Keys to Cross-Channel, Retail & Big Data success

Location, location, location were once the three most important ingredients to retail success, according to the old joke.

Today, it’s data, data, data. And that’s no punch line. Because in an omni-channel world, getting better at every aspect of the big data and retail game holds the key to thriving in a brave new world of retail.

That’s true largely because today’s consumers hold all the power. They can check competitor’s prices while standing in your checkout line. And if you don’t recognize them as individuals when they browse on your website, chat with a service rep or say nice (or not-so-nice) things about your offerings on social media – they may not be as loyal as their membership in your rewards program suggests.

Take the Big Data Quiz: Smarter Answers to the Biggest Big Data Questions

What if retailers knew what shoppers want before they show up at the store?

With big data, it’s possible. Learn more

Retailers without big data and effective analytics may not have as much real-time market knowledge – about the hottest trends and lowest prices – as their customers do. And they can’t master multi-channel marketing without it. Closing that gap means getting real-time intelligence and faster insights to both front-line workers and big-picture decision makers.

Retailers Get Creative with Big Data

Innovation, agility and integrated marketing management – it’s all hot and in stock for millennial-focused retailer American Eagle.

Selling the Shoes that Fit

DSW taps into big data-enabled strategies to get extraordinary results by empowering front-line employees.

Insights for the real world of Retail and Big Data

How are leading-edge retailers leveraging big data?

  • Optimizing Customer Experiences: Identifying the most valuable big data streams and integrating cross-channel data are requirements for enhancing the customer experience – with targeted offerings and tailored recommendations to boost engagement.
  • Forecasting Better: Ongoing success for retailers means staying ahead of next season’s trends, on top of inventory status and local buying preferences and product affinities
  • Segmenting and Targeting Customers Precisely: More customer segments can mean more fragmentation unless well-crafted marketing campaigns are supported by a robust marketing ecosystem – enabling accurate benchmarks and measurements.
Big Data and Retail What You Need to Know For Competitive Edge
Big Data Investments for Retail

Big Data Investments for Retail

More than almost any other industry, retailers understand how much experience matters in achieving great results. That is why the top performers have a unique understanding of ROI and what it takes to make big data investments pay off. The key components:

  • The Right Big Data Strategy: Clearly defined strategies start with understanding how big data can be applied to boost performance
  • People and Teams: Big data success is driven by collaboration and business expertise, not just by tools and technologies
  • A Data-driven Culture: Data-driven decision making and big data analytics-enabled operations are increasingly synonymous with market leadership and top performance

On the technical side, a holistic ecosystem approach helps ensure big data environments work effectively, in line with business goals and serving unique user needs. For sectors like retail, with multi-channel operations, mastering the data model is often the first step. It’s hard work, but very much worth the effort as such environments ensure that data, data, data – or maybe big data, big data analytics and customer insights – remain the three keys to retail success.