Better together: Big data and the future of vendor collaboration
As the industry has become more sophisticated and data sharing has become the norm, retailers introduced “vendor collaboration” tools that allow them to share more information with their vendors.
When used correctly, data sharing and the new generation of vendor collaboration tools are helping retailers and vendors align their strategies so that both can benefit from understanding shopper behaviour to build sustainable customer loyalty. Today’s successful collaboration tools are built upon a foundation of two critical factors: transparency and fact-based data.
Sharing data in a transparent, collaborative way allows retailers to disclose real-time details from the in-store experience and, in turn, manufacturers utilize their resources and years of global experience to mine data and develop valuable customer insights. Because transparency levels the playing field and provides retailers and vendors with the same access to data, both parties can be assured that they are making decisions based on an assessment of the actual customer need.
It’s clear that we’re entering a new era in the grocery industry and it is an exciting time for the future of retail analytics. As data sharing increases and our understanding of shoppers is refined, players across the industry will reap the benefits of this new order.