The retail sector is part way through a transformation from an information-poor environment, in which anonymous customers paid by an anonymous method, to an information-rich one involving e-commerce, loyalty schemes, electronic and plastic payments. Retailers appreciate the value of this information for their businesses, but transaction data, containing additional information about what was bought and when, is now becoming available.
Individuals can use the new information to understand their own behaviours better: to spot trends, set budgeting and other targets, manage guarantees and warranties and make better purchasing decisions.
For retailers, providing customers with the tools to manage the information is fast becoming a new competitive battleground – one that will become fundamental to customer loyalty in the future. As individuals store this new information, they create a new data asset that’s hugely valuable to retailers.