Retail 2024: Data strategies as the key to survival

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Erfahren Sie in unserem Artikel über das Solita Retail Barometer 2024, wie europäische Einzelhändler mit den aktuellen Herausforderungen der Branche umgehen. Die Studie zeigt, dass 85 % der Unternehmen Verbraucherdaten als entscheidenden Umsatztreiber nutzen wollen. Entdecken Sie Strategien zur Monetarisierung von Daten, die Rolle von KI in der Zukunft des Einzelhandels und die Bedeutung von Kundenbindungsprogrammen.
Find out in our article about the Solita Retail Barometer 2024 how European retailers deal with the current challenges of the industry. The study shows that 85 % of companies want to use consumer data as crucial sales drivers. Discover strategies for monetization of data, the role of AI in the future of retail and the importance of customer loyalty programs. (Symbolbild/MB)

stormy times for Europe's retailers: data as the key to survival!

Helsinki / Munich, October 17, 2024. Now it gets serious: The world of retailers faces gigantic challenges! According to the brand new retail barometer from Solita, a leading technology and data company, the first half of 2024 is assessed as more than modest- classified by many as "weak" or "average". The reason? A global economic climate that is anything but friendly!

inflation and geopolitical uncertainties are properly concerned with the single dealers! A total of 70 percent of those surveyed admit that rising operating costs are their greatest concern. But what do companies do to fight these currents? They rely on gold pits that are hidden in the consumer data! Because many retailers have finally recognized the power of the data - 85 percent are ready to raise these huge information treasures, be it through existing strategies or by planning new concepts.

Data: The new whisperer of consumer wishes

The Solita barometer clearly shows that the targeted use of consumer data is the decisive growth engine! More and more retailers are transformed into real data actors to better understand their customers' needs. But there is a big one! Many are still at the very beginning when it comes to customer data management and fight with outdated technology.

Anders Hedfalk, Business Consultant at Solita, is also concerned: "Retailers are well positioned in their core business processes. However, when it comes to the quality of customer data, it is huge!" This means that many companies have so far only been able to exhaust the potential of the data - and that could cost the lead.

Tomasz Woźniak, CEO of Future Mind, says unadorned: "The companies have no problems with gigabytes. The challenge lies in the implementation and effective use of processes and resources!" The fact is: mastering data management is the key to treasure chest for retailers!

customer loyalty as a gold mine

But how do you monetize data effectively? The answer: through customer loyalty programs! 90 percent of retailers use consumption data for marketing strategies, followed by 80 percent that use them for reports and evaluations. Above all, the creation of loyalty programs is a royal road. The retailers can not only reach customers through tailor -made offers and mobile apps, but also to bind them in the long term!

It will be exciting! While the retailers tend to step on the brakes in 2024 in IT investments, interest in artificial intelligence and data analysis remains unbroken. These tools are considered essential to keep the front in the digital jungle.

The Solita Retail Barometer is created by the method of computer-assisted web interviewing (CAWI) and is based on valuable feedback from 20 important decision-makers in Denmark, Finland, Germany, Poland and Sweden-all representatives of retail companies that generate more than 100 million euros in turnover! What is hidden behind these numbers are the challenges and dreams of companies that want to herald a new era in retail!

While we continue to observe the developments in the retail landscape, one thing remains one thing: Data is the gold of the 21st century! Can the retailers defy the storm and ride the wave of success? The next time will show it!