The Very Group: The DNA of Data Value Creation Through AI

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• Table of Contents (8 pages)
• List of Figures (4)

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Abstract

This IDC Perspective analyzes how leading U.K.-based multicategory online retailer and flexible payments provider The Very Group conceived a data framework, the DNA, to leverage data for business improvement and continuous transformation. The report highlights the initial context and challenges Very faced, the steps in the development of the DNA framework (created in partnership with cloud-computing provider AWS), the goals achieved, and the business value generated through this journey.

"In digitally advanced retail, data has become the most precious resource for companies," said Filippo Battaini, research manager, IDC Retail Insights. "The Very case study shows how companies can better leverage their data assets through advanced analytics and foster partnerships within and outside the organization to streamline their businesses and enhance customer experience."

Ornella Urso, head, IDC Retail Insights Europe, added: "The Very Group's innovative approach, developed using AWS technology, is a great example for the industry regarding the power of leveraging AI/ML capabilities in retail. Fueled by generative AI, the opportunities for retailers to use data and analytics to improve customer experience and internal processes are enormous. At IDC, we see improving product data as a top use case for retailers, and The Very Group taps into that with its initiative to use generative AI to improve product descriptions and images. In the long term, tapping into generative AI not only brings innovation at the forefront of the retail industry, but it is also aligned with The Very Groups' continuous efforts to improve the buying experience of its customers."

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