4 Trends Driving Retailers in the New Age of Data

The need for quality data has multiplied as reliance on it has grown. Ninety-three percent of retailers suffer from common data quality errors, the most prevalent being incomplete or missing data, according to Experian. Marketing departments demand high-quality information to discover upsell and cross-sell opportunities and to improve customer relationships. Customer service representatives use customer data to improve efficiency and satisfaction. Data-driven insights are also used to improve productivity, cut costs, reduce risk, and reach operational and strategic objectives. The rewards appear on the bottom line, too. Statistics show that data quality initiatives can boost revenue by 15 percent to 20 percent and drive a 20 percent to 40 percent increase in sales.