Data collection has been a crucial part of retail for more than a decade, but far too many in the industry still struggle to glean value from the growing abundance of information. Knowledge is power, but only if those who wield it know how best to derive value from the intelligence.

When exercised properly, sales data can fuel cutting-edge personalization efforts, provide a holistic view of the customer, and help brands take their marketing to the next level. However, the relative ease of data collection coupled with the challenge of analysis leaves many brands without a clear strategy for best leveraging the data they already have while seeking additional sources to fuel their transformation.

By combining a comprehensive collection of data with retail science, retailers enable next-level business thinking, including accurate demand forecasting, customizable marketing, and optimized omnichannel inventory. At the heart of these outcomes is the need for thorough, structured customer data and a platform to help retailers put it to use. Below are three real-life retail business opportunities where using such data can help brands build a more personalized shopping experience and take their offerings to the next level.