Future Trend for Retailers-Big Data

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Big Data

Future Trend for Retailers-Big Data

Discussions on big data continue to come up when considering the future of retail. Data is not a new phenomenon is it increasingly important to the retail industry.
The internet of things and social media analytics creates a greater source of data for retailers to analyse, gain insights and adapt to their strategies.
However, retail has always been a data-intensive industry.
As the tools available to store, manage and analyse this data continue to evolve, the role of customer data plays a key part in retail decision making and customer engagement.
According to SAS, data can determine: root causes of failures, issues and defects in near-real time, generate coupons at the point of sale based on the customer’s buying habits,
recalculate entire risk portfolios in minutes, detect fraudulent behaviour before it affects the organisation.
Data plays a crucial role in customer engagement and retention.
Understanding customer data gives great insight that can be used for effective marketing, targeting and communications.
According to Spiegel (2014), the future of big data lies less with the numeric insights and more with the emotional understanding of customer’s choices and behaviours.
With these insights, retailers and marketers can connect with customers and gauge their customer’s next move.
Big data is about to make some big moves in Western Europe.
In September 2014, the International Data Corporation (IDC) forecast that spending on big data technology and services in Western Europe would rise from $2.3 billion to $2.9 billion between 2013 and 2014.
And that’s just the beginning, as IDC estimated big data technology and services expenditures would reach $6.8 billion in the region by 2018 (eMarketer, 2014).
Although investment into harnessing and using big data is on the rise, most companies and retailers face the challenge of interpreting the data gathered.
“The growth of big data exceeds the capabilities of most companies’ IT infrastructure and largely constitutes “greenfield” computing and data management problems (Schlegelmilch, 2016).
Read more: https://www.azpiral.com/digital-technologies-influence-retail-sector/

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