Groceryshop 2021 Solution Spotlight: 1010data
RETHINK Retail’s Solution Spotlight shines a light on industry vendors and what makes them distinct.
1010data empowers companies to monitor shifts in consumer demand and market conditions and rapidly respond with highly-targeted strategies.
The 1010data Insights Platform combines market intelligence, data management, granular enterprise analytics, and collaboration capabilities for better business outcomes. More than 900 of the world’s foremost companies partner with 1010data to power smarter decisions.
To learn more about 1010data, visit: www.1010data.com
One of the big problems and challenges we see for both retailers and CPG brands in the marketplace today, right? And coming out of COVID, I think, is one big thing that we see, the changes in consumer behavior. But the biggest problem or challenge we see is, I think with the retailer specifically, is they have all of this data. It’s in. It’s in different sets. They’re trying to understand loyalty, and sales, and supply chain, and forecasting, and it’s not all in one place. They can’t use it together. And so I think one of the problems that we solve is can you bring all that data together, use it together and provide actionable insights?
I would agree and that’s really all towards the ultimate goal of consumer understanding, which has always been a need. Everyone’s always wanted to understand their consumers. It’s more challenging today and therefore, the stakes are higher today because consumers have so many more options today, and they behave in so many different ways that it becomes more important to try to understand exactly what they’re doing and why they’re doing it.
One of the biggest challenges in data today is, again, there’s more and more data. There’s always more and more data. The big thing to solve for is how do I get access to that data quickly? How do I bring that data together? How do I determine what data’s relevant and what data’s not relevant? And how do I get it quickly into the hands of people that are going to make decisions in my business with that data?
Whether I’m a brand or whether I’m a retailer, how do I determine what do I not know? What is the data not telling me that I can then go out and arguably create more data, more understanding to drive my business further?
How do I tie supply chain to my forecasting to create sales analysis, right? So that’s a big problem, right? Because those sit in three different buckets in most organizations. And it’s not that they don’t have the data, it’s it sits in three different buckets. If you can bring that together to create, again, actionable insights, that’s part of what we do, is not only we allow you to put all that data into a single place, harmonize it, but then we provide insights that you would’ve never saw or found before.
That’s why people come to us. They come to us because they have a gap. They come to 1010. They have a gap in their e-commerce data.
So we can help them see into their e-commerce sales across multiple retailers, and categories, and brands, and Instacart, and those kinds of things. And that’s the gap we fill for a lot of people today.