27/03/2015 by Keith Brown, Managing Director
Less than 20% of UK businesses use data for their customer/service processes, yet research shows those that do have seen significant impact on their bottom line
I read a statistic recently that showed on-line businesses outspending off-line (store) businesses by a ratio of 3:1 on IT. What's more surprising is that those ratios also represent the percentage of spend to turnover.
A significant part of on-line spend is in data acquisition and analytics and this has proven to have a significant impact on customer experience and bottom line. Nesta has reported that less than 20% of UK businesses use data as a core part of their product and customer service processes……but that those that do have demonstrated significant improvement in EBITDA.
So, the conclusion seems obvious – retailers need to spend more on IT in store with an increased focus on data acquisition. There is a lot of talk about ThisPay and ThatPay and which is best but perhaps one of the most important considerations in choosing digital partners in omni-channel marketing and payments is the ability to gather and own the data not just process a transaction.