Do Big Data for small retailers offer an opportunity to compete with the big retailers or is it too much trouble? One of the fall outs of the digitization of business is the massive amount of data that are everywhere.
Every time a customer makes a purchase online or registers online, data is generated. The data can potentially tell you almost everything about consumers. Retailers that sort, analyse and interpret big data can add value for customers and so increase their shopping experience.
Surely retailers should take advantage of big data since it contains captured detailed information that probably was overlooked in the past. However, to get the most out of it, retailers need to be innovative.
The promise of new revenues, customers, and new businesses with big data will require development and investment in teams and technology 1. But first let’s have a look at what big data is all about…
What is big data?
Big data is a term that primarily describes data sets that are so large, unstructured, and complex that it requires advanced and unique technologies to store, manage, analyse, and visualize 2.
Therefore, big data represents the data sets that cannot be perceived, acquired, managed, and processed by traditional IT and software/hardware tools within a tolerable time 3.
Compared with traditional data sets (small data), big data typically includes masses of unstructured data that need more real-time analysis, according to Chen, Mao, and Liu, (2014).
Where can retailers find Big Data? Rajdeep Nair responds as follows on Quora: “Data is everywhere… it can be purchase data or images uploaded by you on the social media site or data sent by mission sent to Mars by NASA.
Everything that is there on the internet and company or an organisation’s confidential data stored on the server. Mostly data is stored on the server, the technology of which is improving and evolving rapidly.”
However, a good place for small retailers to find “Big Data” is on their own systems. Have you ever analysed your own data sets before?
What retailers can do with Big Data
According to Russell Walker 1, firms that are first movers in leveraging Big Data have great advantages because they develop innovative insights about customers and markets.
These insights can transform services, and even business models. Bernard Marr, contributing to Forbes declared Big Data as “A game changer in the retail sector”.
Bernard notes that Big Data analytics is now being applied at every stage of the retail process. Says Bernard: “It is used to understand what the popular products will be by predicting trends, forecasting where the demand will be for those products, and optimizing pricing for a competitive edge.”
Moreover helps Big Data retailers to identify the customers that are likely to be interested in their products. Indeed, it can also to help them making the sale and working out what to sell next to them.
Alex Woodie writing a piece in Datanami.com suggests there are 9 ways retailers are using big data technology to create an advantage in the retail sector.
The advantages of Big Data to retailers
- Recommendation Engines – by training machine learning models on historical data, the savvy retailer can generate accurate recommendations before the customer leaves the Web page.
- Customer 360 – customers expect companies to anticipate their needs, to have the products they want on-hand. Also to communicate with them in real time (via social media), and to adapt to their needs as they change. In the cutthroat world of retail, developing a customer 360 system using Big Data may be a matter of survival.
- Market Basket Analysis – is a standard technique used by merchandisers to figure out which groups, or baskets, or products customers are more likely to purchase together. It’s a well-understood business processes, but now it’s being automated with the help of BD.
- Path to Purchase – analyzing how a customer came to make a purchase, or the path to purchase, is another way big data technology is making a mark in retail.
- Social Listening for Trend Forecasting – platforms like Hadoop were designed to facilitate the handling and analysis of large amounts of unstructured data, such as Facebook posts.
- Price Optimization – setting the right price requires knowing what your competitors are charging. Data can be collected electronically using daemons that crawl competitors’ website to get detailed info about product pricing.
- Workforce and Energy Optimization – big data technology can deliver benefits on the marketing and merchandising side. As a result it can help big retailers optimize their spending on human capital.
- Inventory Optimization – by analyzing Big Data, retailers can plan their seasonality in the shipping algorithms better.
- Fraud Detection – retail fraud is a huge problem, accounting for hundreds of billions of lost dollars every year. Retailers have tried every trick in the book to stop fraud, and now they’re turning to big data technology to give them an edge.
Concluding
The narrative about Big Data is more with ‘Big Retailers’ at this moment. However, more smaller retailers are adding the online channel to their businesses.
