5 Surprising Stats Around Retail & Big Data
Data is becoming less of an option and more of a must-have in retail.
Here are 5 stats on the future of retail and big data…
By 2017 most companies will have moved from annual or quarterly research and analysis to daily to meet the needs of their consumers (Gartner).
Retail is changing so quickly and competition is growing at an exponential rate so that soon any sense of sustainable competitive product/service advantage will vanish. To keep up with consumers, retailers and brands will have to move towards gathering feedback from consumers in as close to real-time as possible.
In-store analytics offers a $61 billion value stake for retail (Cisco).
Growth in in-store analytics is helping traditional brick-and-mortar dinosaurs bite back. Brands inside retailer locations can now get highly precise analytics around how shoppers engage with their products or displays and measure ROI. Likewise, retailers can get analytics around how shoppers travel through their stores, respond and interact with their merchandising and navigate their categories or departments to optimize their store marketing and operations for maximum ROI. According to Cisco’ study, right now in-store analytics actually has a potential value stake of $61 billion through 2018, specifically for its ability to improve workforce efficiency, provide real-time information, offer operational analytics and shopper analytics.
Companies that have captured the full customer journey by integrating multiple sources of data are generating up to 8.5X higher shareholder value (Harvard Business Review).
Right now retailers and brands alike are racing to figure out how to create the seamless omnichannel journey for online to in-store attribution. As I mentioned before, advances in CRM tools and in-store analytics are making this a reality by closing the analytics blindspot that has typically been brick-and-mortar. And, already some retailers and brands are starting to take advantage of this.
54% of consumers would consider ending their relationship with a retailer if they are not given tailor-made, relevant content and offers (CMO Council).
A unified view of the consumer is only the first step. One end goal for many however will be using that real-time data to deliver more targeted and personalized experiences across devices and channels. Already companies like Macy’s are exploring mobile messages and offers based on location. And, rightfully so, many studies of shoppers have indicated their desire for hyper-relevant, personalized customer experiences.
One in three shoppers has purchased from a company or brand other than the one he or she intended to because of information received in the moment (Google).
The next layer on top of these personalized experiences will be using that real-time data to deliver more in-the-moment experiences, or experiences that react to consumers and their needs in real-time. For example, a consumer has just picked out a dress in-store. What if a digital screen in front of her immediately changed to show recommended accessories along with where to find them?
Without a doubt big data is changing and will continue to revolutionize retail. Are you ready?
Also Check Out…
Retail Analytics: Understanding the Options
Learn everything you need to know about in-store analytics to make the right choice for your brand.