The Future of Retail Revenues must be led by Data, a commissioned study by Forrester Consulting was released by Dunnhumby.
According to this, 85% of global grocery retailers lack the technology, people and processes to use insights to monetise their data and drive customer experience in the $5.9 trillion worldwide grocery retail market.
David Clements, global retail director at Dunnhumby, said, “Many businesses in the global grocery market are in a fight for survival with heightened competition from discounters, pure plays and other non-traditional competitors, whilst the cost of doing business is increasing, further squeezing razor-thin margins.”
“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.”
Key findings from the study include:
- Just 15 % of global grocery retailers are Leaders, differentiated by data-led customer strategies for growth and improved supplier relationships, while the majority are lagging behind.
- Almost all global retailers (96%)) are experiencing significant challenges when trying to use data to develop customer strategies to drive growth – meanwhile all Australian retailers (100%) are struggling with this.
- Most grocers are already capitalising on the revenue potential of customer data and in-store/online media channels.
- Majority of grocers leave money on the table by not monetising media assets.
- 96% of grocers who offer media opportunities for CPG suppliers on their apps saw an increase in revenue over the last 12 months, with 40% seeing an increase of more than 10%.
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