The 5 Pillars of Data Quality

The 5 Pillars of Data Quality

Data quality has never been more important than a the present time. Whether required in order to perform an analysis of the latest marketing figures or as a means to gauge the effectiveness of a new type of software, little should be left to the imagination.

 

This is why industry experts have created five “pillars” which should always be included within any data mining project. Our team at Retail Shake has summarised each in in detail. Let us have a closer look.

Accuracy

 

How accurate is the information being collated? We are not only referring to updated real-time information in this sense (as will be discussed later). Accurate data should also be realistic in nature; particularly in terms of expectations. For example, is it logical to assume that all customers will be able to afford a specific product or service at its current price? Accurate information will ensure that it can be properly interpreted.

Reliability

 

Our data engineering specialists also place a great deal of emphasis upon the reliable nature of the information collected. Does it coincide with industry trends or might it instead be flavoured by in-house expectations? Ideally, any viable data should be backed up by similar industry-recognised findings and/or ongoing research. Otherwise, organisations will run the risk of taking the wrong decisions based off of spurious advice.

Completeness

 

How comprehensive is the data in question? Does it include all of the necessary parameters or are some fields unavailable? An example will help to cement this point.

 

Let us imagine for a moment that a business is collecting customer data to be used in an upcoming marketing campaign. Some client details are complete while others lack vital information such as active email addresses or social media accounts. In this case, gaps in the data will inevitably lead to an inefficient campaign.

 

There may also be times when incomplete data can result in sales professionals performing additional research that might not have otherwise been required. This takes away from their primary duties and once again, less-than-optimal results will be generated.

Relevance

 

Data quality is also centred around relevance. Some firms may attempt to collate as much information as possible. However, these details are of little value if they are irrelevant to the task at hand.

 

Firms must instead focus upon collecting only pertinent information that will have a direct impact upon the ways in which they approach a project. For instance, it makes little sense to accumulate information related to summer fashion trends when designing a wardrobe for the autumn. Therefore, analysts should modify their efforts so that the right data is presented at the appropriate time.

Timeliness

 

While there is much to be said about data quality in terms of longevity (sometimes known as its “evergreen” nature), there are also instances when updated information can render old approaches useless. If out-of-date details happen to be collected, the chances are high that incorrect decisions will be made.

 

A significant amount of effort should therefore be placed upon the assurance that any data represents the most recent findings. Companies might otherwise make incorrect decisions that cost time as well as money.

 

These five pillars of data quality represent extremely powerful tools when used correctly. Unfortunately, some analysts fail to take such concepts into account. This is also why a growing number of customers are choosing to partner with the team at Retail Shake. Transparency is paramount and we guarantee that our services will always reflect the latest industry trends.

 

Data mining is both an art form and a science, so why leave anything to chance? Our team is always here to help.

 

Digital pollution, how to choose the right partners ?

Digital pollution, how to choose the right partners ?

Digitalization has been one of the most influential processes of the 21st century. In a relatively short period of time, technology has permeated virtually every aspect of our personal and professional lives. Although there’s no denying that the digital world offers many conveniences, it also comes with drawbacks that must be considered.

Digital pollution is one of the consequences of an increasingly tech-reliant society. As it happens with other forms of pollution, minimizing its impact is a collective responsibility in which businesses have an important role to play.

In this article, well consider the importance of choosing the right providers in your strategy to limit digital pollution.

 

Key facts and figures

 

Digital pollution is caused by three main factors. First, we have to run digital communications, such as data centers, cables, and antennas.

The energy input needed to extract raw materials and  build digital infrastructure and devices is another source of pollution, especially in corporate environments. According to a Forbes survey, the average worker uses more than 3 devices. 

Lastly, even the most basic digital activities have a carbon footprint. For example,  a couple of online searches  per day generates nearly 10 tonnes of CO2 per year ; and the annual carbon footprint of 20 daily emails is similar to a 620-mile drive.

 

Why digital pollution matters in the business world

When digital infrastructure and online activities are taken together, they account for approximately 4% of all greenhouse emissions. The magnitude of digital pollution highlights the responsibility that businesses have in becoming more aware of consumption and its environmental impact. In an increasingly eco-conscious world, developing this awareness is a real strategic choice.

By taking meaningful action, business leaders can set a powerful example, inspire others to do the same, and build a reputation that sets them apart from competitors.

 

What businesses can do to minimize Internet pollution

 

Bringing digital sobriety into corporate culture is one of the most effective ways of reducing the impact of online activities. To achieve this, you can rethink tech use in your company and implement a variety of strategies, such as:

– Encouraging employees to adopt good inbox management practices. This is important to avoid making excessive use of cloud resources, which are estimated to have a bigger impact than the airline industry.

– Creating a no-standby devices policy.

– Keeping emails “light” (no unnecessary cc, being mindful of attachment size, and using plain text instead of HTML emails).