Therefore, there are ample opportunities for them to use their own data to great effect. To start with small with Big Data may work better for smaller retailers.
A Marketing Plan helps you to communicate the right content to the right audience.
Have a look at this video by Tera data corporation more more on Big Data for retailers:
Read also: Predictive Analytics helps Retailers to make sense of Big Data
Notes
1 Walker, R., 2015. From big data to big profits: Success with data and analytics, Oxford University Press.
2 Xu, Z., Frankwick, G.L. and Ramirez, E. 2016. Effects of big data analytics and traditional marketing analytics on new product success: A knowledge fusion perspective. Journal of Business Research, 69(5):1562-1566.
3 Chen, M., Mao, S. and Liu, Y. 2014. Big data: A survey, Mobile Networks and Applications, 19(2):171-209.
Pingback: Predictive Analytics helps Retailers to make sense of Big Data
Its such as you learn my thoughts! You appear to grasp a lot about this, such as you wrote the e book in it or something. I feel that you just can do with a few to power the message home a bit, however instead of that, this is wonderful blog. An excellent read. I’ll definitely be back.
I do not even know how I ended up here, but I thought this post was great.
I don’t know who you are but definitely you’re going to a famous
blogger if you aren’t already 😉 Cheers!
Hey I know this is off topic but I was wondering if you knew of
any widgets I could add to my blog that automatically tweet my newest
twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe
you would have some experience with something like this.
Please let me know if you run into anything. I truly enjoy reading your blog and I
look forward to your new updates.
Hi,
Interesting question. Can any help here with the twitter plugin?
Douw
My developer is trying to persuade me to move to .net from PHP.
I have always disliked the idea because of the costs. But he’s tryiong none
the less. I’ve been using Movable-type on a number of websites for about a year and am anxious about switching to another platform.
I have heard good things about blogengine.net.
Is there a way I can import all my wordpress posts into it?
Any help would be greatly appreciated!
Howdy! This post could not be written any better!
Reading through this post reminds me of my old room mate!
He always kept chatting about this. I will forward this article to him.
Pretty sure he will have a good read. Thanks for sharing!
Hi, i think that i noticed you visited my weblog thus i
came to return the favor?.I’m trying to find things to enhance my site!I
guess its good enough to use some of your concepts!!
My brother recommended I might like this web site. He was entirely right.
This post actually made my day. You cann’t imagine just how much time I had spent for this info!
Thanks!
Nice blog! Is your theme custom made or did you download it
from somewhere? A theme like yours with
a few simple tweeks would really make my blog jump out.
Please let me know where you got your design. Cheers
Hi,
I’m using the Twenty Twelve theme from WordPress.
Douw
Hello to every body, it’s my first visit of this website; this blog carries remarkable and
actually good material in support of visitors.
It is in reality a great and useful piece of information.
I am happy that you just shared this useful info with us.
Please keep us informed like this. Thank you for sharing.
It’s very straightforward to find out any topic on net as compared to textbooks, as I found this article
at this website.
I always used to read post in news papers but
now as I am a user of net therefore from now I am using net for articles or reviews, thanks to web.
fantastic submit, very informative. I ponder why the opposite specialists of this sector don’t notice this.
You should proceed your writing. I am sure, you’ve a huge readers’ base already!
What’s up it’s me, I am also visiting this website regularly,
this web page is in fact good and the users are truly sharing nice thoughts.
Hi, I do believe this is a great web site. I stumbledupon it 😉 I may return yet again since i
have saved as a favorite it. Money and freedom is the greatest way to change, may you be rich and continue
to guide other people.
Admiring the hard work you put into your site and
detailed information you provide. It’s great to come across a blog every once in a while that isn’t the same old rehashed material.
Fantastic read! I’ve saved your site and I’m including your RSS feeds to my Google account.
Excellent post. Keep writing such kind of info on your
blog. Im really impressed by it.
