Did you know that your customers hold all the intelligence you need to increase profit? The way retailers can pick their brains is through big data. It refers to data sets so large and complex that they must be processed in innovative and strategic ways. It’s become more important than ever lately because the explosion of mobile and social increased the rate of data creation exponentially. Eighty percent of all the data in the world was created in just the last 2 years!
Industry leaders, like Wal-Mart and Kohl’s, are acting on the data they mine and they are experiencing substantial increases in sales. Don’t worry if you don’t have a big data strategy yet, now is the perfect time to create one. Here’s why:
- 2.5 million GB of data are being created each day. That’s a ton and luckily a digestible amount is relevant to your business.
- Wal-Mart creates 1 million rows of transaction records each hour. This is a sink or swim issue.
- 59% of retailers said that a lack of consumer insight was their top data related pain point. A big data strategy can fix that, so count yourself out of that group.
Using big data can give you insights that can help you target customers better. It can tell you when to raise prices and when to cut back a bit. To learn more about why big data is essential to the retail industry, check out our latest infographic below.
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Contributing Editor: Angelica Valentine, Content Marketer at Wiser.