In the earlier articles on Big Data we have discussed:
- What is Big Data?
- What is the lifecycle of Big Data?
- Why is Big Data important?
- and are Small and Medium Enterprises embracing Big Data?
In this article, we discuss how Big Data can enhance next generation retail businesses.
With competition pouring from every direction of the globe, businesses are always on the look out on effectively and efficiently executing business. Businesses wants to be market leaders and don’t want to miss out on any opportunity to achieve their organization’s vison and direction.
In this article we also acknowledge that creative minds are very important and can never be replaced for decision making. Tools and technologies such as Big Data should be embraced to provide insights to marketeers and business to accomplish their vision.
From a previous retail business mindset of setting up stores country wide and accessible only for 10 hours a day, penetration of internet has changed the way retail organization run their business. Internet and online e-stores are changing the way retail organization does their business. Penetration of internet at every corner of globe, customers are given 24 hours access to online stores, accessing from various devices such as laptops, mobile devices and etc, shoppers are enabled with informed decisions and purchase products from anywhere and at any time.
Today retail organization and marketeers are looking for insights on some of the below,
- Capturing value and building relationship with customers.
- Understanding the marketplace and customer needs and wants.
- Customer-driven marketing strategy by involving market segmentation, market targeting, differentiation and positioning.
- Developing an integrated marketing plan which includes product, price, place, promotion, people, process.
- Competitive marketing intelligence about consumers, competitors and developments in marketing environment.
- Understanding consumer and business buyer behavior and patters.
- Developing new products and innovation and many more.
Data collected internally and externally from point of sales transactions, inventory status, pricing, competitive intelligence, social media, pulled together, executing statistics on centralized data warehouse and data marts, identifying patterns and correlating patterns will improve business outcomes. Customers can be offered with product recommendations or discounts based on insights put together.
Predictive analytics is often used as a form of business intelligence to know what products sell more on a particular day or based on some news posted in social media.
Retailers have been reaping benefits by analyzing data over many years. But most of the data currently used are structured data and often businesses and marketeers don’t understand why an immediate spike on sales? and thus fail to react to market conditions, sentiments, thus failing to stock up goods to meet the demands.
With the advancement in analytics using Big Data using both structured and unstructured data, Big Data will play a major role in enabling effective and building an efficient business accelerating strong growth and marketing functions.
Efficient and effective business outcomes undoubtedly will be achieved from innovative thinking, collecting the right data and our approach to analytics.