meteoric success of start-up growth, these new start-ups are looking at four elements where analytics can help in their infancy:
- Optimize Merchandising Strategy: Gaining insight and focusing limited resources on what sells and how to convert customers.
- Increase Order Value: Quickly exposing existing customers to new products, converting loyalty into deeper sales.
- Identifying Low Performing Products: Quickly identify and respond to low performing merchandise, making room for products customers engage with.
- Revenue Growth: Targeting and segmenting existing customers and general audience with new promotions, ads and loyalty perks.
The overall challenge during start-up phase is to keep the sky-rocketing growth trajectory on track, without losing what was already developed. Most start-ups don’t consider data quality tools as a key part of business development, or simply cannot afford to fund those programs. Rarely do you find a new retailer with the forethought or funding to have a Data Scientist on staff during start-up. However, more are learning that data quality tools are crucial to their success and are finding ways to implement data analytics as part of their initial start-up process.
With some many factors involved in a retail start-up, finding the right partner to provide the expertise and results using data analytics is crucial. Data Ladder is the right partner for those retail start-ups. Data Ladder offers the outstanding support, expertise and software to support the retailers, from inception.
Go to DataLadder.com and download a free trial of our premier software DataMatch Enterprise and see the difference we can make for your start-up.