So why is being data driven so difficult to achieve in reality?
Simply put, some organizations are more prepared than others to meet evolving changes in consumer demand. During the COVID-19 pandemic, market dynamics shifted significantly. Shoppers changed from browsing in-store to digital, giving brands with strong digital shelf or direct-to-consumer offerings a competitive advantage. Smaller brands filled gaps in inventory, and this fueled a brand switch trend that saw 74 percent of shoppers purchasing a product from a brand they hadn’t bought from before.
The acceleration of digital shopping was established in times of need and will continue to grow. Data modernization will define tomorrow’s market leaders. Building a data-driven business requires a blueprint that creates a shared understanding of what is being built and why, what success looks like and how everyday actions will contribute to growth. It needs a sound foundation to ensure anything built will stand the test of time along with a commitment to continuous improvement and accountability for results.