Retail customer intelligence and other forms of data analysis can help businesses target their advertising strategies and optimize store operations. However, while Big Data is on the rise, many companies are struggling to make effective use of the information they have gathered. To achieve the greatest gains from retail data, merchants need to implement the right tools, processes and support.

Only four percent of businesses believe they are managing data effectively, a KMPG​ study revealed. Although nearly all companies think data and analytics is important to their business, the majority find it difficult to use the information to make strategic decisions, and many struggle to integrate data technology into their systems.

As they struggle to take advantage of the possibilities offered by retail business intelligence, American merchants are falling behind their European counterparts on predictive analytics. According to Computer World, U.S. retailers are using predictive analytics only for email, whereas European companies are finding additional applications for the data. However, European retailers could learn from U.S. companies in areas like customer data banks and multi-channel data integration, the source said.

In an effort to solve some of these deficiencies, businesses are expected to invest more in retail technology that assists with Big Data insights and real-time analytics, RIS News reported.

This entry was posted by Retail Pro on Sunday, January 19th, 2014 at 5:42 pm .