It seems like everyone is referring to big data these days as the surefire way to increase retail revenue and drive sales. But is it all that was expected?
Businesses are currently working through the transition period from old-fashioned excel spreadsheets to fully integrated big data systems, and some are finding the influx of information overwhelming. The Guardian reported on this phenomenon last week, emphasizing the need for businesses to not only have access to big data but also to instate a method for sorting through and analyzing those numbers. Big data, it seems, is only as helpful as you make it.
That said, many businesses have, in fact, confirmed big data’s miraculous effect on sales growth. For instance, vice president of analytics for Macys.com Kerem Tomak has credited big data tools with the corporation’s continued success.
The most valuable aspect of big data might just be the potential it opens up for businesses to customize offers for certain consumer populations. A recent post on the Harvard Business Review discussed the fact that personalized marketing initiatives are able to offer five to eight times the ROI on investments and can increase sales by a significant 10 percent.
ZDNet reports, “Big Data can be overwhelming, and it’s important that retailers understand what their current systems can handle. For data to produce results, retailers need to integrate technology to ensure that they are gaining insights they can quickly act upon. Once internal resources are up to date – including both human knowledge and technology assets – Big Data possibilities are limitless.”
If your business is ready to gather more customer information and join the ranks of big data players, consider updating your retail point of sale systems to VRP and more accurately track inventory and multi-terminal transactions.