Thanks to the web, customers are accustomed to having the information they need to make a purchasing decision. However, in recent years, information has also empowered the sellers behind the counter. That is to say, Big Data and retail industry is already helping to generate new sources of income and improve interaction with customers through offers.
But there's more to it than that. Big data solutions can also help you make operational and business decisions, maintain stores, and even manage pricing strategies more intelligently. These are technologies that are having a significant impact on our present.
A study suggests that in the next four years, there will be a rapid transformation of the retail sector driven by innovative technologies. In this context, the chains that will succeed are those that adopt strategies based on data, experience, and personalization.
According to the report, 20% of retailers will adopt a complete cultural shift favoring innovation to initiate the next phase of growth. It is also expected that 35% of retailers will offer new services that integrate the customer experience in-store and online. Discover more about big data in retail!
when did big data and retail industry start interacting?
Big data in retail marked a before and after on February 13, 1995, when the supermarket Tesco launched a pioneering loyalty program based on cards that allowed identifying consumer behavior patterns.
In the two decades since then, the retail sector has undergone a significant transformation. Nowadays, retailers are able to capture and analyze vast amounts of data, which are used to make critical business decisions. Decisions related to marketing and store design. Big data primarily helps stores make decisions and implement changes tailored to the tastes and preferences of their customers.
impact of using big data and retail interactions
If you're struggling to offer new products, big data information can keep managers up to date on audience behavior patterns, facilitating understanding of how they can be impacted, what they expect from brands, and what type of communication is most receptive, optimizing investment in marketing actions and the selection of new items. Let's explore further!
single acces point
Each department in retail stores needs access to data; it's best to have a single access point where data from each department can be cross-referenced. This allows for strategies to be devised across all parts, including critical tasks like retail maintenance. The idea is to ensure that everything works together seamlessly, that resources aren't wasted, and that the impact of actions such as promotions on overall sales can be accurately known.
Anticipating trends
By using advanced methods to extract value from data, such as predictive analysis, it's possible to anticipate purchasing trends and differentiate from competitors. This applies not only to the volume and timing of storage but also to changes in the habits and preferences of the target audience.
And trends are interesting to anticipate in both physical and digital commerce. This way, your store can offer not only new products before the competition but also items that truly provide the attributes sought by the public.
marketing and customer retention
The data collected by big data tools in retail is crucial for evaluating consumer interaction with the company. The technology is capable of gathering personal data from customers, such as name, age, and gender, and establishing a connection with purchase history, preferences, and visit frequency.
store design changes
Sensor data and barcode information can be used to track visitor traffic in the store and purchasing habits each month. This way, the store can create more appealing promotions for periods of lower sales volume, as well as optimize its spaces to attract consumer attention.
Big data tools also help verify which products have a poor sales pace and which ones can be removed from the shelves, as well as identify areas of higher traffic and sales, providing information for remodeling and updating stores according to seasons.
reactive and preventive store maintenance
The information collected by the new temperature, lighting, humidity, sound, and other parameter control equipment, which are important for offering a good shopping experience to the customer, currently allows for the establishment of a much more predictive and effective maintenance schedule compared to breakdowns that may occur.
Similarly, it provides endless possibilities for behavior analysis to identify patterns of breakdowns and their root causes, not to mention that monitoring can be entirely in real-time, reducing human reaction time.
sales boost
A hotel can increase or decrease its number of reservations based on time, traffic conditions, and other factors influencing tourism. The Red Roof Inn hotel chain in the United States has leveraged big data to its advantage. The hotel chain tracks flight cancellations and weather severity and identifies potential customers who need a place to sleep between connecting flights. Consequently, it advertises on mobile platforms to attract travelers and facilitate booking nearby hotels.
With these examples of big data, it's possible to notice that technology has many applications for companies, especially in retail. Knowing how to intelligently leverage this data is the best way to obtain information to increase business profitability.
All these advantages of implementing big data solutions in retail occur because, based on the value extracted from the data collected in each business, it's possible to reduce erroneous strategies and the losses derived from them, in addition to ensuring that the information source on which they are based is solid and reliable.
It's an investment worth considering to ensure that your company's growth is healthy and to increase performance in such a competitive sector like retail.
To make it all work, maintenance is the key
Why should you be impatient to have a good maintenance plan?
Because predictive maintenance not only helps you keep your equipment running smoothly, but it also helps you save time and money. Who doesn't want that, right?
With predictive maintenance, you can monitor the status of your equipment in real-time and anticipate potential failures before they occur. This means less downtime, lower maintenance costs, and more efficient production. It's like having a superpower for your Retail!
Optima Retail: Experts in Retail Maintenance and Repairs Worldwide - Ensure worry-free support by providing you with a dedicated Facility Manager who will always be your contact.