AUSTIN, TX -- (Marketwired) -- 05/30/13 -- EKN today announced results from its new benchmark study, "The Future of Retail Analytics," which reveals customer insight as retailers' highest priority goal for analytics initiatives in 2013. The study, underwritten by premier sponsor SAS, surveyed senior retail executives and collected secondary research from public and proprietary sources.
One of the key themes of the study is the extent to which retailers can leverage analytics insights to drive strategic decisions. Findings reveal that in a time of unprecedented change in the retail environment, brick-and-mortar retail stores must look to omni-channel customer engagement to gain deeper insight into consumers. The study also includes an in-depth look at how best-in-class retailers use analytics, as well as a business analytics software vendor landscape.
"The Future of Retail Analytics" is available for download here. Findings from the benchmark study include:
•Retailers' analytics maturity is low. The survey found that 2 in 5 retailers state they lag behind their competitors in terms of their analytics maturity, while 2 in 5 suggest they only are at par. The "analytical retailer" is thus the exception rather than the rule. • Data management and integration will be a key area of investment. In an effort to increase analytical maturity, retailers will invest in contextual, visual and mobile-friendly delivery of insights. This will combat the biggest challenge that prevents them from leveraging analytics strategically -- delivery of insights to the right resource at the right time. •Retailers' eCommerce/Omni-channel function has the highest potential opportunity to leverage analytics strategically with the highest rate of data growth and the highest planned technology investment. However, it is also the function with the lowest analytics maturity currently. •Usability and access are critical. Retailers believe when choosing analytics solutions, usability is the most important feature. And even though retailers identified the delivery of insights as their biggest challenge, mobile or tablet access ranks relatively low, leaving huge room for improvement in the delivery of relevant analytics.
"Omni-Channel customer engagement is the next battlefield of differentiation in retail, and leveraging customer insights is the key to victory," said Gaurav Pant, Research Director EKN. "Retailers recognize the importance of analytics, and are investing in new tools and technologies to get ahead of the competition. However, the biggest impediment to analytics maturity will not be the analytics toolset, but in fact the organizational structure and skills."
To learn more about how to participate in future EKN surveys or gain access to the EKN portal, please contact Ana Weinand at firstname.lastname@example.org.
EKN (www.eknresearch.com) is a research and content service that was built based on feedback and advice from retail executives. Part of the Edgell Communications family, EKN is a subscription-based portal that provides retailers with access to the site's powerful decision-support and data analysis tools, allowing them to leverage EKN's industry-leading database of original research, user-generated vendor indexes and market trends. EKN also lets members share insights and real-world experiences through ongoing peer forums, both virtual and in person.
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