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Besides the fact that big data analytics is helping those in the retail sector understand their customers far better, making the experience more personal, engaging and initiative at every stage of the buying journey, it also has notable benefits in other areas:
Demand: By understanding data-based insights on customer habits, retailers can understand which of their products and services are most in-demand and which ones they should potentially stop offering. Not only can these insights serve to save money and where to place investment, but it will also help brands to give the consumer exactly what they want.
Prediction: Trend forecasting algorithms in big data can help brands make key market predictions and forecast consumer trends. Thanks to professional data alerts, retailers monitor the demand fluctuation in real-time, and can develop products that will provide them with the best return on investment.
Pricing: By gaining access to insights on real-time customer transactions, retailers can gain a better understanding which prices yield the best results on particular products. Big data technology can also be utilized for ‘markdown optimization’ – an understanding of when prices on particular items should be dropped. Retail giant Walmart has reaped the rewards of real-time merchandising, and as a result of its success, the brand is now in the process of building the world’s biggest private cloud in a big to dig even deeper into the behaviour of its customers.
Cross-channel: In today’s world, the omni-channel experience is a big deal. Google research suggests that 98% of Americans switch between devices in the same day. As mobile technology and social media become all the more sophisticated, consumer craves a retail experience that offers value across a host of mediums and devices. Retail big data gives brands the power to harness insights extracted from these various devices and mediums to create campaigns, initiatives and offers that create a buying journey that works seamlessly both in a digital and physical sense. And as retailers that adopt omni-channel strategies earn 91% greater year-over-year customer retention rates compared to companies that don’t, this is an area that you can’t afford to ignore.
In summary, by using big data analytics to your advantage, you will be able to understand the wants, needs and desires of your customer base, understand demand, predict priceless market trends, make smarter pricing decisions and create valuable cross-channel shopping experiences. In turn, these efforts will boost your brand awareness, customer loyalty and conversion rates exponentially.
Now you understand how you can use big data to gain an all-important competitive edge, let’s look at some big data in retail examples.
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Brands Benefiting From Big Data And Analytics
In the world of retail, many innovative brands and businesses have already seen great results from using big retail data to their advantage. These big data retail use cases will show you how.

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