How can multichannel retailers win with data?

Last Thursday, we had the pleasure of partnering with LeapThree analytics consultancy to co-host The Data Challenge breakfast seminar.

David Worby, CEO of Prospero Commerce (ex M&S, Debenhams and Harrods), joined us as guest speaker and round table moderator. He opened the seminar by asking the question, “how can multichannel retailers win with data?”

How can multichannel retailers win with data?

With more than 30 years of experience in the retail industry and multiple data wins under his belt, David shared three of his most important learnings:

1. Always have a plan

Oftentimes, having precise goals can be seen as being too rigid by companies. While you shouldn’t become a slave to your plan, it is important to have one. When your company “hits the first sign of fog”, it gives you much needed direction and insight.

2. Focus on people

Many businesses struggle to understand how they should divide time and resources between people, processes and technology. Focusing on people is the secret to success; the best processes and technologies can be negatively affected by the wrong people.

3. Make sure that it’s okay to fail

Developing a culture that doesn’t criticise failure is crucial. If you can’t learn from things that don’t go well, you can’t move forward.

Delegates from some of the world’s best multichannel retailers weighed in on the topic, discussing David’s comments and adding their own data struggles and triumphs.

10 takeaways to help multichannel retailers win the data challenge

Discover must-read tips from David Worby and attendees of The Data Challenge breakfast seminar:

1. Know whose job it is to turn data into actionable insights.
2. In smaller organisations, make sure that everyone takes responsibility for data. Be prepared for the need for a collective mind shift.
3. Achieve buy in at all levels – especially board level. Know how to engage questions from board members. Be calm and go to them with solutions.
4. Don’t focus on the short-term (i.e. why didn’t we perform well last week?). Focus on the medium-term.
5. Build a culture of planning, not a culture of panic. Consider Amazon – the company is planning for Easter, while other organisations are focusing solely on Christmas.
6. Focus on small steps rather than spending days trying to justify investment with big, fancy presentations.
7. Make people your top priority.
8. Understand the questions that you need to answer with data.
9. Identify the data that each department needs to answer its questions.
10. Persevere. Change doesn’t happen overnight.