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The Importance of Big Data Analytics for Retail
Analytics “can… help [businesses] illuminate connections and trends buried within data— findings that can make forecasting more detailed, more accurate, and more efficient as well.” In this simple and revealing statement from their latest Tech Trends 2018 report, Deloitte explains the importance of big data analytics in the retail sector.
Analytics simplifies data, makes it accessible to users, finds and interprets patterns, and gives it a useful meaning. Who’s the audience? How do customers react to the products displayed in a retail store? Where do they wait? How long do people spend looking at the storefront or a digital signage campaign? Did they interact with a product? How often?
You need to turn movements into quantifiable data to answer these questions. Installing sensors that count the number of people who walk by webcams and track the path taken by their Wi-Fi or Bluetooth signals allows you to do so. It is also helpful to use barcodes, RFID and other systems to tag objects.
This allows analytics to identify changes in consumer trends and favors better decision making in numerous areas:
Companies can optimize their human resources and evaluate in-store visual marketing efficiency by observing customer volumes, foot traffic and average visit times (Traffic Analytics) and tracking customer flow, position and the direction of in-store movement (using technology like Wi-Fi Analytics or Video Analytics).
Retail businesses can improve profitability, optimize marketing budgets and distribute products more effectively by establishing store hot spots in a specific area, knowing which paths customers choose and how they move around the store (Zone Analytics, Flow Analytics, Path Analytics).
Businesses can reach their target demographics and segment campaigns when they know the gender and age range of their audience—anonymously and without storing any personal data (Audience Analytics).
Businesses can focus on proximity marketing strategies that find customers, analyze their in-store behavior and send customized offers by monitoring beacon technology (Proximity Analytics).
Stores can immediately identify the most relevant content for the customer by measuring the performance of their screens (Digital Signage Campaign Analytics), storefronts and mannequins (Store Window Analytics).
Businesses can connect with their customers and grab attention by quantifying engagement with a specific product category (Engagement Analytics) and observing physical interactions with a product (Interaction Analytics).
Want to know more? We’re happy to help!
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