Research from the Economist Intelligence Unit and commissioned by Wipro has revealed that 78% of retailers have seen a positive economic return from investment in data analysis.
The report based on a survey of C suite executives from the retail sector in North America and Europe examines how retailers are reacting to, and how leaders are benefiting from, increasing volumes of data.
Despite the positive impact of data analysis the research revealed that only 46 per cent of retailers polled were confident that their firm’s analytical abilities are keeping up with the huge volume of data being generated.
The research also revealed that data analysis helped to develop brand loyalty, with 64 per cent of respondents indicating that they had seen increased brand loyalty from the employment of analytics.
The research revealed that over half of respondents had been enabled to provide predictive sales suggestions to customers through data analysis capabilities.
Senior Vice President and Global Head of Retail, Consumer Goods, Transportation and Government at Wipro, Srini Pallia, said: “To get the full value from the data they are collecting, retailers need to explore new avenues to apply data analytics throughout the organization that will improve decision making, efficiency and interaction with customers.”
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