Data powers the retail industry, especially in today’s digital age. From in-store analytics to optimized-everything, and from marketing personalization to product customization, big data is the fuel in an age of tech-enabled innovation. Rarely do we see a few weeks go by that some new solution enters the industry that either creates a new data stream or feeds off existing data.
But retailers’ resources and skills have not kept pace with the growth of new data and new solutions. It is surprising how often I encounter retailers - even multi-billion dollar revenue retailers - who do not have the skill sets to make effective use of systems and capabilities that they’ve purchased and put in place.
Sometimes, retailers look to CPG brand manufacturers to purchase data, either as part of a broader initiative in which the brand is using the data to give back to the retailer insights & analytics, or other times as simply a new revenue stream. Selling data is not necessarily always a good thing: often there is some kind of quid pro quo with the brand expecting something in return that may or may not align with the retailer’s best interests.
Solution providers have an opportunity to play a pivotal role here. It’s often not enough to just sell some new innovative capability to the retailer; true success comes from helping the retailer be successful with the new solution. I think it is incumbent upon both the solution seller and the retailer buyer to have a frank discussion around what skill sets and resources are required to make use of a new capability and identify if the retailer has those skills or if there is a gap. In the case of a gap, the solution provider has an opportunity to help the retailer train people or hire new people with the requisite skills.
Now set this entire discussion in the context of exponential change where the development of new capabilities is increasing at a faster and faster pace every day. The need to constantly upgrade skill sets and train and educate employees to take advantage of new capabilities is paramount. The penalty for failing to do this grows by the day. It is incumbent on solution providers to make new technology and new capabilities as easy to implement and use as possible along with helping the retailer what’s required to be successful.