Retailers leverage big data to make informed business decisions
Implications - As the gap between the physical and digital continues to narrow, retailers are turning to big data to make decisions concerning brick-and-mortar stores. Platforms that synthesize consumers' behavior online and on their mobile devices offer unique insight that can translate into the physical realm, allowing businesses the chance to not only make informed decisions, but also predict the future needs of consumers.
Workshop Question - In what ways can you tap into your consumer's mindset in order to create a more customized experience?
Trend Themes
1. Big Data Analytics - Retailers leverage big data to make informed business decisions using platforms that synthesize behavior online and on mobile devices to predict the future needs of consumers.
2. Retail Analytics - Retailers use analytical tools such as iBeacon and Placemeter technology to track retail traffic and customer movement in physical retail spaces, offering measurable feedback for profit and marketing strategies.
3. Online Data Integration - Companies such as Amazon integrate online data for their physical stores, curating book selections and offering in-person gadget demonstrations, using the power of in-person retail experiences to promote a successful online brand.
Industry Implications
1. Retail Analytics - The retail industry can implement analytical tools such as iBeacon and Placemeter technology to track retail traffic and customer movement in physical retail spaces, offering measurable feedback for profit and marketing strategies.
2. E-commerce - Online companies can integrate online data to curate physical stores and promote its brand, utilizing both physical and online retail experiences to increase profitability and brand awareness.
3. Business Intelligence - Companies can leverage big data analytics tools to make informed decisions and predict future trends to stay ahead of competition and promote growth.
5 Featured, 45 Examples:
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Date Range:
Mar 15 — Nov 15
Trending:
Average
Consumer Insight Topics:
