What is big data? Some say that it is “the oil of the 21st century” while others call it “the new soil.” Whatever it may be, one thing is certain, it is constantly growing and it doesn’t seem like it’s going to stop any time soon. Big data consists of extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions. Human behavior and interactions are invaluable in retail, meaning big data is gold for retailers.
Big data has the ability to help retailers make big business decisions. Harvard Business Review estimates that Walmart collects more than 2.5 petabytes of data every hour from its customer transactions. If the big guys are using it, shouldn’t you? Yes, you should! Here at Wiser, we understand that anything with the word “big” in front of it could seem overwhelming, that’s why we’ve come out with another helpful eBook, WiseGuy’s Guide to Data Driven Pricing in Retail.
In our latest eBook, we break down what big data is and how you can leverage it to answer quantitative and qualitative questions. Did you know that you can use big data to make pricing and inventory decisions? Our eBook offers tips and guidance on how you can use big data to make pricing and inventory decisions.
Pricing can be a very difficult task. There are many different variables, such as costs and competition, to consider when deciding a price for your product. Implementing a data-driven dynamic pricing strategy will make your life a lot easier because it takes all of the variables into account.
Like your prices, your inventory is also decided by many factors. You can conduct a Stock Keeping Units (SKU) analysis to obtain the data you need to make your inventory more comprehensive. A SKU analysis compares a retailer’s inventory to a competitor’s to learn where your stock is unique, overlaps, and what you’re lacking. This can serve as a valuable competitive benchmark, as well as identify opportunities to capitalize on when your competitors run out of stock.
Big data is more than a buzzword; it is a tool that can help you improve your business. With our new eBook, you can learn the fundamentals of big data and how to leverage it to improve your business. The gold rush has begun and now is the time for you to collect, analyze, and utilize data.
Contributing Writer: Don Dao