Benefits of Big Data in Retail

big data in retail

Data is everywhere and that is undeniable. Everything your customers interact with can provide you with information on what they like and dislike about your brand. You can also bring in data from other sources and create what is called “big data”; in retail, it is a great tool that can reveal patterns. 

By using big data in retail, masters can hone in on a buyer’s wants and deliver direct messages, products, or advertisements. With the ability to talk so accurately to your audience, you can not only improve your own conversion rate but, also harbor a better relationship with them. When you have a good relationship with a customer, they will keep coming back.

So how should you use big data in your business? Well, we happen to have some common industries listed below that use big data every day. Let’s go over how they work and get to know what are the benefits of using big data analytics in retail.

Influence: Marketing

Data probably rules above all else in this field especially. Knowing what moves people, their specific interests, and even basic ethnic and life facts can help guide marketers in their job. Big data especially helps the marketing industry because it allows marketers to directly address their audience. 

When you can talk right to your target audience, you become more than just a random voice. You can become familiar, inviting, and effective. Data that helps marketers are the parts about us and you that can reveal issues or show what we are interested in. When marketers have this information, they begin to provide offers and products that really move us. 

Becoming more than a stranger is goal number one for marketers, and big data gets them in the proverbial door faster than anything else. 

Guidance: E-Commerce

In a way similar to marketers, e-commerce stores use big data analytics in retail to know what buyers are interested in – which products are gaining clicks and which ones aren’t are massively important to e-shops. With this knowledge, they can create more of a winning product, or even discontinue ones that are failing. 

E-commerce shops use big data in another way too. They are tracking hundreds if not thousands of purchases every month with payment and shipping data. They can find out just how much people from certain locations are spending on items. E-shops can run certain sales for areas that are buying a lot of one kind of item, or try to boost sales in another.

Not only can they use big data for marketing, but e-shops have to store all of that data for shipping and security purposes. The products E-shops sell have to arrive on time and safely after all. 

Being that this falls into heavy web development, we at WillDom happen to know a thing or two about big data and how you can use it further in your online store. See what we can do to help you succeed.

Tracking: Sports

This industry is the most prevalent form in which the average human interacts with statistics. Besides the marketing that is a part of every industry, sports use big data in a myriad of ways.

Every action made by athletes is kept track of. Examples are the number of downs per game, home runs in a certain stadium, or goals scored by rookie players in all of 1977. It can be incredibly specific and touch on hundreds of parameters all at once. 

Then once they have that data, they display it in easy-to-understand forms to viewers, use it to create merchandise, and of course decide who goes on to big events and ceremonies. Sports events are not really just for the spectacle, but they are big data generators. 

Make Better Decisions: Media and Entertainment

Media outlets and the entertainment industry in general live and die by big data. Ratings, views, reviews and so much more are collected in droves every day by each and every station or service.

Shows that don’t receive good reviews, or simply aren’t being watched will be canceled. Sometimes certain characters will be removed for being disliked or causing a drop in performance. Big data decides all of that.

Streaming services have an extra format in which they keep data as well, and that is all of the content they provide. They must have massive storage space for all of the footage and data that shows come with, as well as the data from their user interface. Every search, scroll-by, and user listed within their system is neatly held and accounted for.

Our Examples with Clients

A client of WillDom’s is a great example of how big data can benefit a business. They have a system that allows hotels and spas to schedule appointments and lodging. This alone takes a huge amount of data to organize, but they also wanted a new app to go along with the expansion.

The big data they had consisted of addresses, times, payment accounts, special requests, and so much more. By creating an app that allowed guests to interact with the owners, they generated thousands of data points easily and automatically. 

WillDom team members also developed a new CRM for them, which allowed them to look back on and use their big data reservoirs for marketing, guest care, and more. Without access to this and the advantages of properly used big data, the business could not be flourishing as they are now. 

To learn more about what WillDom has done for other customers, or what we can do for you, head to our homepage. You can also keep in touch with us and see more success stories on our LinkedIn.

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