London — A Dunnhumby study finds that 85 percent of retailers worldwide lack the capabilities, technology, people and processes to monetize their data and drive consumer experiences.
Despite the lack of factors to properly leverage data, 84 percent plan to use data to develop consumer strategies, while 82 percent will use datasets to make business decisions, Dunnhumby reports. Obstacles around building strategy through data include inability to derive insights from the information, inability to develop a holistic view of consumers and lack of necessary technology and skills.
“The global grocery market is in a fight for survival against pure play and other non-traditional competitors, who are further squeezing razor-thin margins,” says David Clements, global retail director at Dunnhumby. “We commissioned this study to better understand why so many retailers aren’t taking advantage of new revenue streams, while improving the shopping experience for their customers. We believe the study findings highlight the growing importance of the role of customer data in attaining sustainable growth.”
Dunnhumby finds that 96 percent of grocers that offer media opportunities to CPG companies on their apps saw an increase in revenue during