Data to drive retail decisions: why more retailers are going to rely on data to drive retail performance in 2019November 27, 2018
The role of big data in decision-making for the retail industry is set to grow in 2019 as more retailers are looking to utilise technology and analytics to be more resourceful, competitive and profitable in an unpredictable retail climate.
The forward-thinking retailers will keep exploring ways to collect and leverage data in collaboration with their sales, marketing, procurement, customer service, and operational departments, as these are often the backbone of retail.
Analysing big data is already being carried out by some of the largest retailers around the world who are using big data through vast internal systems to interpret and predict future trends across all areas of their retail business.
These retailers are using data and analytics to predict future purchasing behaviour and recommending associated products. This information gives retailers the insight they need to promote bespoke deals for each individual customer. It is not only data that works alone, but It also needs physical hardware such as traffic counting, mobile point-of-sale and digital promotion to be able to feed customer interaction.
One retail giant is even using machine learning to optimise the best delivery routes of their home deliveries.
Additionally, another retail giant is making use of facial recognition to identify shoppers who are unhappy or frustrated. That data can then be used to tell customer service assistants to open new checkout lines and react quickly. There are however many concerns with identity and security regarding facial recognition technology by many customers worldwide.
What is clear from the retail market is that it is not just the large international retailers taking advantage of data and analytics to improve retail performance, it is the smaller tier two retailers and even boutiques, learning the value of technology and data for retail. Some use cloud or even mobile-based POS, others use the latest scanning and RFID technology and some are even using live real-time data to show customer service assistants which are the most popular selling items, so they can ensure these items are positioned in the busiest spots of the store.
Improved monitoring of your retail analytics will help you better connect with your customers both online and in-store. Data makes you more aware of the tastes and preferences of your shoppers, and you can then use that information to improve your customers’ experience.
Sharing smart data throughout your retail business is what really makes the difference as this enables you to monitor and react to trend changes.
KFP Total IT Solutions are always looking into the latest retail technology trends in order to continue providing value to its growing customer base. If you would like to find out about the latest retail technology and support services to support your retail estate then you can get in touch on +44 (0) 1235 539101 firstname.lastname@example.org to find out more.