Embracing our information economy means understanding that data is worth its weight in gold. Well, maybe not literally, but Big Data is a precious resource that can be mined for the profit. And the same comparison can be used for the use of that data. If you’re letting it gather dust while it lies on a shelf, you’re not using it correctly. Instead, analyse the data and use it as a way to gain the upper hand over competition. One industry where this particularly holds true, is the retail industry.
Mining for gold.
With an ever-increasing focus on Big Data, lots of tech companies are picking up that money can be made from data mining in retail. The result? Better, smarter, and more accurate software designed for crunching numbers. The better the analyses, the better the results, so the drive to become better at understanding data and implementing it always continues to grow. This leaves tons of options and strategies for businesses to decide what suits them.
Turning Data into strategy.
We’ve gotten to the point where cameras can be used for identifying shoppers‘ behaviour, creating ideal pathways through shops, and determining the best spots to put deals, special offers, and other eye-catchers. And not only visual records are measured. Digital beacons measure switched on Bluetooth connections, Wi-Fi routers measure the number of connected customers, and through the use of RFID tags inventory can be measured. Combine the variations and it becomes possible to accurately predict which customer buys what, when, and why. The possibilities are endless.
How the Big Data will hold up is still to be seen. It’s up to retailers to make the most out of these new innovations that, at the moment, seem like the golden ticket for brick-and-mortar retail. But, at the same time not losing track of e-commerce is vital for survival. This is why having an omni-channel business that combines online with offline is expected to be the next big thing, and the term ‘Retail Revolution’ was dusted off for 2017 to point out that the retail world is changing. And it’s happening now.
Join us for the next edition of Rotterdam Talks Tech on September 14 at Spaces Hofplein, this edition: The Retail Industry. We’ve invited industry professionals who are sure to inspire, so make sure to get your tickets here.