Hello there, You’ve performed an excellent job. I will certainly digg it and in my view recommend to
my friends. I am confident they’ll be benefited from this website.
Fantastic web site. Plenty of useful information here.
I’m sending it to a few pals ans also sharing in delicious.
And obviously, thanks to your effort!
These are truly impressive ideas in on the topic of blogging.
You have touched some pleasant things here. Any way
keep up wrinting.
This is really attention-grabbing, You are a very skilled blogger.
I’ve joined your feed and stay up for in the hunt for
more of your fantastic post. Also, I have shared your site in my
social networks
What’s up to all, how is all, I think every one is getting more from this
web site, and your views are good for new viewers.
Great post! We will be linking to this great article on our website.
Keep up the good writing.
Thanks a lot for sharing this with all folks you really understand what you’re speaking about!
Bookmarked. Please additionally consult with my website =).
We can have a link alternate contract between us
Can you tell us more about this? I’d like
to find out some additional information.
Have you ever considered about adding a little bit more
than just your articles? I mean, what you say is valuable and all.
But just imagine if you added some great
images or videos to give your posts more, “pop”! Your content is excellent but
with pics and videos, this blog could definitely be
one of the best in its field. Fantastic blog!
Hi,
I’m working on it! Thanks for your kind comment.
Douw 🙂
I absolutely love your website.. Pleasant colors
& theme. Did you develop this web site yourself? Please reply back as I’m looking to create
my very own site and want to learn where you got this from or
just what the theme is called. Kudos!
Hi,
Try WordPress to begin with. Good Luck!
Douw
What i do not realize is in fact how you are now not really a lot more smartly-favored than you might be now. You’re so intelligent. You already know thus considerably on the subject of this topic, made me personally imagine it from numerous various angles. Its like women and men aren’t interested unless it’s something to do with Girl gaga! Your own stuffs great. Always deal with it up!
Found this on yahoo and I’m happy I did. Well written site.
Hi, I became looking for Day 8 | any contained your website. Many thanks for sharing this amazing details. Thanks!
discount berghaus online http://www.berghausoutlet.cc
Took me time to read all of the feedback, but I really loved the article. It proved to be very helpful to me and I am sure to all the commenters right here! Its always good when you can not solely be informed, but in addition engaged! Im positive you had pleasure penning this article. Anyway, in my language, there arent a lot good supply like this.
patagonia 30 off sale http://patagonia.ttravelmint.com
Interesting approach towards this. Wondering what you think of its implication on society as a whole though? Sometimes people get a little upset with global expansion. Ill check back to see what you have to say.
factory north face outlet http://northface.unilorites.com
Awesome website man, looks very nice. Finally found what Ive been looking for, thanks!
coach factory outlet online http://www.joessmogtestonly.com/coach/
I must say, as considerably as I enjoyed reading what you had to say, I couldnt help but lose interest after a while. Its as if you had a good grasp around the topic matter, but you forgot to include your readers. Perhaps you should think about this from much more than one angle. Or maybe you shouldnt generalise so a lot. Its better if you think about what others may have to say instead of just going for a gut reaction to the subject. Think about adjusting your own believed process and giving others who may read this the benefit of the doubt.
marmot shop online http://marmot.unilorites.com
Interesting article, thank you. Could you tell me about the second paragraph in more detail?
hunter huntress sale http://hunter.kmmits.com
I admire the beneficial information and facts you provide in your posts. I will bookmark your blog and have my children examine up right here often. I am quite positive theyll discover a lot of new stuff right here than anyone else!
mcm outlet shop http://www.mcmsale.shop
A interesting post there mate . Thank you for the post !
michael kors mailing list http://www.blueheavenboutique.co.uk
Straightforward and written well, thank you for the info
louis vuitton belt outlet http://www.easyinboxmailer.com/louis-vuitton/
Is it alright to reference part of this on my page if I post a backlink to this page?
