Big Data: What's the Big Deal?
Data volume, variety and velocity is not big news. Putting it to good use is. Clubcard schemes for example have made retailers accustomed to the collection of large amounts of data but now this information is being supplemented by a whole range of new data sets. Fresh opportunities are being offered by the exponential growth in data from smartphones, apps, social media, wearables and in-store activity recorded by beacons. The ability to analyse all of this in real-time is giving retailers an unprecedented opportunity to use it to improve customer’s omnichannel experiences while driving increased value and efficiencies to their stores and employees.
Whilst this use of information technology and digital data is instrumental in boosting the profitability of individual players and the productivity of the entire retail sector, unless a strategy is in place there's little value in spending significant sums of money just to aggregate, sort or cleanse it. Using data aggregation technologies to bring together information, from customer age, gender and location, to sales or search history, can create a Single Customer View (SCV) to uncover hidden insight which allows brands to cross-sell intelligently. This allows retailers to move beyond just recommending products to customers based on their shopping history or recent behaviour, and instead personalising the whole end-to-end experience.
Clever thinking and smart technology is key to delivering true competitive advantage and retailers need to put their data to work to improve their customer’s omnichannel experiences while driving increased value and efficiencies to their stores and employees.