Choosing the right partners for an even bigger impact

 

In addition, it’s also useful to create a network of partners who share your commitment to digital sobriety. To do this, you can : 

– Choose suppliers who already implement the measures described in the previous section.

– Analyze your supply chain and prioritize companies that share your values (for example, choosing providers of refurbished devices instead of buying new by default).

– Pay special attention to data storage and collaborate with vendors that implement green data storage practices.

– Choose a business intelligence software tool that consolidates all your data while keeping its environmental impact to a minimum.

Strategically choosing your partnerships can elevate the impact of corporate actions created to minimize digital pollution. When you do this consistently to the point that it becomes an integral part of your corporate ethos, you’re helping create powerful networks whose high impact will be felt now and in the future.

We encourage you to contact RetailShake to discover how our business intelligence solutions can facilitate your journey towards more sustainable practices.

Price war: how not to go crazy ?

Price war: how not to go crazy ?

Since the end of 2021, an inflationary context has disrupted the entire market economy. This is due to rising energy prices, but also to a misalignment of supply and demand during the post-covid recovery. For purchasing managers and product managers, the subject of price variation is becoming the number one concern. Let’s find out how retailers can deal with this period of uncertainty without tearing their hair out with Retail Shake.

 

How does the inflationary context impact on retailers’ purchases?

 

Driven by different crises, the world economy is experiencing a period of inflation that is expected to last until 2024. The cause is energy and raw material costs. The rising costs of these two pillars of the manufacturing industry are having a domino effect on consumer prices.

 

Retail and marketplace distributors of manufactured products are particularly exposed to these developments. Indeed, although volatility also affects services, consumer goods prices remain particularly exposed to increases.

 

While in the past supplier-distributor relationships were relatively fixed, today purchasing managers must diversify their supplier portfolio more. In the face of inflation, purchasing managers are therefore required to make their sourcing network more effective.

Price variation of a lamp But on the marketplace Rue du Commerce

Why focus on price monitoring in times of inflation?

 

In the face of inflation, price monitoring has become even more strategic in the sourcing sector. A detailed knowledge of a product’s prices is now essential. Better still, this parameter plays a role in the ability of buyers to anticipate developments in this period of economic uncertainty. 

 

During this period, planning remains the keystone for product managers responsible for purchasing and supply. In order to be successful, retailers have to look at different scenarios, with varying degrees of optimism.

 

In order to implement such projections, buyers need to be able to rely on the evolution of reference prices. By combining this knowledge with that of their own market, they can implement a resilient commercial strategy.

 

Moreover, knowing the competitive pressure and defining a relevant pricing strategy are strong assets in times of inflation. In this way, price monitoring becomes one of the major levers for anticipating the effects of inflation.

Thanks to its 360° tool and data science, Retail Shake offers instant price indexing of millions of references. With more than 13,000 brands indexed in retail and marketplace, it is the certainty of always having the right information, at the right time.

 

How does Retail Shake support companies in the price war?

 

The importance of the time factor in decision-making.

 

Already important in the past, the speed of decision-making is becoming even more strategic in the context of inflation. In fact, effective sectoral monitoring of the entire market requires rapid information. In the context of price volatility, it is strategic to quickly benchmark any reference.

 

Confronting inflation with peace of mind thanks to Retail Shake

 

With this understanding, Retail Shake deploys all its engineering in the service of its application to increase the speed and reliability of decision making. Supported by artificial intelligence, you benefit from results that are relevant and make real sense for your decision-making process.

 

With Retail Shake, you can face inflation with confidence and guarantee reliable sourcing without the headaches!

 

Choose the best photos for your product descriptions

Choose the best photos for your product descriptions

These days, no product photos can mean no sales. And no photo or bad quality photos can push sales down by 60%! Of course, it depends on the product. A photo of a screw is less important than photos of a sofa. We’ve all shopped online… Who can trust a product without photos?

An image is worth a thousand words.

Consumers need to see a product before they buy. How does it work? Not just any photo will do. Your photo needs to sell.

 

A good photo attracts the eye.

 

When a consumer arrives on a product page or a product list page, their eye is intuitively attracted to the photos. Some photos attract the eye faster than others. Cut-out photos or the photos where the product stands out clearly from the background attract the eye first. That’s the first image to use to present a product. Because you need more than one – at least four actually. Why?

 

The aim: Four pictures

The consensus among professionals is that most consumers have enough information with four photos. Any more is superfluous. Consumers feel reassured they have enough information about the product and are ready to buy.

 

Here’s an effective solution: 

1 • Photo 1 – cut-out

The photo shows the whole product cut-out. 

The consumer can confirm that it’s what they are looking for.

2 • Photo 2 – scenario

The product has been referenced correctly.

The consumer can check the size and colour of the product, and any accessories.

3 • Photo 3 – zoom

Zoom in on the product to focus on an advantage. You can use more than one zoomed image. Let’s call them 3a, 3b, etc.

