Big data and analytics are the buzzwords of the industry right now. It’s never been easier to collect vast amounts of valuable data from a vast array of devices and touchpoints - but how do retailers make the most of these kinds of technologies?
As retail becomes increasingly complex and competitive through the presence of ‘omni-channel’ and higher and higher demands from customers it has never been more crucial to collect and analyse your data. Michael Ross of eCommera commented in an article published today that for almost every decision retailers are required to make there is data available to inform them.
It has never been more crucial to collect and analyse your data
Although big data can’t just be big - it needs to be smart. A computer program can quickly spot significant connections between data variables but these connections might not be meaningful. For retailers, understanding and interpreting the significant connections in a huge dataset can be daunting - especially when skills in this area are in great need of development.
To help retailers deal with this enormous task there has been an explosion in technology innovation in this sector. Yet Michael Ross of eCommera stated in the same article that simple business intelligence reporting is no longer enough - decision intelligence is what is really required.
At Clear Returns we would take this one stage further, forecasting decision-making using big data. Neil Ashworth, CEO of Collect+, stated in a recent article by NACSOnline that retailers currently have access to hindsight and not real insight.
Retailers should be looking for solutions based on their business challenges that will allow them to make real-time decisions
Retailers should be looking for solutions based on their business challenges that will allow them to make efficient and profitable real-time decisions. John Lewis is an excellent example of a retailer who has achieved exactly that, the article by NACSOnline details a project the company took on giving 30 British technology companies the opportunity to build solutions for their key business challenges - which became so successful that they are now making it an annual competition!