valentino sale uk http://valentinooutletonlines.com
You made a few good points there. I did a search on the theme and found a good number of persons will have the same opinion with your blog.
arcteryx for sale http://www.arcteryxstore.online
I like the efforts you have put in this, thanks for all the great blog posts. Houston Tantra – Tantric Sexuality 3131 Memorial Ct. Suite 301 Houston, TX 77007 (832) 615 6425
chanel bags outlet http://www.unilorites.com/chanel/
Some webmasters try to apply articles from free substance directories to make visitors to their internet site and make some money. This is mostly large for those who have only begun working as an affiliate for different companions and do not still have any support, yet need to develop small niche sites to visitants to their internet site so that they can start out making revenue.
karen millen uk http://www.karenmillenoutlet.cc
Are all of these articles written you or did you hire a writer?
michael kors shoes outlet http://www.michaelkorsblackfriday.online
Hi,
All my own work :-).
Douw
I loved up to you will obtain performed right here. The cartoon is attractive, your authored subject matter stylish. however, you command get bought an impatience over that you want be turning in the following. in poor health for sure come more previously once more since precisely the same nearly very often within case you defend this hike.
nfl shop online http://www.nfloutlet.online
Good work there. I must appreciate author as well.
factory patagonia outlet http://www.patagoniaoutlet.cc
Ive added this blog to my bookmarks. Thx
ugg sale http://www.bedcapdealers.com/ugg/
Sick! Just got a brand new Iphone and I can now read your weblog on my phone’s browser, it didn’t work very well on my old Tmobile Wing.
belstaff jackets online http://www.belstaffoutlets.cc
Very good day, this is the really superb website, I’ve plummeting in adore studying many of the posts and threads contained after the location, sustain the nice work as well as hope to learn a lot more exciting articles from the time to come.
cheap true religion http://www.truereligionoutlet.store
Very interesting points. Thanks!
patagonia sale jackets http://www.buypatagonia.online
Took me time to read all the comments, but I really enjoyed the article. It proved to be Pretty helpful to me and I am positive to all the commenters here It is always nice when you can not only be informed, but also entertained Im positive you had fun writing this post.
barbour womens jackets http://www.angigreene.com/barbour/
I used to be more than happy to find this web-site.I wished to thanks on your time for this glorious learn!! I positively having fun with each little bit of it and I have you bookmarked to check out new stuff you weblog post.
victoria secret store online http://www.cheapvictoriassecret.store
This is really interesting, You are a very skilled blogger. I have joined your rss feed and look forward to seeking more of your excellent post. Also, I have shared your site in my social networks!
stores that sell canada goose http://www.cheapcanadagoose.online
Thank you for an additional good article. Exactly where else could anybody get that type of details in these a perfect way of writing? I have a presentation next week, and Im to the look for this kind of information.
pierre hardy com http://www.pierrehardysale.cc
A good and thoughtful post, lets have more like this please!
cheap ugg online http://www.cheapugg.cc
I think that is an exciting point, it made me think a bit. Thank you for sparking my thinking cap. Sometimes I get so much in a rut that I just sense like a record.
red valentino online store http://www.2017online.store
Regularly it is extra manageable for small businesses to go for shared hosting. It is more economical and will meet the entire business requirements.
vivienne westwood for sale http://www.viviennewestwoodsale.cc
I had this article saved some time in the past but my computer crashed. I have since gotten a new one and it took me a while to come across this! I also really like the design though.
belstaff cheap http://www.belstaffstore.cc
TYVM, wonderful job! This was what I needed to know.
true religion promo code http://www.truereligionoutlet.store
I agree, thanks for posting this..
pierre hardy trainers http://www.cheappierrehardy.cc
I really enjoy this template youve got going on in your site. What is the name of the theme by the way? I was thinking of using this style for the web site I am going to create for my class project.
ecco usa online http://www.eccooutlets.cc
Hi,
The theme is TwentyTwelve.
