In today’s hyper-competitive retail industry, organizations are looking for ways to keep one step ahead of the competition. Retailers can utilize Big Data to drive initiatives that work to create bigger shopping carts and drive efficiencies in areas such as:
Data driven retail merchandising:
Based on transaction or loyalty data, retailers can conduct targeted data mining to help make informed decisions about pricing, promotions, and assortment management.
Data driven retail marketing:
To make marketing investments where they really matter, retailers can apply advanced analytics to customer lifecycle management and marketing mix modeling.
Data driven retail operations:
With the proper mining of data retailers can pinpoint improvement opportunities across the entire supply chain, from sourcing and purchasing to in-store availability management.
Today’s retailers collect and store massive amounts of customer, product and transactional data. However, that data is meaningless unless it can be mined for actionable intelligence. With so many Big Data and Business Intelligence products on the market – many promising a one-stop-shop solution – for Big Data and better analytics the retail executive must determine the right mix of products and services to allow their data to start working for them.
RoundWorld Solutions’ 360 degree view of Big Data in retail can help that C-Level executive get the right information, delivered by the right tool, on the right device at the right time. Our unique 3 layer Big Data tool set – a flat file format based data collector and validator, executive templates, and our top layer visualization tool allows retailers to consolidate and access their data to truly unlock the power of Big Data and capitalize on the vast knowledge they have acquired and collected in those siloed applications.
If you would like to discuss the Roundworld Solutions Big Data 360 View Tool, or this article please contact the author Arun Kumar – Vice President, Solutions and Delivery at firstname.lastname@example.org or contact us today.