Why big data is powering today’s retailers
A solution for optimised business and customer engagement
‘Big data’ has quickly evolved from business buzzword to an enterprise essential. Driven by fierce multichannel competition and an increasingly discerning customer base, retailers are harnessing the power of data to stay ahead. From product selection and pricing to customer engagement, inside and outside the store, retail big data is proving an effective tool for driving revenues.
Modern technology provides ample opportunity for retailers to gather, analyse and react to how shoppers are behaving. The days of broad demographics are gone; replaced by a world in which companies can identify each customer’s needs in granular detail. Today, retail big data has the potential to drive improvements across every area of a business.
Getting closer to the consumer
Data analysis enables businesses to optimise their efforts and resources to match demand across the multichannel retail landscape. Selecting stock once relied upon lessons learned from previous sales. Today, predictive technology makes the process far more accurate.
Retail big data reveals how the modern shopper is behaving. By drawing on personal information, businesses can identify when consumers are most likely to shop, and which products they are most likely to want. This positively impacts operational decisions, from staff scheduling to when replenishment will take place – the aim being that no customer goes home empty-handed because they couldn’t find the item they wanted, or the right person to serve then.
Additionally, equipped with a clear picture of their audience and their behavioural trends, retailers can more effectively align their marketing strategies; working out what to sell them next, and delivering messages that speak to them more personally.
The value of analysis
By drawing on data gathered in-store, retailers can build an accurate profile of their shoppers and maximise ROI by responding to their behaviour patterns.
ShopperTrak’s Analytics Suite enables retailers to gather detailed in-store traffic, conversion and sales data, and supplement it with information from external sources. It then presents the findings on a clear, centralised dashboard, which can be customised for each user.