BARRINGTON, Ill. — Two-thirds of recently surveyed retail executives are now involved in big data projects and 27% of these projects are already “in production,” according to a report from Brick Meets Click here.
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“In less than a year we’ve seen big data evolve from the province of data scientists to a tool that’s creating value on both the demand and retail sides of retailing,” said Bill Bishop, chief architect of Brick Meets Click and the lead author of the report, “Moving Forward with Big Data: The Future of Retail Analytics.”
Among the key findings from the report:
• Big data is creating value for retailers in several ways, but the most important is supporting faster fact-based decisions.
• On the demand side, the top focus is on strengthening shopper engagement; i.e. enabling the shift from transaction selling to relationship-based selling.
Read more: Leveraging Big Data
• Inventory management dominates as the most important opportunity to impact performance on the supply side of retailing.
• Marketing sponsors about half of the big data projects now under way.
• The top barriers to retailer use of big data all involve organizational capabilities, not beta or technical constraints.
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