Retail Data & Analytics: Part 3
In part two we explored how to capture in-store data, in this part we turn our attention to interpreting and visualising retail data into insightful information.
Today’s marketing demands right-brain thinking with a left-brain approach
Marketing managers are wading through a glut of multi-dimensional data. From understanding the big ticket strategy numbers such as share of market and year on year growth, to campaign performance and product/channel comparisons, to the tactics of individual store merchandising effectiveness. As the American Marketing Association says, the move has been from ‘Mad Men’ to ‘Maths Men’,
“If the 20th century was all about the creative, the 21st century is all about the numbers” AMA
Data visualisation is a merging of right and left-brain activity
Data visualisation has many benefits;
- It’s well-presented and easy to interpret in an age where democratising the data is desirable,
- It gives the data comparative context (be it historical or geographical),
- Visualisation highlights trends and patterns for predictive analysis,
- And, it encourages further drill down, investigation and greater knowledge creation.
Often the dashboards created to convey the data visualisations also operate in real-time, encouraging quick identification of underperformance and a fast feedback loop to correct issues.
What makes great data visualisation?
The diagram below, from the brilliant ‘Knowledge is Beautiful’, introduces four ingredients to create effective data visualisation; information, story, goal, visual form. If one of these components is lacking, then the result will not be as effective. A point to note is the need to understand the ‘goal’, a comprehension of ‘what good looks like’ before you begin data capture as a necessary part of good data visualisation.
Green Room’s Data Visualisation
We understand the importance of data capture at retail and go one step further by recognising the need to integrate the retail data into the bigger brand picture. Data capture was a big part of the Sun & Sand Sports flagship store in Dubai, and also our Retail Design Expo stand.