There is little doubt that today’s society is very data-centric, with seemingly endless amounts of information available to anyone who has the desire or the patience to look for it. This deluge of information has given birth to the term 'big data', encapsulating all manner of analytics which, just a few years ago, would not have been possible to capture fully. One industry sector which is perfectly primed to take full advantage of this growth in data is retail. The fast-paced nature of today’s retail marketplace, operating on a multi-channel basis, means that important marketing decisions have to be made quickly in order to respond to fluctuating market trends. However, some national retail organisations are a little reluctant to delve too deep into the world of big data, perhaps unsure of how they can capture it or indeed make best use of the information provided. There are a number of reasons why these retailers are in danger of falling behind in the marketplace.

Optimising Product Range

Sales data has always been an integral part of the promotional mechanics of retail. Analysing exactly what is selling at any given moment, sales data provides an important insight into current market trends, allowing retailers to maximise sales opportunities. Big data takes things a step further by incorporating information from every retail channel, building an actual profile of the average consumer and their buying habits.

Making Informed Merchandising Decisions

Being able to more accurately forecast future buying trends in specific areas of a retail estate ensures that retailers are in a much better position to make strategic merchandising decisions which are unique to each location. While one particular product may prove popular in one area of the country, it does not necessarily follow that this will be the case elsewhere. Big data analysis gives marketing teams a better visibility of localised trends and allows for a more finely tuned local assortment.

Cost-Effective Retail Installation

One area within the field of big data capture which seems to be woefully under-utilised is that of estate intelligence. The addition of essential estate data captured at individual store level — store layout analysis, store profiling and getting back to the basic detail needed to implement a campaign, such as shop-floor measurements, availability of electrical points and the types of display units in utilisation — to existing sales data gives retailers a more clearly defined picture of their organisation. Cancelled installations become a thing of the past, saving a lot of money and stress in the process.

Personalised Marketing

The explosion of social media over the past few years means that the likes and dislikes of individuals across the nation are now plain for all to see. The ability to gain an insight into the minds of consumers was unthinkable just a few years ago. Now retailers have the perfect opportunity to reflect customers' needs both in the selection of their ranges and exactly how that range is presented.

Consistency Across Retail Platforms

The digital age has revolutionised retail. Customers have more choice than ever before, from online stores to traditional bricks-and-mortar establishments. Consumers rightly expect the same experience whether they shop online or in the high street, meaning that consistency across the omni-channel environment has become paramount in maintaining customer loyalty in this fiercely competitive marketplace.

The capture and dissection of big data analytics has become an essential tool for retailers looking to move forward with confidence into this new and exciting retail era.