A deep dive into data for global retailers October 18th, 2018
Retailers and merchants are looking to invest in business intelligence and analytics technology solutions to take data insights to new heights.
For example, did you know that 73% of retailers in a Zebra survey rated managing big data as important or business critical? Or that 58% of retailers surveyed are budgeting for big data solutions for storing and analysing IOT generated data?
Digital data analysis is still in its infancy, but its potential to provide ground-breaking insight is a key driver for businesses using Point of Sale (POS) and mobile Point of Sale (mPOS) devices.
Companies that integrate data and analytics into their operations are poised to generate productivity and profit gains that are an estimated 5% higher than competitors that do not.
So, that figure of 58% of retailers who are budgeting for big-data solutions for storing and analysis IoT generated data stands to reason.
What’s more, when asked about the business intelligence and analytics technologies that will help achieve their strategic goals, retailers ranked market-based analysis, customer segmentation and centralised customer data and intelligence as their top tech initiatives.
Market-based analysis is a well-used modelling technique used by retailers to find out which types of products shoppers are more likely to purchase together. It’s a great tool for understanding consumer patterns, preferences and behaviour, as well as regional trends and sale opportunities.
Combined, these insights inform factors from store layout to marketing. Now, the modelling technique is being automated by big data.
Zebra’s survey also found that business intelligence investments considered by retailers include:
79% - Camera and video analytics for operational purposes
79% - Loss prevention and inventory visibility
78% - Software analytics for loss prevention and price optimisation
77% - Big data solutions for storing and analysis IoT data
75% - Predictive analytics
75% - Cameras and video analytics for customer experience.
72% - Visual analytics for making sense of IoT data
72% - Cognitive computing to drive optimisations and insights.
While retail data analysis is nothing new, the reams of consumer information generated in the era of digital shopping, along with the rise of technology equipped to handle and analyse the surge, is recasting how retailers determine what to sell, how to sell, what’s selling, what’s not and why. For more information on how Zebra’s data capture and analytics capabilities can help retailers achieve their goals, contact BlueStar today.
Samantha is BlueStar's Digital Media Specialist, and the primary contributing writer for VartechNation.
Previously, she has worked as a Public Relations Associate and a Social Media Manager.