Predictive retail advantage: Utilizing sales data to gain a competitive advantage in the marketplace
Yo, here's the lowdown on staying ahead of the retail game in this digital age. It's all about data, bro!
See, back then, imagine if you could've peeped the future of retail shopping. With real-time data, you could've optimized your supply chain, improved delivery times, and made better decisions about where to set up your stores. But alas, that data wasn't readily available.
First things first - it's all about those customer transaction data, man. Gargantuan corporations are gobbling up the retail market, and one reason? You guessed it - they got teams of data analysts working for them 24/7. Now, your biz might not have those resources, but you can level up with customer transaction data.
"Transaction data lets retail's Davids take on the Goliaths," says Jonathan Chin, head of growth and strategy at Facteus. He explains that your own customer data only gives a partial view of consumer behavior. But with transaction data from over 100 million credit and debit cards, you can get insights on spending trends, your competitors, where else your customers are shopping, and the state of the consumer economy.
In short, to predict where your retail biz needs to go, follow the customer transaction data.
Take Gen Z consumers, for instance. We all know they're glued to their phones and social media. But data shows that more than 85% of Gen Zers are actually influenced (read: buying directly) through social media at skyrocketing rates. On TikTok, with nearly half its users under 24, Gen Zers say it's the number one place they discover new brands.
The TikTok Shop officially launched in September 2023, and consumer spending shot up across the board once it was fully operational. Gen Z's monthly spending spiked like a yo-yo battling gravity. By November, it had shot up nearly 200% compared to September 2021 when TikTok broke into shopping. This means huge numbers, bro.
That's the kind of precise, granular insight you can get from consumer transaction data. It's like having a crystal ball, except it's not shaped like a ball and we can't use it to play soccer.
This data doesn't just give you vague advice like "increase social media presence." Once you see Gen Z's soaring TikTok purchases, your objective becomes more precise. Figure out the steps to meet that goal and establish KPIs. And don't forget - there are endless other insights you can gather, too.
Leading publications like the New York Times and the Wall Street Journal rely on Facteus for insights into the state of retail. If you want to know the future of retail (and ensure your place in it), you should leverage consumer transaction data, too. Don't miss out!
- In the digital age, retail business success is heavily reliant on data analysis, especially customer transaction data, allowing small businesses to compete effectively against market giants.
- transaction data provides valuable insights, such as tracking trends in consumer spending, competitor analysis, and identification of alternate shopping destinations, essential for making informed business decisions.
- According to data, over 85% of Gen Z consumers are influenced by social media, particularly TikTok, making it a popular platform for discovering new brands and driving significant consumer spending increases.
- By monitoring consumer transaction data, retail businesses can make precise objectives, like optimizing social media presence or establishing Key Performance Indicators (KPIs), to capitalize on trends and grow their business.
- Leading publications, like the New York Times and the Wall Street Journal, rely on Facteus for insights into the retail industry's growth and future direction, demonstrating the importance of consumer transaction data in understanding and remaining competitive within the industry.