The consumer can check out all the positive features of the product. 

4 • Photo 4 – reassurance

The product is shown in another situation.

The consumer feels fully informed about the product. That feel they won’t learn any new information from more images. They are reassured they have full knowledge of the product. They go to the next step, either reading the description or buying.

Show off the product with images

A beautiful, very sharp photo with the right light and good colour definition is pleasing to the eye. 

Any effort the consumer needs to make is an obstacle to a sale.

If the image attracts the eye and gives immediate and helpful information, you speed up the sale.

Advertisers have understood the importance of images for sales for a long time. A good photo puts a product in a positive light. How? Here are some tips.

  • Place the product in the centre – make it the focus.
  • Put slightly more light on the product – make it brighter and more attractive.
  • Make the product occupy three-quarters of the image – make it the centre of attention.
  • Ensure the definition of the product is sharp – the texture is so clear you feel like you can touch it.
  • The product is immobile – it’s available, waiting for the buyer.

Other types of visual content can help consumers decide:

Demonstration video

Quality labels or certifications, brands and logos

Diagrams explaining complex use

Use Google Image

Don’t forget to take into account the constraints of Google Image. More and more consumers search for a product without even knowing its name. They simply drag the photo into the search engine which then offers them products.

Similarly, when a consumer searches for a product, Google puts images at the top of the first page of results or SERP. 

Hence the importance of images meeting search engine preferences to be sure to be selected.

  • JPEG format
  • Less than 150KB
  • 700 x 600 pixels
  • Subtitle featuring an alt tag identifying the product

 

How Retail Shake helps you choose

With Retail Shake, you can view the photos of your products and your competitors’ products. You have an overall view of the photos in product sheets on the market. You’ll know how to improve your photo to make it stand out.

For example, if your product has a special characteristic or a technical or design feature, it should be highlighted in your photo. This helps potential buyers to identify it. Retail Shake helps you stand out from your competitors! 

 

How to effectively evaluate the competition in 5 steps

How to effectively evaluate the competition in 5 steps

Benchmarking is a means by which a business analyzes its performance in relation to the closest competition. First introduced as far back as 1979, this practice has now become commonplace throughout the professional community. Not only can benchmarking provide second-to-none levels of insight and clarity, but it is often employed to shape future strategies in order to remain one step ahead of the game.

There are nonetheless some professional tips and tricks to embrace to make the most out of this type of analysis. It is wise to take a closer look at some crucial takeaway points so that the right decisions can be made at the appropriate times.

 1. Identify the Primary Competitors

 Industry intelligence will arise as a result of highlighting the relevant competition. Once these companies have been identified, pertinent factors such as pricing points and ongoing marketing campaigns can be analyzed. Furthermore, narrowing down the competition will provide more concise results and help to avoid spurious data that might otherwise lead to the wrong conclusions.

2.Highlight the Metrics to be Measured

 What variables will be considered during the benchmark process? Although these may differ in accordance with the business in question, here are some common examples:

 – CRM (customer relationship management) techniques

– Website optimization and layout

– Online marketing channels used

– The price of products and/or services (known as a competition price survey)

– Social media presence

– Client satisfaction rates

 Clarifying these and similar themes will help provide actionable results which can then be incorporated into an ongoing marketing campaign.

3. Note the Major Disparities

The efficacy of any competitive intelligence campaign will depend upon what differences are noted and how these impact the organization as a whole.

 

For example, an ongoing price watch may indicate that the cost of a product needs to be adjusted in order to keep abreast of a local firm. Perhaps a close competitor enjoys a much higher social media following. This scenario indicates that more focus needs to be placed upon developing a stronger presence within these circles. The main takeaway point here is that understanding the strengths and weaknesses of the competition is the first step towards leveraging the appropriate solutions.

4. Implement the Appropriate Changes

 Assuming that the above steps have been completed, it will then be necessary to enact the changes themselves. Note that some modifications (such as offering a specific discount) may yield results quicker than others (such as developing a solid presence throughout social media portals).

 

It is normally best to delegate these actions to a dedicated in-house sales and/or marketing team. This will likewise provide the insight required to better appreciate if further adjustments may be needed.

5. Proactively Monitor the Results

 One final strategy that is often overlooked involves monitoring the impacts of a benchmark analysis. This is crucial, as some strategies may work better than others. Simply stated, it is always better to ask “how are we doing?” as opposed to “how did we do?”. The good news is that cutting-edge competitive intelligence tools such as those offered by Retail Shake will help to take the guesswork out of the equation.

 Businesses can now employ bespoke centralized software platforms in order to monitor the results of an ongoing campaign while keeping track of important metrics. It is likewise possible to share this information with other stakeholders; dramatically reducing the time required to appreciate the results of ongoing efforts.

Benchmarking should represent a crucial facet of any well-rounded approach to industry intelligence. Following the recommendations highlighted above will ensure that the right decisions are made at the appropriate times.