How are retailers using Big Data for their operations?
Big Data is a term that has been used a lot recently, as businesses are learning how to take advantage of the information they have to improve upon their operations. Big Data is making its way into the retail industry, as merchants are learning how to analyze information related to their customers, their sector and many other factors to enhance their strategies.
According to recent research from Monetate, the rise of online commerce has resulted in more Big Data use by retailers. But just how are they taking advantage of this valuable resource to drive their products, offerings and functions? The research revealed that as consumers are frequently using their mobile devices, as well as computers, to shop for and purchase merchandise, businesses are gathering the data from these transactions to gain more insight into what consumers' want and need. Elements such as social media, loyalty programs and review sites are also providing companies with essential Big Data, the source points out.
Monetate found that merchandising is the top initiative that retailers want to improve through Big Data, with 62 percent of merchants giving this response. This was followed by marketing campaigns at 60 percent and multichannel strategies at 44 percent. One tool that could significantly help companies with their Big Data use is retail management software, as these platforms give organizations one solution for maintaining all of their vital processes and procedures.