Douw
Wow Im frustrated. Im not pointing fingers at you though, I think it is everyone else out there that isnt taking notice.
barbour online http://www.angigreene.com/barbour/
Ive meant to publish about something like th is on one of my blogs and th is gave me an notion. TY.
hunter boots on sale http://www.hunterboots.online
Good stuff, I anticipate reading even more.
balmain jeans ebay http://www.geous.co.uk
Sick! Just obtained a brand-new Pearl and I can now read your blog on my phone’s browser, it didn’t do the job on my outdated 1.
north face online sale http://northface.kmmits.com
I think youve produced some actually interesting points. Not as well many people would truly think about this the way you just did. Im really impressed that theres so significantly about this topic thats been uncovered and you did it so properly, with so very much class. Good one you, man! Really excellent stuff here.
armani exchange clearance sale http://www.armanioutlet.cc
I love your web site.. very nice colors & theme. Did you create this internet site yourself or did you hire somebody to do it for you? Plz reply back as I’m looking to create my own blog and would like to know where u got this from. thanks
arcteryx outlet store http://www.arcteryxoutlet.online
Hi,
I’m using WordPress.
Douw
Just thought I would comment and say awesome theme, did you design it for yourself? Its really great!
buy Mountain Hardwear https://spectrumtraveltours.com/mountain-hardwear/
This domain appears to recieve a large ammount of visitors. How do you advertise it? It gives a nice unique spin on things. I guess having something useful or substantial to give info on is the most important thing.
buy vibram http://vibramfivefingers.easyinboxmailer.com
Awsome blog! I am loving it!! Will be back later to read some more. I am bookmarking your feeds also
cheap Lafuma https://missaototustuus.com/lafuma/
A formidable share, I just given this onto a colleague who was doing a little bit analysis on this. And he in actual fact bought me breakfast because I found it for him.. smile. So let me reword that: Thnx for the treat! But yeah Thnkx for spending the time to discuss this, I feel strongly about it and love reading extra on this topic. If potential, as you turn out to be experience, would you thoughts updating your blog with more details? It is highly helpful for me. Big thumb up for this blog publish!
berghaus jackets store https://droos.org/berghaus/
kinda appreciated the article that you published . it really isnt that simple to discover even remotely good stuff toactually read (you know READ and not just browsing through it like some uniterested and flesh eating zombie before moving on), so cheers mate for really not wasting my time on the god forsaken internet.
fjallraven online store https://droos.org/fjallraven/
Boydy is god, we all love Boydy!
ralph lauren for sale https://droos.org/ralph-lauren/
I admire the beneficial information and facts you provide in your posts. I will bookmark your blog and have my children examine up right here often. I am quite positive theyll discover a lot of new stuff right here than anyone else!
cheap Victoria’s Secret online https://thaismatsura.com/victorias-secret/
This was a actually extremely superior publish. In theory I’d like to create like this also getting time and actual effort to make a good piece of writing but what can I say I procrastinate alot and by no means seem to obtain some thing done.
true religion jeans outlet https://missaototustuus.com/true-religion/
Great info! I recently came across your blog and have been reading along. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often
Lafuma jackets store https://droos.org/lafuma/
This is a appealing post by the way. I am going to go ahead and save this article for my brother to check out later on tonight. Keep up the good work.
cheap fjallraven https://missaototustuus.com/fjallraven/
This site has lots of extremely helpful stuff on it! Thanks for helping me.
buy fitflop online https://thaismatsura.com/fitflop/
The supplement is made from 100% natural components as well as each capsule contends least 50% HCA.
I sincerely took joy in reading your webpage, you explained some first-class points. I want to bookmark your post. I saved you to delicious and yahoo bookmarks. I will attempt to revisit to your site and examine more posts.
balmain outlet men http://www.frdom.co.uk
I really like and appreciate your blog article. Fantastic.
Pingback: Achieve Mega Results with Micro Marketing - eBizplan.net