Three Must-Haves for Your Modern Retail Data Stack

Retailers are increasingly relying on data to navigate shifting customer priorities, especially amidst the COVID-19 pandemic. Modern data architecture is crucial for retail success, providing insights that help businesses remain relevant and outpace competitors. The type of data needed varies by sector, but generally includes customer views, product inventory, pricing information, supply chain insights, and cost reduction strategies. A modern data stack (MDS) can blend cloud-based sources with on-premise solutions, offering elastic scalability and automated updates to support decision-makers with up-to-date information. Key components of a successful MDS include data connectors like Fivetran, the Snowflake Data Cloud for warehousing and data lakes, and visual analytics platforms like Tableau. To leverage these tools effectively, retailers must prioritize data access, transparency, and literacy to create seamless workflows and generate valuable insights.