Brisqq Blog From Data to Action: How Big Data is Redefining Retail Strategy

Big data is one of the hottest buzzwords of the moment, not merely in the retail world. Innovative technologies and IoT has opened new possibilities for gathering and interpreting customer data in retail. According to McKinsey, implementation of big data analytics could improve retailers operating margins by 60%. In the age of the e-commerce boom, it would be a mistake to assume that only online retailers reap the benefits of Big Data analytics. While e-commerce may have the advantage of some unique insights into their customer's online habits, brick and mortar retailers can implement Big Data for actionable insights. Gathering consumer data isn't a new concept: since the 1980s loyalty cards have been popularised - often offering discounts in return for information on purchasing trends. Now, consumer data can be analysed in real-time to give a much more detailed picture of retail habits. Pair this depth of information with the possibility of automating discounts, pricing or customer interactions and you can get an idea of the wealth of savings and efficiencies that are possible. All retailers - online, omnichannel and brick and mortar - can be empowered by the technology that is available today. We've highlighted a few areas of retail businesses that can be enhanced through data analysis. A fuller, more comprehensive picture of your business and your customers is sure to transform the customer experience for the better.