Research shows that the average shopper visits more than four retail banners a month. For Gen-Z, that number increases to over six. Meanwhile, only 13 per cent of shoppers are loyal to a food retailer.
These are the sorts of questions big data in retail can answer.
Brands that embrace advanced analytics outperform their competitors by nearly 70 per cent in earnings. This separation between analytics leaders and laggards started in 2016. The gulf has been widening ever since, accelerated further during the pandemic.
However, it seems many brands are at a disadvantage when it comes to consumer data. Retailers are becoming the only source of data that can illuminate customer relationships.
How can brands do a better job leveraging big data in retail?
Big Data in Retail Challenges
They don’t call it big data for nothing.
Thanks to Web 2.0, the Internet of Things, POS analytics, and more, there seems to be data for everything right now. It can be challenging to know where to start. Should you focus on website visits, conversion rates, financial data, or something else?
On top of that, the data you’re collecting may be inaccurate. If you’re collecting data across multiple channels without a standardized process, it can become problematic to analyze.
Breaking down data silos by getting your data sources to talk to each other is a challenge that requires a slick analytics team. But many businesses will tell you that while big data technology is advancing at breakneck speed, the number of qualified professionals hasn’t kept pace.
A Simple Solution for Big Data in Retail
Marketsupport offers a user-friendly POS analytics solution for brands trying to leverage big data in retail.
In most cases, brands receive POS data from retailers stating:
And while this data is great, it needs to be thoroughly analyzed to extract its maximum value.
Our solution summarizes this data into actionable insights and reports in seconds.
For example, the dashboard will show users in which regions sales are strong and where growth is down. So, if sales in Manitoba are poor, for instance, Drill Down Reports will provide further insights, showing in which stores sales are down and which SKUs are driving the biggest declines.
Armed with this information, you know exactly where to look for areas of opportunity.
Want to Take a Test Drive?
Marketsupport is excited to chat with you about how our solution can deliver actionable insights on big data in retail. We can provide you with real-time data on what is happening with your products. Contact us today for a consultation on how our solution can help you.
Call 1-905-847-6513 or visit our new website to learn more.« Back to Blog