application of big data in retail
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Application of Big Data in Retail
© 2015 QBurst Technologies | Confidential and Proprietary
5 Ways of Transforming Retail Through Big Data Analytics
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© 2015 QBurst Technologies | Confidential and Proprietary
BIG DATA ANALYTICS IN RETAIL
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● Personalize marketing and service
● Enhance in-store shopping experience
● Evaluate brand perception on social media
● Optimize eCommerce
● Offer dynamic pricing
Retailers generate vast amounts of data across the numerous touchpoints in their multichannel operations.
Retailers can employ this data to:
© 2015 QBurst Technologies | Confidential and Proprietary
Behavioral targeting, psychographic segmentation, purchase pattern analysis, and such can be leveraged to individualize offers for each customer.
● 22% retailers already make use of data for personalized marketing, another 35% plan to use it shortly.
PERSONALIZATIONBIG DATA ANALYTICS IN RETAIL
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“You go into a bar and sit down, and the bartender puts a whiskey in front of you without having to ask what you want." Jeff Bezos, Amazon.com CEO [PC World, June 28, 2000]
What’s personalization?
© 2015 QBurst Technologies | Confidential and Proprietary
Patterns in shopping cart abandonment, clickstream data, and the like can go a long way in helping retailers improve their online stores and increase revenue.
● NuFace witnessed a whopping 90% increase in customers with a free shipping incentive for orders above $75.
ECOMMERCE OPTIMIZATIONBIG DATA ANALYTICS IN RETAIL
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Image courtesy: WishStation
© 2015 QBurst Technologies | Confidential and Proprietary
Careful analysis of posts, tweets, and other social content helps in understanding how customers perceive a brand.
BRAND EVALUATIONBIG DATA ANALYTICS IN RETAIL
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● Natural language processing tools such as SecondSight Analytics help to understand customer sentiments.
● Mars brand has taken up ‘impulsive targeting’ over the traditional ad-targeting strategy.
“We’re learning how your mood or how you feel drives your behavior, so we’re organizing audiences around how impulsive people feel, and we’re trying to create relevant content and pop it into a ‘window of impulsivity.’”
Dan Burdett, Global Marketing Director at Snickers
© 2015 QBurst Technologies | Confidential and Proprietary
IN-STORE SHOPPING EXPERIENCEBIG DATA ANALYTICS IN RETAIL
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Retailers can leverage in-store analytics along with other forms of data to provide seamless shopping experience in physical stores.
● Video analytics serve to identify hotspots within retail outlets, and shelf layouts can be adjusted based on this information.
● Utilizing proximity technologies, shop owners can send out targeted messages to customers.
© 2015 QBurst Technologies | Confidential and Proprietary
DYNAMIC PRICINGBIG DATA ANALYTICS IN RETAIL
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By continuously monitoring market trends, competitor prices, and consumer demand, retailers can come up with dynamic prices.
● Price optimization software allows online merchants to hike or lower prices depending on demand and sale of products.
● Amazon uses the Price Check app to keep track of competitor pricing strategy.
Special discounts are offered to customers for price
comparison, increasing app usage and enabling prize
optimization.
© 2015 QBurst Technologies | Confidential and Proprietary
NEXT STEP FOR RETAILERSBIG DATA ANALYTICS IN RETAIL
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Retail Analytics Readiness AssessmentWe can perform an exploratory analysis of your business data and provide you an assessment report.
To initiate a readiness assessment for your retail business, write to us at [email protected].
© 2015 QBurst Technologies | Confidential and Proprietary
FOR FURTHER READINGBIG DATA ANALYTICS IN RETAIL
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Applying predictive and prescriptive data analytics in real time, retailers can glean valuable insights from their multifarious data and win customers in an extremely competitive marketplace.
This white paper details areas where retailers can apply big data analytics to increase customer engagement and improve bottom line.
Get the White Paper