‘Big Data’ is a fascinating subject. To show just how fascinating and to provide information on the topic, I obtained this info-graphic on big data and the retail industry.
A 2012 Gartner report predicted that data would grow 800 percent over the ensuing five years; in addition, 80 percent of the data will be unstructured.
Savvy retailers are now harnessing big data’s power by combining data from a number of sources; this includes web browsing patterns, social media and industry forecasts. These retailers are using big data to prepare for demand, predict trends, and optimize pricing. The ultimate focus is on improving each customer’s experience with the goal of increasing customer acquisition and retention rates.
One example: Grocery stores/ supermarkets are combining loyalty card data with social media information to both identify and leverage changing buying patterns. At the same time, supermarket customers are receiving timely offers and deals that match their needs.
For more information regarding this infographic, visit http://www.colourfast.com/usa/