Data: Is there a new way forward?

Following the latest ecommerce event at Lord’s Cricket Ground in June, the eWholesale Collective asks if there’s a better way for the sector to use data

In June, wholesalers came together to discuss the opportunities and challenges posed by ecommerce. The eWholesale Collective, which comprises Carlsberg Group, Mars Wrigley, PepsiCo, Red Bull and Wholesale News, is keen to capture that insight and share wider for the benefit of all.

One of the key issues to emerge was the issue of data, and how the wholesale sector can really make the most of it. For years, it has been impossible to attend an industry event and not hear repeated reference to ‘data’ but feedback from the event revealed that, for many wholesale businesses, there is a lack of clarity around what ‘data’ actually means in reality.

In short, data is all the information a business holds on their customers and their shopping behaviours. From the way orders are placed, such as telesales, in depot, online, via an app and so on, to the products most regularly purchased, to the invoice total and time spent placing the order, this is all powerful information that can be used to shape your ecommerce strategy for the future.

QUALITY

A big challenges facing wholesale is how to make sense of such a mountain of information. How can you ensure the data is correct and worth keeping? We all know the phrase oft-repeated ‘rubbish in, rubbish out’ so it is a sector-wide challenge to ensure that any information stored for analysis is the best possible quality to ensure the best results.

There have also been many conversations around the commercialisation of data. This data, which can shine a bright light on how sales can be increased and opportunities to upsell and increase basket spend, carries a value, and in the past, wholesalers have expected this to be recognised by suppliers.

However, there is another way forward which follows the spirit of collaboration that was seen so overwhelmingly at the event. Wholesalers, would you consider sharing your data, free of charge, with engaged suppliers, but with the expectation that those suppliers will then work with you to actively drive sales and increase your profitability? In exchange for this information, you can hold suppliers to account to drive both businesses forward and create a partnership in every sense of the word.

Sharing data to shape future strategy can lead to genuinely powerful results, so wholesalers, ask yourselves, are you prepared to give it a try?