How Big Data and Sales Analysis is Changing Retail
Big Data is the big thing in the retail world and for those with their ears to floor, this is the next big wave of consumer pickings.
Nevertheless, it seems that there are far too few who truly understand the value of this opportunity and so this article will cover and in-depth study of what Big Data can mean to you and your corner of the world.
The Entire Marketing System Has Been Revolutionized
Today the idea of shopping around has been greatly facilitated and a consumer has no need to wade through promotions or items of no interest on their way to the best deals and retailers who have a keen insight on their demographic manifest in timely promotions and relevant deals.
Big Data in action: Newsletters can be sent out that are built around the desires, interests and even shopping habits of the consumer. These can be used to make a repeat offer on an item that the customer had been interested in but chose not to purchase for some reason or other.
Capitalizing on the shopping behaviour of an individual is now far moe comprehensive and specific — this leads to changes that re implementable and more effective.
Learning how to read and understand shopping trends is an essential part of meeting the needs of a demographic. This is a place where Big Data is providing up-to-date and pertinent information that used to come in slow and dated monthly reports.
Big Data in action: With the precision application of big data point of sale system can be updated promptly with important data provided by the needs of the customer. These can then be programmed to order necessary stock and this ensures that those items that will be in higher demand are never out of stock at high season.
Bricks and mortar merchants are finally getting a well-deserved break
The brick and mortar locations are seeing some of the toughest competition ever. Not only is the retail market in general a tougher gig than ever, but the competition with online purveyors, the notorious laziness of the consumer, the pressure from the big corporate competitors and their low prices and finally topping off with the troubles of rents, taxes and maintenance affairs that rise higher as the years roll by.
But, there is a ray of hope, big data is providing the essential market insights on in-store consumer behavior that can allow these locations to offer a customer experience that blows the internet competition right out of the water.
Big Data in action: Point of sales has seen a great improvement from the applications of big data which has led to more intelligent features built on these insights. These include loyalty programs and other data fed features that track the actions of customers within a store, this allows for the most efficient sales floor plans ever seen.
Pricing strategies are getting smarter
Getting the price perfect has always been critical to a sales campaign, today with big data driven insights the price can be set according to the demands of the market at the time and the particulars of the consumer. Take a look at here at this blog from Capita ITR on how analytics are helping sales
The logistics of suppliers can be streamlined as well.
The world of logistics involves every aspect of delivering, restocking, providing and even inventory management as well as every other aspect in between. This is one of the ways in which retailers can implement loss prevention protocols. A few years back all of this information would have been based on analytics of dated reports, but today all of this is accomplished in real time. This allows operators to manage their operations efficiently.
In the end, it is obvious that big data lies at the heart of an effective marketing campaign in any regard. From the competitive world of online marketing to the particulars of running a physical location, Big data is there to provide the crucial details that make the vital connection between merchant and consumer.