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The volume and value of data in the retail industry are increasing exponentially each year. In this article, Toucan Toco experts explain how to transform retail data analytics into easily available information.
Data is the new currency of the digital economy in the retail sector. The crucial role that retail data analytics play in improving the economic performance of this industry is well established. According to a study by Snowflake Computing and Harvard Business Review (2018) companies that make data-driven decisions have the best chance for longevity. Yet across industries, they found that only 5% of retail and consumer packaged goods (CPG) companies are data-driven.