Cutting-edge study unveils transformative strategies for businesses in an evolving retail landscape
Today, NIQ, a global leader in measurement and data analytics, has released a new commissioned study conducted by Forrester Consulting, a prominent research and advisory firm, “Omnichannel Intelligence Will Catapult Your Data Driven Business Strategy.” The study highlighted the challenges companies face in gaining a complete understanding of consumer behaviors across online and offline purchases and the pivotal role omnichannel intelligence plays in shaping business strategies.
“As businesses navigate the complex landscape of consumer behavior, it’s evident that having a clear, complete understanding of the omnichannel experience is no longer a luxury but a necessity,” said Justin Belgiano, SVP North America Retail Measurement, NIQ. “Our commitment at NIQ is to provide the tools and insights that empower companies to thrive in this dynamic environment, driving not just measurement but meaningful change in consumer experiences.”
Key findings of the study include:
- Incomplete Consumer Picture: The study reveals that a majority of companies lack a clear, comprehensive view of the consumer experience. In a rapidly evolving landscape with increasing touchpoints and competition, 95% of respondents stated that their companies use six or more data sources to obtain an omnichannel measurement. Surprisingly, only 24% are tracking behavior across e-commerce and brick-and-mortar channels.
- Impact of Omnichannel Intelligence: Companies equipped with omnichannel intelligence solutions demonstrate a significantly better understanding of the omnichannel experience and are better positioned to drive change. These organizations are 4 times more likely to have improved messaging and nearly 3 times more likely to have enhanced marketing. Moreover, they are twice as likely to have omnichannel strategies and roadmaps in place, highlighting their ability to influence growth and drive quicker business decisions.
- Investment in Omnichannel Intelligence: A remarkable 99% of industry leaders are planning to invest in omnichannel intelligence to drive business results. Respondents acknowledge the value that data and technology bring to their business strategies, with those already implementing omnichannel solutions reporting more consistent experiences (61%), improved ability to create long-term data-driven strategies (47%), and enhanced customer loyalty (36%).
The study underscores the necessity of obtaining a comprehensive understanding of ever-fluid market dynamics and evolving consumer behaviors. Piecing together this puzzle remains challenging due to disparate data, conflicting business objectives, and the proliferation of tools that hinder companies from fully grasping and improving consumer experience delivery. This comprehensive study highlights the critical need for organizations to embrace omnichannel intelligence as a key driver of growth and transformation. By understanding and addressing these challenges, businesses can unlock the full potential of their consumer experiences, make more informed decisions, and adapt swiftly to ever-changing market dynamics.