A pivotal 2012 Gartner report predicted that data will grow 800 percent over the next five years and 80 percent of the data will be unstructured. As a result, savvy retailers are harnessing the power of big data by combining data from a number of sources such as web browsing patterns, social media and industry forecasts. They are using big data to predict trends, prepare for demand, optimize pricing, and ultimately to improve each customer’s experience to increase acquisition and retention rates. For example, supermarkets are combining their loyalty card data with social media information to detect and leverage changing buying patterns. While customers are getting timely offers and deals that match their needs.
Our friend Chris Landry over at Colourfast Printing produced the compelling infographic below that summarizes the retail industry’s interest in big data technology. It looks like 2015 will be a banner year for big data and retail!
[Click image to enlarge]
Sign up for the free insideBIGDATA newsletter.
Speak Your Mind