Data: a new asset for retailers. The question is no longer ‘to be or not to be data driven’ but when and how. The proof is that retailers exploiting data efficiently are growing 8 times faster than the US economy! And retailers have a lot of data, payment-related data for example. According to Adyen, a payment specialist that handled €160 billion of transactions in 2018, it is possible to analyse each transaction individually as well as learning about the buyer in order to understand his or her personality.
This is the amount of data that you should be sharing according to Jean-François Gomez, Industry Solution Executive at Microsoft Retail, CPG and Consumer Market: “Data is private and should not be shared. What you share is the information you generate from the data. Using artificial intelligence, we’ll be able to automate the process of refining the data in order to extract information from it.”
Cegid generates almost 4 million invoices per month. That represents a goldmine of information. And during Cegid Connections, Nathalie Echinard, head of Cegid’s Retail BU, announced the start of a data initiative: “A lot of data pass through our information systems. By anonymising the data, we could create benchmarks that would help brands to compare themselves with each other in a given region. That information would also allow for predictive features based on artificial intelligence. As always, this project, if pursued, will be co-created and co-led with our our clients. Brainstorms and discussions will be held to define possible and appropriate uses.”