Compass UOL: Retailers Look to Data to Dunk Inventory and Lift Profits
A play to engineer years of customer data into quick decisions
Retail executives are willing to change years of industry practice to adapt to emerging digital ways, and that is why they are listening to Brooklyn Nets player development coach and NBA champion Tiago Splitter talk about using data for faster decisions.
Customer behavior is harder to predict than in the past, so the retail industry is looking into using all the data in their systems to give them flexibility of a pro basketball player to quickly change their client services, store lineup, online offers, and payment methods to keep fickle buyers engaged without resorting to discounts that will eat into their profits.
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Data is abundant but engineering is hard. “Together with the inspiration for a new strategic vision for their business, people need an MVP or minimum viable product to get that tangible outcome that will start the change in pace,” said Compass UOL’s CEO Alexis Rockenbach, who is hosting Splitter’s conversation with retailers.
Rockenbach makes a point of using the opportunity to give his clients the confidence to pick their way among hundreds of technologies available to the task, including ecommerce, data analysis, “big data,” artificial intelligence, CX or customer experience, DeFi or decentralized finance, instant payments, and many more.
As he surveys his audience from his 6′ 11″, Splitter agrees. “Players take their time to try new things in the court and data can give them the boost they need to take the first step. The experience applies to basketball, to retail, and to life,” he says.
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