Some retail leaders boast about their expertise in handling data. In fact, according to a new report by Syndigo in partnership with Retail Dive, “Retailers Report Data Confidence, But They Also Face Data Obstacles,” a whopping 94% of the 200 US-based retail executives surveyed say they’re “excellent” or “very good” at getting useful insights from their data. But a closer look at the survey shows there might be gaps in their confidence. Here are a few highlights of what we uncovered.
Conflicting Confidence About Data Readiness
So what do these data-savvy retailers say they’re getting right? They claim some impressive success with insights into product and supplier data, but these positive self-assessments warrant closer examination, as the data reveals a more complex reality beneath the surface.
Despite all this confidence, things start looking less than perfect when you dig a little deeper. In fact, 98% of these same executives admit they face serious data readiness challenges.
The biggest headaches? They’ve got data scattered everywhere, from information trapped in data silos and fragmented sources to inaccurate and incomplete data.
Another area of weakness includes gathering actionable insights from product/supplier data, despite responding that they have confidence in this area—so there’s a disconnect. These problems could be due to data quality issues and insufficient analytical tools.
Time Waste Is Real Without a Unified Data View
The survey also reveals a significant operational inefficiency: every organization reports spending valuable time weekly searching for information or managing data across multiple platforms, which means that data silos and misalignment are a serious problem. Adding to this complexity is the fact that managing multiple systems is time-consuming and likely requires duplicate data entry.
The Product Experience Contradiction
While 93% of retailers rate their product experience delivery as “excellent” or “very good,” the data suggests room for improvement. A striking 99% of respondents identify ongoing challenges in:
- Consumer engagement innovation
- Brand imagery development
- Meeting evolving customer demands
This disparity between perceived performance and acknowledged challenges indicates an opportunity for strategic enhancement in product experience management.
Enhanced Content & Rich Media are a Growing Priority
Nearly half of respondents plan to enhance their product content and rich media. This could come in the form of:
- Detailed descriptions that go beyond basic information
- Better images and image galleries, with infographics or 360-degree views of products
- Videos that feature product demos or tours, zooms, how-to guides, installation steps, or testimonials
- Comparison charts that help customers quickly evaluate one product vs. another
Take Action Now or Sacrifice Growth
Retailers know the areas that need improvement to streamline commerce growth—it’s just a matter of having the right strategies and tools to achieve these goals. In terms of priority, more than half plan to improve their omnichannel experience, accelerate vendor onboarding, introduce new products, and invest in new technology.
The Bottom Line: There’s a lot of Untapped Potential
Retail executives might be a bit too optimistic about their current data game. The good news? They’re starting to admit there’s room for data management improvement for future success. Organizations that can bridge the gap between perceived capabilities and operational realities will be best positioned to thrive in an increasingly data-driven digital commerce marketplace.
Accelerate Commerce with Syndigo Product Experience Cloud for Retail
Syndigo Product Experience Cloud for Retail is a comprehensive solution that can help tackle many of these data challenges. It’s the only complete and composable solution designed specifically for retailers to manage and deliver accurate and engaging product information that customers expect on the sites they visit. It includes an integrated PIM that allows for quick vendor product onboarding, vendor master data management, and analytics that monitor data quality scorecards in real time to effectively address retailers’ top data priorities.
Opportunities to Extract More Value from Your Data
Download a complimentary copy of “Retailers Report Data Confidence, But They Also Face Data Obstacles” for additional survey insights to assess how your operations measure up and the actions you can take now to improve commerce growth.
