There’s an abundance of data available, with retailers capturing exabytes of information about their customers as well as their own operations. With every click, search, browse and ‘like’, a consumer information trail is left behind. RFID, social media, smartphones, websites and video analytics are among the sources of information that are being captured in massive databases. Huge volumes, variety, high speed and uncertainty about the reliability of the data all add to the complexity of the new Big data era.
Many retailers still struggle to find solutions that capitalise on this wealth of data
Although the retail industry is a perfect landscape for flourishing business analytics, many retailers still struggle to find solutions that capitalise on this wealth of data. The challenge is to generate insights from the data ocean that can be blended with the same elements that have always defined retailing (right product, right price, right place, right time). Those who best know their customers and are able to leverage that knowledge to provide a superior customer experience will prevail. However, it’s often difficult for top management to decide where to put their efforts, to weigh up what it takes, and to choose how to start.