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.

It is an undeniable fact that the continual advances in modern-day technology are changing the way that many business sectors operate. From manufacturing industries to service sectors such as retail and real estate, there is a new revolution in progress. The traditional way of doing things is in danger of becoming extinct.

Over the last few years the retail industry has evolved rapidly, with advances in technology ensuring the marketplace is a very different thing to that of days gone by. The global domination of the internet has undoubtedly played a major role in this evolution. Online shopping now accounts for a substantial percentage of retail profits, with research revealing that consumers in the United Kingdom are due to spend in excess of 100 billion pounds online in 2014. The number of people who purchase goods on the internet has more than doubled over the past decade, with this figure no doubt boosted in recent times by the creation of smart technology. Because of smartphones and tablets, the internet can now be accessed anywhere at any time. This has led to the birth of the omni-channel retail marketplace.

Effective retail merchandising and the adoption of perceptive commercial marketing strategies are becoming ever-more important in today’s fiercely competitive retail environment. With so many brands and retailers competing for custom across the multi-channel commercial platform that defines modern day retailing, directors and planners are increasingly reliant upon the provision of accurate data and analytics to ascertain the true effectiveness of their current retail marketing charter. However, it is how that final data is actually used and implemented into the overall business plan that will determine its true effectiveness in the long term.