Study highlights the opportunities of commerce data for retailers and brands

Criteo, the commerce marketing technology company, has released the results of a study conducted in partnership with Forbes Insights, "Opportunities through Commerce Data: How Collaboration Levels the Retail Playing Field". The study, which surveyed 500 global marketing decision-makers from a range of industries, examines the role of data in helping retailers compete in a rapidly changing marketplace. The results show that brands and retailers not only recognize the potential of data, but also see collaboration and pooled assets as a way to better meet customer needs, create added value and remain competitive.

"The retail sector is currently experiencing a major upheaval. What we are also noticing: Brands of all sizes also understand the enormous importance of data. They are working to leverage it and recognize the opportunities to create competitive advantage through collaboration," explains Bruce Rogers, Forbes Chief Insights Officer. "Data is an equalizing moment in today's world. The decision-makers surveyed have recognized this and see a collaborative approach as the key to gaining the upper hand in the battle for customers."

Important results of the study:

The upheaval in retail is changing the entire commerce sector: Brands are concerned that the online and offline giants could restrict access to their products, while smaller retailers in particular fear that customers will turn their backs on them.

Brands and retailers are aware of the potential of data, but are unable to exploit it: Almost four out of five brands and retailers use customer data as part of their business strategy. Although retailers have access to more (especially online) data than brands, they are less convinced than brands that they can use it to gain relevant insights. More data is therefore not synonymous with more ability to act.

Pooled data assets are the right way to build a head start: Brands and retailers recognize the benefits of collaboration and pooled data assets to meet customer needs and create business value. 71% of retailers are willing to contribute online search data to a shared data pool. 60 percent of those surveyed are already part of a data cooperation, with 70 percent of them being satisfied with both the cooperation and the data they receive. In addition, 72% of marketing managers cite increased sales as the greatest benefit of pooled data.

Added value for the customer drives the business forward: Forward-thinking brands and retailers know that data is the key to added value. 68 percent of respondents believe that their customers are satisfied with the use of data because it enables better targeted marketing. Nine out of ten companies also state that the importance of real added value has increased even further in the past two years.

Quality and confidentiality are key concerns: When asked about the biggest challenges when it comes to data, 66 percent of marketing managers said "ensuring data quality", while 65 percent said "ensuring data confidentiality".

"Marketing executives worldwide have recognized the upheaval in the industry. Leading CMOs are making great efforts to capitalize on the opportunities of this disruption," says Eric Eichmann, CEO of Criteo. "Understanding the benefits of data collaboration and building data pools is a big step in the right direction."

About the survey

"Opportunities through Commerce Data: How Collaboration Levels the Playing Field in Retail" is based on a survey of 504 marketing decision makers and was conducted by Forbes Insights. Respondents work in a variety of industries with a minimum revenue of $50 million, including department stores, fashion and apparel, and food and beverage. Participants were CMOs, heads of marketing and other senior marketing position holders at retailers and brands in France, Germany, Japan, the UK and the US. You can download the complete study here download free of charge.